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Standard 1: Scarcity Standard 2: Decision Making Standard 4: Incentives Standard 8: Role of Prices the Economics of Economics EpisodE #505 contENtS Lesson Prep & Screening Activity #1 Curriculum Connections Activity #2 Biz Terms Vocabulary Family Activity Sheet The worksheet provides answers to questions that explore the role of scarcity in economic decision-making and how individuals and societies prioritize their needs and wants. The study of economics requires an understanding of major economic concepts and systems, the principles of economic decision making, and the interdependence of economies and economic systems throughout the world. This resource can be used as part of a larger 1. It is designed to provide young people with a new way to look at issues and questions. Identify ways to make economic choices and what these strategies allow you to learn. 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Investigate the choices people make between economic growth and personal growth and development using the ethical/decision making model. What advantages does a mixed economy have over a purely capitalistic market economy? 3. This is tailored for the Edexcel specification, however, the versatile nature of this resource makes it suitable for other exam boards too. Natural resources are those that occur naturally and are not manmade Economic decision making is the process of making business decisions involving money. 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