GCSE Business - Scarcity

 This lesson introduces the concept of scarce resources. It helps students understand that factors of production are not distributed between countries/companies or people evenly and that they are not shared out equally.

Students will be introduced to the idea of having to pay or bid for scarce resources and that the highest bidder receives the largest or last share of a resource. This will also lead into an activity investigating what resources different countries have and how they move between economies. Students will finish the lesson thinking about how businesses have influenced or affected this movement of resources.

The resources which support the lesson plan comprise:

Resource 1 - PowerPoint presentation to support the teacher-led part of the lesson
Resource 2 - Map of the world
Resource 3 - Wants and needs cards