Scarcity and Ways to Allocate Goods
Written by Adi Ackerman, Head Teacher
"Scarcity and Ways to Allocate Goods" is written for 7th Grade (Ages 12-13), and it covers C3 Framework D2.Eco.1.6-8. A 6th grader who is already steady on Economics and Money can use it too, and an older student can use it as a short review.
2 pages in this set
7th grade social studies worksheet: name how scarce goods are shared in 10 scenarios, from price and lottery to need. Answer key included. Part of our needs, wants and choices economics and money collection. Aligned to C3 Framework standards.
How do I use this worksheet?
Start with the allocation sheet to introduce scarcity, then move to opportunity cost and cost-benefit analysis.
What students will practice
- Students will define scarcity and five ways to allocate goods.
- Students will name the method used in each scenario.
- Students will tell who benefits and who loses under each method.
Curriculum Links
C3 Framework for Social Studies State Standards
Social Studies · 7th Grade
Find this in the curriculum
Browse the grade, subject, and topic this belongs to.
FAQ
How do I use this needs, wants and choices worksheet?
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Start with the allocation sheet to introduce scarcity, then move to opportunity cost and cost-benefit analysis.
What does this worksheet teach?
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Name how scarce goods are shared in 10 scenarios, from price and lottery to need. Scarcity means people want more of something than there is to go around, so some method must decide who gets it. The directions on the page read: Read the box. For each scenario, write the method used, who benefits and who loses. An answer key is included.
Can I use this needs, wants and choices worksheet for homeschool or classroom?
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Yes, both. We made it for 7th grade Economics and Money, and it works the same at home or at school. At home, a student can work through it alone and then go over it with you, which shows quickly what is solid and what needs another look. In class it works as independent practice, homework or a warm-up, and you can print one copy or a full set.
What is an implicit cost?
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An implicit cost is what is given up with no money paid, such as lost rent.
What is a production possibilities curve?
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It shows the most of two goods an economy can make if it uses all its resources. Points on the curve are efficient, and points outside it are unattainable.
How can scarce goods be shared?
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The sheet names five methods: price, first come, lottery, authority and need. Students decide who benefits and who loses under each.
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Worksheet Details
| Grade | 7th Grade |
| Subject | Social Studies |
| Topic | Economics and Money |
| Standard | D2.Eco.1.6-8 |
| Pages | 2 pages |
| Difficulty | Medium |
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