Economics and Business Judging Standards
WA Curriculum Achievement Standard: Students identify the imbalance between needs and wants, and describe how the allocation of resources involves trade-offs. They identify the advantages and disadvantages of specialisation in terms of the different ways businesses organise the provision of goods and services. Students identify the factors that influence consumer decisions when making choices, and the consequences of those choices for businesses and the consumer.
Lesson 1: Making Choices
Businesses provide goods and services in different ways (e.g. shopping centres, local markets, online stores, small independent stores, remote community stores) to earn revenue.
I wonder: Have a think about how shopping has changed with the invention of new technologies
Vocabulary
retail
revenue
profit/ loss
Focus questions
• How do you and your family ‘shop’?
• Where does most shopping occur in Australia?
• How is peoples’ growing access to the internet changing the operation of retail stores?
• What are the advantages and disadvantages of online shopping?
• How does a business earn revenue?
• What costs does a business have to pay for?
• What is profit for a business?
• How can a business make a profit and cover costs?
Businesses provide goods and services in different ways (e.g. shopping centres, local markets, online stores, small independent stores, remote community stores) to earn revenue.
I wonder: Have a think about how shopping has changed with the invention of new technologies
Vocabulary
retail
revenue
profit/ loss
Focus questions
• How do you and your family ‘shop’?
• Where does most shopping occur in Australia?
• How is peoples’ growing access to the internet changing the operation of retail stores?
• What are the advantages and disadvantages of online shopping?
• How does a business earn revenue?
• What costs does a business have to pay for?
• What is profit for a business?
• How can a business make a profit and cover costs?
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The future of shopping: Technology Everywhere |
LESSON 2
Types of Resources
TASK: What are the three types of resources?
Define the types of resources and give three examples of each.
LESSON 3
Needs and Wants
Task 1: Write these definitions in your HASS books. Give examples of each.
A need is something you or your family must have in order to live safe, healthy lives. You need clothes, food, shelter, medicine and transportation.
A want is something that you or your family enjoys. You can wait to buy the things you want, because you do not need them to survive.
A need is something you or your family must have in order to live safe, healthy lives. You need clothes, food, shelter, medicine and transportation.
A want is something that you or your family enjoys. You can wait to buy the things you want, because you do not need them to survive.
Let's think about some of these situations. Are they wants, or needs? In your books use full sentence answers to say if it is a want or need and why.
For Example- Having access to affordable insulin for a Type 1 Diabetic is a Need as they would become very sick and possibly die if they didn't have access to this medication.
For Example- Having access to affordable insulin for a Type 1 Diabetic is a Need as they would become very sick and possibly die if they didn't have access to this medication.
- You bought tickets to see your favorite band. Is this a want or need?
- You buy a bus pass so that you can get to work in the morning. Is this a want or need?
- You go to the store and buy fruit, milk and bread. Is this a want or need?
- You and your friends go out to dinner and then you see a movie. Is this a want or need?
- You go to the doctor to get an x-ray because you fell and hurt your arm. Is this a want or need?
- You bought a new TV at the store; it’s bigger than your old TV. Is this a want or need?
Lesson 4: Scarcity & Opportunity Cost
Definition
Scarcity occurs when there is fewer resources than are needed to fill human needs and wants. Consumers need to make a decision as to what they choose to use their resources on. The opportunity cost of this decision is the value of the product that you have chose not to have.
These resources can be resources can be natural, human or capital resources.
Example:
If you only had $7 and you wanted to buy a two litre container of ice cream for $6 and a bag of M&Ms for $4 you wouldn’t be able to afford both. If you bought the ice cream the opportunity cost is $4 because you can no longer afford to buy the bag of M&M's.
