New Hampshire Standards
NH.4. Economics: Economics is the study of the allocation and utilization of limited resources to meet society's unlimited needs and wants, including how goods and services are produced and distributed. Through economics, students examine the relationship between costs and benefits. They develop an understanding of basic economic concepts; economics in history; how economics affects and is affected by the individual; cycles in the economy; financial institutions and government; and international economics and trade. The goal of economic education is to prepare students to make effective decisions as consumers, producers, savers, investors, and as citizens.
4.2. Basic Economic Concepts: Students will learn about the pillars of a free market economy and the market mechanism.
22.214.171.124. Explain why needs and wants are unlimited while resources are limited.
126.96.36.199. Explain why scarcity requires individuals, households, businesses and governments to make economic choices and how economic choices always involve an opportunity cost.