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LESSON: REUBEN AND THE QUILT
Lesson Summary:
Reuben, his mother, and sisters have worked
very hard to produce a beautiful “log cabin” quilt to sell to earn money
to help pay for an expensive operation for Reuben’s friends’ Grandfather,
who was hurt in an accident. A huge problem occurs when the beautiful
quilt is stolen right before the auction. What will the family
do?
Concept: Scarcity
Definition: Scarcity is the condition of
not being able to have all of the goods and services that you
want.
Comprehension Questions:
What scarce productive resources were used
to produce the quilt?
Raw materials - fabric, thread (these come
from natural resources such as land, water, sunshine, etc.); capital
resources - sewing machine, needle; human resources – the people who
worked making the quilt.
Grandfather needed a special, difficult
operation. Why is such a medical operation usually so
expensive?
It takes many scarce and valuable productive resources
to perform a medical operation. It takes the land to build the
hospital. It takes very scarce capital resources – hospital building,
equipment, medical supplies, etc. It also takes the specialized
services of very skilled doctors and nurses.
What made the log cabin quilt so
“scarce?”
It was handmade with a very unique log cabin
pattern. It was, in effect, “one of a kind.”
How did the scarcity of the log cabin quilt
affect its price in the auction?
It was evidently a very beautiful
and valued quilt. Its price was bid up, and it commanded the highest
price of all the quilts.
What is the general relationship between
scarcity and price?
In general, the more “scarce” a good or service
is compared to other goods and services, the higher the price. Price
is a reflection of relative scarcity.
Are scarce goods and services always bought
and sold for a price?
This is usually true. But sometimes
people give scarce goods and services away to help others. In the
story, Mr. Ober gave the quilt he purchased to Sam and Ben’s
grandfather!
What are other examples of people giving
away scarce goods and services?
Donate goods (or money, which can
be used to purchase goods) to a charity such as Goodwill or Salvation
Army, help an elderly neighbor with yard work or pet watching, donate time
to a community service agency, etc.
Other Concepts: Price | 
