Scarcity, Unlimited Wants, and Making Economic Choices

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Explain why limited resources and unlimited wants force individuals and communities to make choices.

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7 lessons

Goal

Understand fundamental economic concepts including scarcity, opportunity cost, factors of production, supply and demand, and market competition.

7 lessons

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When provided with a question, determine what other questions are needed to support the research (i.e., “What more do we need to know?”).

Wisconsin students will gather and evaluate sources.