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Unlimited wants exceed the limited resources available to satisfy them, so economic choices must be made.

Key concept indicators

  • Identify the means (time, money, skills) of the individuals or family, whānau, hapū (extended kinship group) and iwi.
  • Recognise that scarcity occurs when unlimited wants exceed limited means.
  • Explain how as a result of scarcity choices have to be made which incur an opportunity cost.
  • Understand that opportunity cost is the next best alternative foregone when a choice is made.
  • Explain how different values (personal beliefs) result in different consumer choices.

Possible context elaboration

Student weekly planner

Facilitate students to record what they do for a week on a planner document. Such a context not only gives the opportunity to develop an understanding of scarcity (because time is a scarce resource and students have to learn how to manage their own time) it places the student at the centre of learning and provides the teacher with opportunity to find out about the student’s interests outside of class.

This context also provides an opportunity for the development of the managing self key competency as students’ weekly records may become a planner document (that better utilises their scarce time) after relevant goal setting and time management discussions. They will see how they make decisions on how much time they can spend with family, friends, school work, sport, on the computer etc.

Last updated May 9, 2013