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The student will explain that because of scarcity, people must make choices and incur opportunity costs.
The student will identify ways in which goods and services are allocated (by price; majority rule; contests; force; sharing; lottery; command; first-come, first-served; personal characteristics; and others).
The student will explain that people usually use money to obtain the goods and services they want and explain how money makes trade easier than barter.
The student will describe the costs and benefits of personal spending and saving choices.