Elaborated Unit Focus: The focus of this unit is on the study of choices which people and societies make as they use scare resources to meet their wants. The unit examines the nature of economic wants and their relationship to productive resources. An understanding that these resources are scarce, and have alternative uses, leads to the fact that people must engage in decision-making.
Limited resources and unlimited wants result in people (individuals, businesses and government) making choices. As a result, society must choose some things and give up others.
Rational decision-making in economics is the result of analyzing marginal costs and marginal benefits of any action.
Specialization and voluntary, non-fraudulent, exchange results in increased satisfaction for both buyers and sellers.
Unit Resources include general, global resources that might include bookmarks, books, periodicals, media and software. URLs need to be provided for each resource to identify a source from which it can be obtained. Resources might include those purchased as part of an adoption. More specific resources will be referenced within the teaching procedures.