CONTENT STATEMENT
- The fundamental questions of economics include what to produce, how to produce, and for whom to produce.
CONTENT ELABORATION
Students at this level are introduced to the fundamental questions of economics:
- what to produce;
- how to produce it; and
- for whom to produce it.
Students will understand that limitations on resources force individuals and societies to make choices around these fundamental questions.
Societies make decisions about what to produce and how to produce it based on the availability of productive resources including:
- human resources;
- capital goods; and
- natural resources.
Decisions about for whom to produce often are based on demand and means of distribution.
EXPECTATIONS FOR LEARNING
Explain how individuals and societies answer the fundamental questions of economics.