Title: Unit 1: Scarcity Curriculum Alignment (Teacher Only)
Course: Alabama Economics Sample Syllabus > Section: Unit 1: Scarcity

Explain why productive resources are limited and why individuals, businesses, and governments have to make choices in order to meet needs and wants.
• Explaining scarcity as a basic condition that exists when unlimited wants exceed limited productive resources
• Explaining land (an example of a natural resource), labor (an example of a human resource), capital (an example of a physical or human resource), and entrepreneurship to be the factors of production
• Explaining opportunity cost as the next best alternative to relinquish when individuals, businesses, and governments confront scarcity by making choices