Analyze the opportunity cost of decisions by individuals, businesses, communities and nations.
Scarcity and Choice
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Explain the opportunity cost of a public choice from different perspectives.
Explain how opportunity cost can be used to determine the product for which a nation has a comparative advantage.
Interpret how media reports can influence perceptions of the costs and benefits of decisions.
Explain the opportunity cost associated with government policies.
Analyze how choices are made because of scarcity.