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Humanities and social sciences / Year 5 / Knowledge and Understanding / Economics and business

View on Australian Curriculum website Australian Curriculum, Assessment and Reporting Authority
Curriculum content descriptions

The difference between needs and wants and why choices need to be made about how limited resources are used (ACHASSK119)

Elaborations
  • debating whether one person’s need is another person’s need or want
  • explaining the concept of scarcity (that is, needs and unlimited wants compared to limited resources) and why individuals cannot have all the items they want and therefore must make a choice
  • explaining reasons for differences in needs and wants for different groups
General capabilities
  • Critical and creative thinking Critical and creative thinking
  • Ethical understanding Ethical understanding
Cross-curriculum priorities
ScOT terms

Needs (Economics),  Scarcity

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