Making the Economic Concept of Scarcity Oh-So-Sweet: An Activity for the K-12 Classroom
The authors outline an innovative activity that helps teachers make the abstract concepts of scarcity and allocation concrete in the K-12 classroom. Students evaluate the scarcity of chocolate and often determine, incorrectly, that the candy is not scarce because there is enough for each student to have one piece. After students reveal their preferences for the candy, they compare the total number of candies desired with the number of candies available. Because it is almost always the case that preferences cannot be met, students can easily see that candy is scarce. As with any scare resource, an allocation method is required. Students explore different alternatives for allocating the scarce good among competing consumers. The authors share results from three implementations of this activity.