AC9HE7K01 Year 7 Humanities and Social Sciences

Content descriptor why opportunity cost exists as decisions are made to allocate limited resources to meet unlimited needs and wants

Elaborations

• • Elaboration explaining the concept of “economic scarcity” in relation to “What to produce?”, “How to produce?” or “For whom to produce?”
• • Elaboration identifying the needs and wants of a local community, and exploring how limited resources are currently used to meet unlimited needs and wants
• • Elaboration explaining how economic resources might be used more sustainably to meet needs and wants into the future
• • Elaboration investigating how First Nations communities use exchange systems (barter) or networks (partnerships) to decide about the use of limited resources in sustainable ways
• • Elaboration 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)