CONTENT STATEMENT
- The choices made by individuals and governments have both present and future consequences.
CONTENT ELABORATION
In addition to gathering and organizing information, practiced in grade four, effective decision makers understand that economic choices made by individuals and governments have both present and future consequences.
For example, at the national level, a government may choose to build a road in an undeveloped area:
a short-term consequence would include improved transportation; and
a long-term consequence would be increased maintenance costs.
For example, at the personal level, an individual may choose to spend more money on a fuel-efficient automobile:
a short-term consequence is the higher price paid for the automobile; and
a long-term consequence is the savings on gasoline costs in the future.
EXPECTATIONS FOR LEARNING
Explain the present and future consequences of an economic decision.