What Is Scarcity?

Learn what it means for something to be scarce in this essential economics worksheet! First, students will read a brief introduction to the concept of scarcity. Then, in part one, they will decide what is scarce in each example. In part two, learners will have to determine if there is scarcity in three different situations. In the final part, students are asked to read examples of scarcity and suggest a choice that the characters could make next to deal with that scarcity. 

This worksheet explains the concept of economic scarcity in a way that is accessible to fourth and fifth graders. Not only will students learn to identify scarcity in real-life scenarios, they will also start thinking about how people might get around the problem of scarcity. This worksheet requires students to think logically about scarcity and primes them to learn more about how people act in a real-life economy.

Check out more resources for learning economic concepts with the How Does Supply Affect Prices? and How Does Demand Affect Prices? worksheets.