1.1 SCARCITY AND THE SCIENCE OF ECONOMICS
Unit 1 Lesson 1: What Is Economics: Scarcity and the Science of Economics
Lesson Objectives
By the end of this lesson, students should be able to:
- Define scarcity and explain its implications in decision making.
- Explain the fundamental economic problem.
- Identify the three basic economic questions every society must answer.
- Explain how scarcity forces choices by individuals and society.
- Identify the factors of production and explain how the limited availability of these resources impact choices.
Reading Assignment
Read pages 5-11 in Economics: Principles & Practices. Complete the Guided Reading Activity (print it) as you read. Turn it in after you have completed it.