Introduction to Economics

Subject: Social Studies  ·  Grade level: 9th

Understand supply, demand, and why prices change every day. Economics is the study of how people use limited resources to meet unlimited wants. It explains wh

In this lesson

• Scarcity & opportunity cost
• Supply & demand
• Markets & money

Key terms

Scarcity

Limited resources combined with unlimited wants.

Opportunity cost

The value of the next-best option you didn't pick.

Trade-off

What you give up to gain something else.

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