The Problem of Scarcity and Choice · Economic Foundations

Opportunity Cost and Decision Making

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

Key Questions

  1. 1Why is nothing truly free in an economic sense?
  2. 2What trade-offs does a government create when it prioritizes healthcare over infrastructure?
  3. 3How can a decision matrix help reduce the emotional bias in consumer spending?

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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Needs, Wants, and Resources

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

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