This analysis also makes people aware of the consequences of their actions for themselves and others, and leads to a heightened sense of responsibility and accountability . Benchmarks identify building blocks underlying the principles embedded in the standard and consist of assumptions, intermediate conclusions and elaborations for each standard. People make choices because they can't have everything they want. Economic wants are desires that can be satisfied by consuming a good, service, or leisure activity. Goods are objects that can satisfy people's wants.
Services are actions that can satisfy people's wants.
People's choices about what goods and services to buy and consume determine how resources will be allocated. Whenever a choice is made, something is given up. The opportunity cost of a choice is the value of the best alternative given up. People whose wants are satisfied by using goods and services are called consumers. Productive resources are the natural resources, human resources, and capital goods available to make goods and services.