Examine concepts of scarcity, choice, opportunity cost, and risk.
By applying economic reasoning, individuals seek to understand the decisions of people, groups, and societies.
No resources have been tagged as aligned with this standard.
Identify the benefits and costs of making various personal decisions.
Compare the benefits and costs of individual choices within the context of key historical events.
Identify what one gains and gives up when they make choices.
Identify opportunity costs in personal decision-making situations.
Discuss how scarcity requires people to make choices due to their unlimited needs and wants with limited resources.