Scarcity, Choice, and Opportunity Cost: Social Studies Unit 1, Grade 12 (Letters & Devotion)

Description

Scarcity, Choice, and Opportunity Cost is Unit 1 of Economics: Scarcity, Markets, and Decisions (Grade 12), the Letters & Devotion Social Studies course, complete in one printable PDF: 9 lessons, the unit check-up and the answer key, 74 pages.

• The distinction between scarcity and shortage
• Opportunity cost as the single best forgone alternative
• Opportunity cost versus monetary/accounting cost
• The production possibilities curve as a graphical model of trade-offs under scarcity
• Interpretation of PPC position, shifts, and curvature as indicators of efficiency, growth, and increasing opportunity cost
• The sunk cost fallacy as a departure from rational marginal decision-making
• Marginal analysis (MB = MC decision rule)
• Opportunity-cost analysis applied to a self-selected, unmodeled decision
• Absolute advantage versus comparative advantage (conceptual, non-numeric-trade-gains version)

Every lesson is written for a parent with no teaching background: it opens with a short script to read aloud, names the specific wrong idea a student is likely to reach for and how to correct it, and closes with a practice sheet you may copy for your household. Scripture references are King James Version throughout. Black-and-white, 8.5 x 11 in. The whole year of this course is also in this store as a single book.

AI note: The written content of this resource was drafted with AI tools, then reviewed and edited by the author.