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Humanities and social sciences / Year 6 / Knowledge and Understanding / Economics and business

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

How the concept of opportunity cost involves choices about the alternative use of resources and the need to consider trade-offs (ACHASSK149)

Elaborations
  • explaining why when one choice is made, the next best alternative is not available (trade-off) (for example, if a student chooses to spend their time (resource) riding their bike after school, they cannot go for a swim (trade-off))
  • explaining why choices have to be made when faced with unlimited wants and limited resources (for example, by compiling a list of personal needs and wants, determining priorities (including sustainability of natural environments) and identifying the needs and wants that can be satisfied with the resources available)
  • exploring some national needs and wants in Australia and an Asian country (for example, access to water, education, health care) and comparing resource limitations and decisions
General capabilities
  • Critical and creative thinking Critical and creative thinking
  • Ethical understanding Ethical understanding
ScOT terms

Scarcity,  Opportunity costs

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Video

What is opportunity cost?

What is the true cost of buying something? Gen Fricker explains that it's more than just money. Learn about opportunity cost - what it is, why it's a helpful tool and when to use it. Simple! Then test yourself with ASIC MoneySmart's "Things to think about" classroom exercises.