LESSON: GETTIN’ THROUGH THURSDAY

Lesson Summary: 

Andre can’t stand Thursdays. Each week, that’s the day before his mother gets paid, and there is never enough money on hand. When his report card comes Andre knows he will make the honor roll – and that his mother has promised him a “royal party” on that very day. But problems arise when the report card arrives on Thursday – the day when the family has no money left! Will Andre get his party after all?

Concept: Scarcity

Definition: Scarcity is the condition of not being able to have all the goods and services that you want. Scarcity forces people to make choices.

Comprehension Questions

Why was Thursday such a difficult day at Andre’s house?
This was the day before his mother got paid – and money was especially scarce at that time.

What were some of the goods that the children in Andre’s house wanted on Thursdays?
Store-bought drinks, toothpaste, food for the parakeet, blush brush, bandana, loose leaf paper

Were these items “scarce”?
Yes! In economics, all goods and services are considered scarce. They are not freely available in unlimited quantities.

Because of the scarcity of these items and the scarcity of money to buy them, what did Mama teach the children to do?
She taught them to make do with the things they already have – like using baking soda instead of mint toothpaste and a towel instead of a bandana. She even taught Andre to be satisfied with a “pretend” party until Friday came.

What were some of the scarce goods that Andre finally got at his “royal party?”
Cake, ice cream, candles, t-shirt, Buffalo Bills pencil, sports stickers

How do you know these goods that Andre received are “scarce”?
They had a price and had to be purchased. They were not free goods available in unlimited quantities.

Andre’s family had a scarcity of money each week. Do rich families experience scarcity?
Yes! Even though rich people have more money, they still want more than they can buy. All people face the problem of scarcity. Also, all people – rich or poor - face the problem of the scarcity of time.

How do you experience scarcity in your life?
Answers will vary. However, students do experience scarcity, such as having enough money to spend on things they want, time to do all the things they want, and space when packing the car for vacation, etc.

Other Concepts: Economic Wants

  Scarcity 

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