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Grade12, Economics Std1.3: Identifying how factors of production and the circular flow of goods and services meet market needs.

Lesson Plans: Scarcity and Opportunity Costs. Students learn that productive resources are limited. Therefore, people cannot have all the goods and services they want; as a result, they must choose some things and give up others. Day One. Students will discover the basic economic problem: scarcity; learn that "there is no such thing as a free lunch" (opportunity costs); and be able to define economics. Is the Tassel Worth the Hassle? Students use economic reasoning to analyze both the short-term and long-term benefits and opportunity costs of educational choices. These Golden Jeans. This lesson is designed to review the three types of productive resources-natural resources, human resources, and capital resource-needed to produce variety of goods and services.

Resources: Alabama Virtual Library Economics America A nationwide, comprehensive program for economic education in America's schools. The Beggar's Hand. A useful site discussing basic economic principles with an emphasis on the problems of poverty, and resource allocation. The Beggar's Hand (mirror link) EcEdweb. The mission of EcEdWeb, the Economic Education Website, is to provide support for economic education in all forms and at all levels. AmosWEB. Outstanding online economics resource. All resources ,except the E-tutor, are available free of charge. ECONlinks Site developed to provide easy access to basic economic and financial information for students in economics and business courses. The list of links is purposely not encyclopedic, but contains a variety of resources that you will find useful in your courses. Schools of Economic Thinking
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