The primary focus of this unit is to introduce students to fundamental economic principles such as scarcity, choices, and resources. Students will explore the concept of making decisions based on needs and wants, recognizing the availability of resources, and understanding the consequences of choices.

Key Learning Objectives:

Identify Needs and Wants: Distinguish between things we need for survival and things we want for enjoyment. Recognize that individuals make choices based on their needs and wants.

Understand Scarcity: Explore the idea that resources are limited, leading to the concept of scarcity. Discuss the importance of making choices when faced with scarcity.

Recognize Resources: Identify different types of resources, including natural, human, and capital resources. Understand how these resources contribute to meeting needs and want.

Explore Decision Making: Engage in decision-making activities to understand the process of making choices. Discuss the concept of trade-offs and the consequences of decisions.

Appreciate Goods and Services: Differentiate between goods (items we can touch or hold) and services (actions provided by others). Explore the interdependence between producers and consumers in a community.