SS10.E.1

Social Studies (2010) Grade(s): 12 - Economics

SS10.E.1

Explain why productive resources are limited and why individuals, businesses, and governments have to make choices in order to meet needs and wants.

Unpacked Content

Knowledge

Students know:
  • Scarcity forces us to choose.
  • All choices involve opportunity costs.
  • Resources are necessary to produce goods and services.
  • How marginal analysis leads to rational decisions.
  • How to classify resources.

Skills

Students are able to:
  • Calculate opportunity costs.
  • Correctly determine whether a particular decision should be made based on the marginal costs and marginal benefits.
  • Categorize examples of productive resources.

Understanding

Students understand that:
  • Limited resources lead people to make choices.
  • Marginal analysis leads to optimal decision-making.

Vocabulary

  • scarcity
  • opportunity cost
  • trade-off
  • marginal analysis
  • marginal benefit
  • marginal cost
  • land
  • labor
  • capital
  • entrepreneurial ability

Aligned Learning Resources

Specialization and Trade: Crash Course Economics #2
War and Nation Building in Latin America/Crash Course World History
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