This issue focuses on an economic understanding of the 1984 Olympiad, held in Los Angeles, California. The theme article provides a conceptual introduction focused on the role of scarcity in the giving of awards, allocation mechanisms, competition, consumption versus investment, and private and external benefits of the Olympics. Four instructional units follow this article. The pre-kindergarten unit, "Practice Means Progress," involves students in activities which focus on decision-making, setting goals, and practicing and understanding the value of rewards. The first and second grade unit, "Valuable Ventures," helps students: (1) examine why scarce sports talent is valued, (2) investigate attitudes and feelings related to winning and losing, and (3) examine television coverage of the Olympics. The unit for third and fourth graders helps students focus on the total range of resources and job opportunities involved in the Olympics. The final unit, intended for fifth and sixth graders, teaches students that the Olympics are not "free," but a product, produced with scarce resources. Students investigate the role of Olympic sponsorship by national and international businesses. (JDH)