Unit Outlines Standards

Economics Version: CPS08-09

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Unit Name: 01 - Fundamental Economic Concepts: Basic Concepts

Essential Question

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.

Enduring Understanding

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.

  • Why do people have to make decisions? (EF1)
  • Rational decision-making in economics is the result of analyzing marginal costs and marginal benefits of any action.

  • Why should people weigh the advantages and disadvantages of different alternatives when making choices? (EF2)
  • Specialization and voluntary, non-fraudulent, exchange results in increased satisfaction for both buyers and sellers.

  • Why do people not create all their own goods and services? (EF3)
  • Topic 1

    Basic Concepts

  • Scarcity
  • Productive Resources
  • Opportunity Cost
  • Topic 1 Standards and Elements


    Topic 2


  • Decision-making/Cost-Benefit Analysis
  • Division of Labor/Specialization
  • Trade, Exchange, Interdependence
  • Topic 2 Standards and Elements


    Unit Vocabulary

    • Factors of Production
    • Land/Natural Resource
    • Labor/Human Resource
    • Capital/ Physical Capital, Entrpreneurship
    • Scarcity
    • Trade-off
    • Opportunity Cost
    • Marginal Analysis
    • Cost/Benefit Analysis
    • Production Possibilities Curve (Frontier) Absolute Advantage
    • Comparative Advantage
    • Specialization/Division of Labor

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