Economics



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economics



Economics Social Studies Georgia Performance Standards
 
 
Georgia Department of Education 
Revised 08/01/2012 

Page 1 of 10 
Copyright 2012 © All Rights Reserved
Economics 
 
The economics course provides students with a basic foundation in the field of economics. The course 
has five sections: fundamental concepts, microeconomics, macroeconomics, international economics, 
and personal finance. In each area, students are introduced to major concepts and themes concerning 
that aspect of economics. 
Fundamental Economic Concepts 
SSEF1 The student will explain why limited productive resources and unlimited wants result in 
scarcity, opportunity costs, and tradeoffs for individuals, businesses, and governments. 
a.
Define scarcity as a basic condition that exists when unlimited wants exceed limited productive 
resources. 
b.
Define and give examples of productive resources
(factors of production) (e.g., land (natural), 
labor (human), capital (capital goods), entrepreneurship). 
c.
List a variety of strategies for allocating scarce resources. 
d.
Define opportunity cost as the next best alternative given up when individuals, businesses, and 
governments confront scarcity by making choices. 
SSEF2 The student will give examples of how rational decision making entails comparing the 
marginal benefits and the marginal costs of an action. 
a.
Illustrate by means of a production possibilities curve the trade offs between two options. 
b.
Explain that rational decisions occur when the marginal benefits of an action equal or exceed 
the marginal costs. 
SSEF3 The student will explain how specialization and voluntary exchange between buyers and 

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