Grade 3-5, 6-8
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Activity

Opening a Restaurant

Time: 20 mins,
Updated: February 23 2023,
Author: Council for Economic Education
Teacher Version

Objective

Students will be able to:

  • Evaluate the use of scarce resources.

Standards

National Standards in Economics

State Standards

Concepts

Cost-Benefit Analysis 1, Factors of Production 2, Marginal Analysis 2, Productive Resources 1, Productive Resources 2, Productive Resources 3

In this economics activity, students use scarce resources to plan the opening of a restaurant.

Resources

Procedure

This is a group activity where students will use a list of scarce and plentiful resources available to create a new restaurant in one of the following formats:  Quizizz, worksheet, or the ReadyAssessments Activity. Students must keep in mind the plentiful and scarce resources in the region. Plentiful resources: vegetables, fruit, grains, sugar, chocolate, fish, cheese, spices Scarce resources: beef, pork, or chicken. To complete this activity, students need to follow the directions below:

  1. You and your groupmates want to open a restaurant. When opening your restaurant, you must keep in mind the plentiful and scarce resources in the region.Plentiful resources: vegetables, fruit, grains, sugar, chocolate, fish, cheese, spices Scarce resources: beef, pork, or chicken
  2. Go to the Restaurant Creation Quizizz, worksheet, or complete the ReadyAssessments Activity.
Subjects:
Economics,Social Studies