Explanation should include
- steps of the economic decision-making process
- consideration of opportunity cost
- influence of supply and demand
- awareness of domestic and international competition.
Process/Skill Questions:
- What is the basic economic problem?
- What is the goal of economic decision-making?
- Why does every decision have an opportunity cost?
- How does scarcity affect you and your family, school, and community?
- How do companies use the decision-making process?
- How does the decision-making process help consumers?
- How can the U.S. compete with companies who conduct business in countries with no minimum wage? With little or no environmental regulations?