Scarcity and Choice 🕳

🎯 Learning Targets

• Determine why scarcity exists
• Identify the issues that producers must address to distribute resources
• Explain why producers study productivity

⏰ What We Did

• Used the instructional notes from Lesson 1, Part 2 — taken before class — to answer the following questions in complete sentences:

1. Define scarcity, allocate, productivity, efficiency, division of labor, and specialization.
2. Why do people need to make choices about distributing resources?
3. What are the three questions that all economic systems address?
4. Why is productivity important to society?

💻 Homework

• Watch and take notes on Lesson 1, Part 3: Opportunity Costs, before class on Monday