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

Version 8
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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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