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In this discipline, students will recognize and evaluate how limited resources require choices. They will analyze the concepts of opportunity cost and cost-benefit in the context of choices made in Kansas and other United States regions to draw conclusions about these choices. Students will examine how natural, capital, and human resources are used in the production of goods and services. They will analyze the roles of consumer, producer, saver, investor, and entrepreneur. Students will examine the reasons for economic specialization and how that leads to trade between regions of the United States. They will trace the production, distribution, and consumption of a particular good in the state and regions. Students will describe how a market economy works in the United States and consider the role of the government in the market economy.
discusses opportunity cost in regards to choices made in different regions of the country.