TEKS 113.31(d)(1)(C)
describe the economic factors of production: land, labor, capital, and entrepreneurship; and
Source: Texas Administrative Code §113.31 (Chapter 113) · Adopted 2022
Knowledge & Skills 113.31(d)(1)
Economics
The student understands the concepts of scarcity and opportunity costs. The student is expected to:
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Other expectations under 113.31(d)(1)
- TEKS 113.31(d)(1)(A) explain why scarcity and choice are basic economic problems faced by every society;
- TEKS 113.31(d)(1)(B) describe how societies answer the basic economic questions: what to produce, how to produce, and for whom to produce;
- TEKS 113.31(d)(1)(D) interpret a production-possibilities curve and apply the concepts of opportunity costs and scarcity.