lesson
Understanding Scarcity and Making Economic Choices
Explain why limited resources force individuals, businesses, and governments to make economic choices.
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Basic Economics: Choices, Markets, and Decision Making
8 lessons
Goal
Understand fundamental economic concepts including scarcity, opportunity cost, factors of production, and how supply and demand shape market prices.
8 lessons
0 of 8 done
- Distinguishing Between Economic Needs and WantsUp next
- Goods and Services in the Local and National EconomyNot started yet
- Producers, Consumers, and the Flow of MoneyNot started yet
- Understanding Scarcity and Making Economic ChoicesYou are here
- Opportunity Cost: The Value of the Next Best ChoiceNot started yet
- The Four Factors of Production: Land, Labor, Capital, EntrepreneurshipNot started yet
- Understanding Supply, Demand, and Market PricesNot started yet
- Incentives and How They Influence Consumer DecisionsNot started yet
Learning standards covered
6/7.1.1.cMaryland Social Studies Standards · 4th GradeComparing how humans recognize geographic limitations and strengths and create economic, social, political, cultural, and religious structures that connect and divide people across location, region, and the globe.
6/7.1.1.dMaryland Social Studies Standards · 4th GradeIdentifying how humans adapt, exploit, and manipulate the environment to meet wants and needs.