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Related topic
Humanities and social sciences / Year 5 / Knowledge and Understanding / Economics and business
Version 8
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
Cross-curriculum priorities
ScOT terms
Needs (Economics), Scarcity