The Central Economic Problem · Scarcity and Choice

Scarcity, Choice and Opportunity Cost

Understanding the nature of the economic problem and the necessity of trade-offs in decision making.

Key Questions

  1. 1What incentives are driving this behavior?
  2. 2What trade-offs does this policy create?
  3. 3How do different economic systems resolve the problem of resource allocation?

MOE Syllabus Outcomes

MOE: The Central Economic Problem - JC1
Level: JC 1
Subject: Economics
Unit: The Central Economic Problem
Period: Scarcity and Choice

Suggested Methodologies

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The Production Possibility Curve

Using graphical models to illustrate concepts of scarcity, choice, opportunity cost, and economic growth.

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