Georgia standard · Social Studies

`SSEF1`Scarcity and Economic Choices

Analyze how scarcity affects the choices of individuals, businesses, and governments.

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Expectations

SSEF1a
Explain that scarcity is a basic, permanent condition that exists because unlimited wants exceed limited productive resources.
SSEF1b
Compare and contrast strategies for allocating scarce resources such as by price, majority rule, contests, force, sharing, lottery, authority, first-come-first-served, and personal characteristics.
SSEF1c
Define and give examples of productive resources (i.e. factors of production): natural resources (i.e. land), human resources (i.e. labor and human capital), physical capital and entrepreneurship.
SSEF1d
Apply the concept of opportunity cost (the forgone next best alternative) to personal choices, as well as business and government decisions.

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