This unit consists of poster, sorts and other activities to teach economics. (Goods, Services, Producers, Consumers, Scarcity)
This unit covers the following Ohio Model Curriculum Standards for the Economics Social Studies Strand:
There are not enough resources to produce all the goods and services that people desire.
11. Wants are unlimited and resources are limited. Therefore, people make choices because they cannot have everything they want.
Topic: Production and Consumption
Production is the act of combining natural resources, human resources, capital goods and entrepreneurship to make goods and services. Consumption is the use of goods and services.
12. People produce and consume goods and services in the community.
Markets exist when buyers and sellers interact. This interaction determines market prices and thereby allocates scarce resources, goods and services.
13. People trade to obtain goods and services they want.