4. Econ Unit 1 (Fundamental Economic Concepts)

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.
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