Economic Principles in a Sixth-Grade Classroom

What economic principle can be observed when two students argue over the use of a single glue stick?

A. Supply and demand

B. Scarcity and trade-offs

C. Opportunity cost

Answer:

B. Scarcity and trade-offs

When two students argue over the use of a single glue stick in a sixth-grade classroom, it reflects the economic principles of scarcity and trade-offs. Scarcity refers to the fundamental problem that arises because resources are limited while wants are unlimited. In this situation, the limited resource is the glue stick, and the unlimited wants are the two students who need it.

Trade-offs come into play as each choice has a cost. If one student uses the glue stick, the other student will have to wait and potentially lose valuable time. This demonstrates the concept of making decisions based on the trade-offs involved.

Understanding these economic principles early on can help students grasp the importance of making choices in a world where resources are scarce and decision-making involves considering the costs of different options.