Utilize a decision-making process to analyze the benefits and costs of a personal decision.
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Explain how price affects decisions about purchasing goods and services.
Using examples, explain why people cannot have everything they want (scarcity) and describe how people respond (choice).
Using a Michigan example, explain how scarcity, choice, and opportunity cost affect what is produced and consumed.
Explain how scarcity, opportunity costs, and choices affect what is produced and consumed in Michigan.