CONTENT STATEMENT
Wants are unlimited and resources are limited. Individuals make choices because they cannot have everything they want.
CONTENT ELABORATION
Wants are unlimited and resources are limited (scarce), thereby forcing individuals to make choices. For example, an individual can buy a new bicycle or a new computer game but does not have money for both.
EXPECTATIONS FOR LEARNING
Explain the relationship between wants and resources.
Explain how and why people must make economic choices.