Georgia Performance Standard: SSEF1- The student will explain why limited productive resources and unlimited wants result in scarcity, opportunity costs and trade offs for individuals, businesses and governments.
a. Define scarcity as a basic condition that exists when limited productive resources exceed unlimited wants.
b. List a variety of strategies for allocating scarce resources.
c. Define opportunity cost as the next best alternative given up when individuals, businesses and governments confront scarsity by making choices.PLO: Through a series of online research the student will explain what effect scarcity, opportunity costs, and production costs played on the Great Depression