Indiana Academic Standards
IN.3. The Local Community and Regional Communities
3.2. Civics and Government: Students explain what it means to be citizens of their community, state and nation; be able to identify the functions and major services provided by local governments; use a variety of resources to gather information about their local, state and national governments; and demonstrate understanding of democratic principles and practices.
Roles of Citizens
3.2.6. Explain the role citizens have in making decisions and rules within the community, state and nation such as participating in local and regional activities, voting in elections, running for office, and voicing opinions in a positive way.
3.4. Economics: Students explain how people in the local community make choices about using goods, services and productive resources; how they engage in trade to satisfy their economic wants and needs; how they use a variety of sources to gather and apply information about economic changes in the community; and how they compare costs and benefits in economic decision making.
3.4.1. Give examples from the local community that illustrate the scarcity of productive resources. Explain how this scarcity requires people to make choices and incur opportunity costs.
22.214.171.124. Opportunity cost: term used in economics, to mean the value of the best alternative that would have been chosen instead. For example, if a city decides to build a hospital on some vacant land, the opportunity cost is the other things that might have been done with that same land instead.