Scarcity, Choice, and Opportunity Cost in Economics

Microeconomic Principles, Markets, and Decision-Making

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Analyze how universal scarcity requires individuals, businesses, and governments to make tradeoffs and incur opportunity costs.

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Microeconomic Principles, Markets, and Decision-Making

9th Grade · Social Studies · US-WY-SS

10 lessons

Goal

Analyze fundamental microeconomic concepts including scarcity, opportunity cost, supply and demand dynamics, market structures, and the influence of values on choices.

10 lessons

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Scarcity, Choice, and Opportunity Cost in EconomicsYou are here
The Law of Demand and Consumer BehaviorUp next
The Law of Supply and Production CostsNot started yet
Market Equilibrium, Shortages, and SurplusesNot started yet
Elasticity of Demand and SupplyNot started yet
Economic Incentives and Human BehaviorNot started yet
Market Competition and Market StructuresNot started yet
The Profit Motive and EntrepreneurshipNot started yet
How Cultural Values and Ethics Shape Microeconomic DecisionsNot started yet
Market Failures and ExternalitiesNot started yet

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Learning standards covered

SS12.3.1Wyoming Social Studies Standards · 5th Grade

Analyze the impact of supply, demand, scarcity, prices, incentives, competition, and profits on what is produced, distributed, and consumed.