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In a market system, the law of supply and demand governs the economy. If there is a high demand for a product, resource or skill and a low supply of it, it will demand a high price to purchase it. Alternatively, if there is a low demand and a high supply, the price will be low.

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This Intro to Economics Lesson Plan introduces students to the concept of scarcity and what impact it has on the economy. Students will be asked to explore scarcity within the country as well as within their own personal life. This hands on lesson plan allows students to see the reality of scarcity and how it make impact everyone, including the individual.

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