1-6.1
Standard 1-6: The student will demonstrate an understanding of how and why people make economic choices and the importance of these choices for families.
1-6.1: Explain the concept of scarcity and the way it forces individuals and families to make choices about goods and services to obtain. (E)
It Is Essential For Students To Know:
- It is essential for students to know the relationship between scarcity and choice.
- Students should understand examples of scarcity such as water, land, oil, etc.
- Students should understand how scarcity forces individuals to make decisions about what goods and services are most important.
- Students should understand that often these choices are between an individual’s needs and wants and are therefore, even more difficult to make.
- It is essential to highlight the fundamental nature of scarcity; consumers cannot have everything they want.
- All productive resources are limited.
It Is Not Essential For Students To Know:
- It is not essential for students to know how to express economic concepts graphically.
- The students do not need to know the relationship between scarcity and opportunity cost.
1-6.1 Links To Important Information For Teachers