====== SCARCITY AND ECONOMIC REASONING ======

"Students will explore how limited resources restrict the goods and services that people may want and how consumers must choose some things and give up others.  Students will consider systems and means created to meet and manage the issues of scarcity."

Tennessee Economics Standards 2017

E.01:  Explain how consumers and producers confront the condition of scarcity by making choices that involve opportunity costs and tradeoffs.

E.02:  Define land, labor, and entrepreneurship, and Explain why they are necessary for the production of goods and services.

E.03:  Explain reasons for voluntary exchange, including positive and negative incentives.

E.04:  Describe the basic characteristics and Explain the functions of money, including its role as a medium of exchange, store of value, and unit of account.

E.05:  Compare and Contrast how the various modern economic systems (i.e., market, command, mixed) attempt to answer the following questions: What to produce?  How to produce it?  To produce it for whom? 

E.06:  Use a production possibilities curve to Explain the concepts of:  Choice, Growth, Opportunity Cost, Productivity, Scarcity, Tradeoffs, Unemployment.

E.07:  Compare and Contrast the theoretical principles of capitalism, socialism, and communism, as expressed through theorists such as Adam Smith and Karl Marx.

E.08:  Identify and Explain the following broad goals of economic policy:  Efficiency, Equity, Freedom, Full Employment, Growth, Price Stability, and Security.