Principles+of+Economics

Goal 7: The learner will investigate how and why individuals and groups make economic choices. Objective(s) 7.01: Describe the basic factors of production such as land, labor, capital, and entrepreneurial skills and their impact on economic activities. 7.02: Explain how scarcity influences producers and consumers to make choices. 7.03: Compare examples of trade offs and opportunity costs of economic choices.

Vocabulary: Factors of Productions (Land, Labor, Capital, Entrepreneurship)