The Problem of Scarcity and Choice · Economic Foundations

Needs, Wants, and Resources

Distinguishing between essential needs and discretionary wants while categorizing natural, human, and capital resources.

Key Questions

  1. 1How do we distinguish between a survival need and a socially constructed want?
  2. 2What happens to a society when its primary resources become depleted?
  3. 3What trade-offs does a family make when their wants exceed their monthly income?

ACARA Content Descriptions

AC9HE7K01
Year: Year 7
Subject: Economics & Business
Unit: The Problem of Scarcity and Choice
Period: Economic Foundations

Suggested Methodologies

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Opportunity Cost and Decision Making

Analyzing the value of the next best alternative foregone when making economic choices.

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