E.01 Explain how consumers and producers confront the condition of scarcity by making choices that involve opportunity cost and tradeoffs

Overview : Students will explore how limited resources restrict the goods and services that people may want and how consumers must choose some things and give up others. Students will consider systems and means created to meet and manage the issue of scarcity.
Standard
E.01 Explain how consumers and producers confront the condition of scarcity by making choices that involve opportunity cost and tradeoffs
– define scarcity
– differentiate between scarcity and shortage
– define opportunity 
– define tradeoffs
– differentiate between opportunity cost and tradeoffs 
– differentiate between needs and wants 
– define economics 
– explain how consumers and producers handle the condition of scarcity by making choices that result in opportunity cost and tradeoffs.
*include vocabulary slide
Please break down the standard so that it will not be so broad .  Any extra is appreciated 
**Create a teachable power point to go along with the standard. Suitable for high school. No set amount of slides, just enough to get me through a 90 min class