Economics

Unit 1 | Topic 1.1 | Scarcity

How does scarcity force people to make economic choices?

Objectives

• Explain why scarcity and choice are the basis of economics in every society.

• Summarize how entrepreneurs fuel economic growth.

• Describe the factors of production and the differences between physical and human capital.

• Explain how scarcity affects the factors of production.

Procedure

1. Review the Aim and notes from your initial text read.

2. Participate in the corresponding lesson topic presentation, revising notes.

3. Watch corresponding video(s); further revising notes.

4. Complete teacher instructed assignments.

Extension

• Prepare for your next class session by reading the next topic section in your text, recording alphanumeric/Cornell notes.

• Complete the next topic's Interactive Reading Notepad.