Scarcity

People can't have everything they want.

Warm-up, learn, try it together, practice, then a quick check. About 15 minutes.

What children learn in Level 50

Ten kids want to swing, but the playground has only four swings. There aren't enough for everyone!
When there isn't enough of something for everyone who wants it, that's called scarcity.
Money, time, and things can all be scarce. You might want a toy, a book, and a game, but have money for only one. You might want to play, read, and swim, but have only one hour.
Needs are things we must have to live: food, water, a home, and clothes. Wants are nice to have, like toys and treats.
Nobody can have everything they want. Because of scarcity, everyone has to make choices.
Your turn! Sort them: needs, or wants?

Georgia Standards of Excellence in Social Studies:

SS2E1 — Explain that because of scarcity, people must make choices that result in opportunity costs.