This resource from Consumer Affairs Victoria deals with students as consumers. Our needs and wants are unlimited but the resources available to satisfy these wants are limited. Students can investigate the concept of 'opportunity cost' and how consumers have limited resources to satisfy unlimited needs and wants.
Structure and features
- Open the 'Consumer stuff for kids' document.
- Go to Unit 4 Activity 3 ‘Opportunity cost or opportunity lost?’ (on page 52).
- This activity has:
- key terms - opportunity cost, choice
- pre-learning, during learning, and post-learning details
- an exploration of how choices have to be made to best use our limited resources
- an 'opportunity cost' A3 activity sheet and party time task are located on page 56. This reinforces the learning of this important economics and business concept.
For teachers
- Start with the students prior learning and their present understanding of needs and wants.
- Students may have questions which can be researched using other resources.
- Be clear about assessment support and requirements.
Teacher notes
This resource is a key concept in 'Economics and business' from the year 6 Australian Curriculum.
