Term 1 Week 8 - 11

Achievement Objectives (Level 3&4 of Social Studies Curriculum)

• Understand how people make decisions about access to and use of resources
• Recognise the economic problem and the consequences for communities and societies
• Understand how exploration and innovation create opportunities and challenges for people, places, and environments.
• Understand how producers and consumers exercise their rights and meet their responsibilities.
• Understand how producers and households make decisions that impact on communities.
• Understand how people participate individually and collectively in response to community challenges.

Success Criteria

Students will be able to:

• Describe why business activity is needed.
• Recognise how business influences our lifestyles.
• Describe the economic problem in relation to the concept of scarcity and choice
• Define the following economic terms: households; producers; economic means (time, skills & money); needs & wants; opportunity cost; circular flow

What we have versus what we want

What we have: Our means

We all have time, skills & money. These are referred to as our means. We use our means to enjoy a certain lifestyle. Our means are limited.

What we need & want: 

We use our means (time, skills & money) to satisfy our needs and wants. Because our needs and wants are unlimited but our means are limited this means we must choose which needs and wants we wish to satisfy.

When we make a choice, we give up the opportunity of doing other options. Opportunity cost is the cost of not doing the second best next best option or alternative.

Tasks:

Complete the worksheet on google classroom