Unit 1: Basic Economic Concepts
Standard 1: Students should demonstrate an understanding of how our wants exceed the potential of our resources.

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tandard 2: Students should be able to understand how a market economy is organized to make production decisions based on available resources by drawing and explaining a circular flow diagram for a market economy.


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Standard 3:Students should be able to recognize how the real cost of an action is determined by what we give up in order to do that action-activity.

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Standard 4:Students should be able to identify the economic way of thinking.

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Unit Test Review