CONTENT STATEMENT
- Choices made by individuals, businesses and governments have both present and future consequences.
CONTENT ELABORATION
Economic choices are made because wants are unlimited, but resources are scarce. In any economic decision, whether by an individual, business or government, there are consequences for the present and the future.
Businesses must weigh the consequences of hiring more workers, investing in research and development, and lowering or raising prices against potential profits in the short and long term.
Governments must consider which public goods and services to provide for the common good with available revenue. They also must weigh the immediate and future impact of raising or lowering revenue through tax and tariff policy.
Historical decisions based in part on economic choices include:
- exploring new lands;
- importing slaves to the Americas;
- imposing new taxes on the American colonies;
- purchasing and/or acquiring lands from foreign countries;
- growth of industry;
- working conditions, and
- imposing tariffs.
EXPECTATIONS FOR LEARNING
Analyze how choices made by individuals, businesses and governments have both present and future consequences.