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

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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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