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Economics and Business 7-10 / Year 7 / Knowledge and understanding

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

why opportunity cost exists as decisions are made to allocate limited resources to meet unlimited needs and wants (AC9HE7K01)

Elaborations
  • explaining the concept of “economic scarcity” in relation to “What to produce?”, “How to produce?” or “For whom to produce?”
  • identifying the needs and wants of a local community, and exploring how limited resources are currently used to meet unlimited needs and wants
  • explaining how economic resources might be used more sustainably to meet needs and wants into the future
  • investigating how First Nations communities use exchange systems (barter) or networks (partnerships) to decide about the use of limited resources in sustainable ways
  • explaining the concept of “opportunity cost” in relation to a choice; for example, if a student chooses to spend their time (resource) riding their bike after school, they cannot go for a swim (trade-off)
General capabilities
  • Ethical understanding Ethical understanding

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2 direct matches to AC9HE7K01

Video

My Five Cents: What is opportunity cost?

  • TLF-IDM025253

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.

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Text

Moving out of home

  • TLF-IDA005438

This lesson explores costs and responsibilities associated with moving out of home and setting up living arrangements. The resource is part of a suite of lesson plans and activities from MoneySmart, designed to bring everyday financial topics into the classroom.

View detailsView resource