20602_AC_Economics_and_buisness_Year_6_Making_choices_about_resources

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Trade-offs and the cost of lost opportunities – 2 Read the text on page 3 and complete the activities below. 1. Explain what it means to make a trade-off. 2. Circle the correct answer. (a) Hannah decides to buy a pair of $50 earrings instead of a $50 necklace. The opportunity cost is: $50 the enjoyment of wearing the necklace the earrings (b) James decides to play basketball instead of eating his lunch. The opportunity cost is: a basketball the cost of the lunch the energy the lunch would have given him 3. All of us make personal trade-offs and create opportunity costs every day when we make decisions about how to spend our time. In the space below, describe three examples of situations you have been in during the past week where you made trade-offs and created opportunity costs. I made a trade-off when I decided to … instead of … The opportunity cost was … 4. Describe a time when you made a decision resulting in an opportunity cost you later regretted. It might have involved a choice to do something fun rather than something you ought to have done. Explain who or what it affected. 4 Australian Curriculum Economics and business (Year 6) www.ricpublications.com.au R.I.C. Publications ®
Trade-offs and the cost of lost opportunities – 3 Imagine that one day your teacher suddenly announces that he or she is starting a new reward system in your classroom. Well, that day is here! You will be given 20 tickets to spend over two weeks on various rewards your teacher decides on. This might include actual items like stickers or time to do special things like using the classroom computer or reading your favourite book. Your teacher will tell you how many tickets each item or activity will cost. You could spend all your tickets in one day or you could save them for something you really want or wish to do. It is up to you! Think carefully about the trade-offs you are making. For example, ‘If I spend five tickets on stickers, I won’t be able to spend as much time on the computer’. 1. Keep a record in the space below of your ticket spending over the two weeks. Week one Week two Mon Tue Wed Thur Fri Mon Tue Wed Thur Fri Chosen item or activity Number of tickets spent 2. Use your table to answer the questions below. • Describe two trade-offs you made. • Describe two trade-offs you wish you had made. • Were you more of a spender or a saver during the two weeks? spender saver • What are the advantages of saving? Is it always better to save? Write your thoughts. • How do you think making trade-offs can help us to be smart consumers? R.I.C. Publications ® www.ricpublications.com.au Australian Curriculum Economics and business (Year 6) 5
Page 2 and 3: Australian Curriculum Economics and
Page 4 and 5: Teachers notes The core of Australi
Page 6 and 7: Differentiation strategies Many of
Page 8 and 9: Glossary Budget an estimate of inco
Page 10 and 11: HASS Inquiry and skills Questioning
Page 12 and 13: HASS Concepts of interdisciplinary
Page 14 and 15: HASS Achievement standards Knowledg
Page 16 and 17: Trade-offs and the cost of lost opp
Page 24 and 25: Resource decisions How the concept
Page 26 and 27: Resource decisions - 2 Read the tex
Page 28 and 29: Resource decisions - 4 Palm oil is
Page 30 and 31: Resource allocation on a national l
Page 36 and 37: Assessment - 2 1. Define scarcity.
Page 38: Answers Page 4 1. A trade-off is ma

20602_AC_Economics_and_buisness_Year_6_Making_choices_about_resources

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