The
focus of this unit is on the study of choices which people and societies make
as they use scarce resources to meet their wants. Students begin to examine the
nature of economic wants and their relationship to productive resources. An understanding that these resources are
scarce, and have alternative uses, leads to the fact that people must engage in
decision-making. This unit examines how
all societies must organize themselves to answer the three basic economic
questions of what to produce, how to produce and for whom to produce. A society’s institutional framework largely
governs how such decisions are made. | 
