Explanation should include the following concepts:

Economics is a field of study that explains how individuals, businesses, and societies produce, distribute, and use products and services.
Economics focuses on the use of limited resources for unlimited wants.
Economics is global.
Supply and demand affect price.
Scarcity causes consumers to make choices.

Process/Skill Questions:

What are the three economic questions that must be answered by each society?
How are wants and needs different? What are the roles of wants and needs in economics?
What are the four factors of production?
How do businesses and societies deal with scarcity?
How does supply and demand affect price?