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AC9HE7K01

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

Elaborations

  • AC9HE7K01_E1explaining the concept of “economic scarcity” in relation to “What to produce?”, “How to produce?” or “For whom to produce?”
  • AC9HE7K01_E2identifying the needs and wants of a local community, and exploring how limited resources are currently used to meet unlimited needs and wants
  • AC9HE7K01_E3explaining how economic resources might be used more sustainably to meet needs and wants into the future
  • AC9HE7K01_E4investigating how First Nations communities use exchange systems (barter) or networks (partnerships) to decide about the use of limited resources in sustainable ways
  • AC9HE7K01_E5explaining 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)

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AC9HE7K01 – why opportunity cost exists as decisions are made to allocate limited resources to meet unlimited needs and wants | LessonForge