Standards/Elements Standards/Elements addressed bythe Unit 1 test: SSEF1 the student will explain why limited productiveresources and unlimited wants result in scarcity, opportunity costs, andtradeof
Standards/Elements Standards/Elements addressed bythe Unit 1 test: SSEF1 the student will explain why limited productiveresources and unlimited wants result in scarcity, opportunity costs, andtradeof
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Standards/Elements addressed by
the Unit 1 test: SSEF1 the student will explain why limited productive
resources and unlimited wants result in scarcity, opportunity costs, and
tradeoffs for individuals, businesses, and governments. a. Define scarcity as a
basic condition that exists when unlimited wants exceed limited productive
resources. b. Define and give examples of productive resources (factors of
production) (e.g., land (natural), labor (human), capital (capital goods),