TEKS: Chapter 118. Economics See All Teacher Resources

118.4.c.1

(1) Economics. The student understands the concepts of scarcity and opportunity costs. The student is expected to:

• (A) explain why scarcity and choice are basic economic problems faced by every society;
• (B) describe how societies answer the basic economic questions;
• (C) describe the economic factors of production; and
• (D) interpret a production-possibilities curve and explain the concepts of opportunity costs and scarcity.