Unit 1: Fundamental Concepts

Unit 1 Learning Targets

1.1. I can understand the concept of scarcity and its role in decision-making.

1.2. I can identify the factors of production and understand that scarcity of these resources limits production of goods and services.

1.3: I can list and explain tradeoffs and identify opportunity cost in personal decisions in order to make informed choices.

1.4. I can read and interpret a production possibility graph (PPF model).

1.5. I can identify and explain how each economic system prioritizes social goals and makes decisions regarding allocation, production, and distribution.

1.6: I can identify and explain how the market economy works using a circular flow model.