Title: Unit 1: Scarcity & Economic Reasoning Curriculum Alignment (Teacher Only)
Course: Indiana Economics Sample Syllabus > Section: Unit 1: Scarcity & Economic Reasoning

Scarcity and Economic Reasoning

E.1.1 Define and identify each of the productive resources (i.e., natural, human, capital) and explain why each is necessary for the production of goods and services. (E)

E.1.2 Identify incentives and explain how they influence economic behavior and decision-making.

E.1.3 Explain that voluntary exchange when households, businesses, and governments expect to gain.

E.1.4 Define scarcity, and explain how choices incur opportunity cost and trade-offs.(E)

E.1.5 Use a production possibilities curve to explain the concepts of choice, scarcity, opportunity cost, trade offs, unemployment, productivity, and growth.

E.1.7 Describe how clearly defined and enforced property rights are essential to a market economy.

E.1.8 Illustrate how investment in physical and human capital can raise productivity and future standards of living. (E)

E.1.9 Diagram and explain the circular flow of a market economy.