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Australian Curriculum Teaching Resources

ACHASSK149

Humanities and Social Sciences > HASS > Year 6 > Knowledge and Understanding > Economics and business > ACHASSK149

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

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)) (Skills: Literacy, Critical and Creative Thinking, Personal and Social Capability, Ethical Understanding)
  • 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) (Skills: Literacy, Critical and Creative Thinking, Personal and Social Capability, Ethical Understanding)
  • 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 (Skills: Literacy, Critical and Creative Thinking, Ethical Understanding, Intercultural Understanding)

(View this topic on www.australiancurriculum.edu.au )

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