1. +
DO NOW
What is scarcity? Why is scarcity an important economic
concept? Who faces scarcity in the world? (Use your notes from
yesterday)

2. +
AGENDA
1. DO NOW
2. Review notes/ Sandy article
3. Economic System Notes
4. Scarcity and Opportunity Cost
5. Factors of Production Chart

3. +
Competencies/Objectives
1 Students will be able to discuss the main components of the
factors of production.
2 Students will be able to explain the role that scarcity plays in
leading to trade-offs and opportunity costs.
3 Students will be able to explain opportunity cost using
examples from their own lives.