The Foundation of Choice · Microeconomics

Scarcity and Opportunity Cost

Analyzing why humans must make choices and the value of the next best alternative foregone.

Key Questions

  1. 1How does scarcity force individuals and governments to prioritize certain needs over others?
  2. 2What trade-offs does a student create when choosing to study for an exam versus working a part-time job?
  3. 3Why is there no such thing as a free lunch in economic terms?

MOE Syllabus Outcomes

MOE: The Central Economic Problem - S3
Level: Secondary 3
Subject: Economics
Unit: The Foundation of Choice
Period: Microeconomics

Suggested Methodologies

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