Use fundamental principles and concepts of economics to understand economic activity in a market economy.
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Identify the opportunity cost involved in a consumer decision.
Identify businesses in the local community.
Describe how businesses in the local community meet economic wants of consumers.
Describe the natural, human, and capital resources needed for production of a good or service in a community.
Use examples to show that people cannot produce everything they want (specialization) and depend on trade with others to meet their wants.