Lesson 1: Resources, Needs & Wants

Learning Intentions:
  • The difference between needs and wants, and how they may differ between individuals (ACHASSK119)
  • Resources can be natural (e.g. oil), human (e.g. workers), or capital (e.g. machinery), and how these are used to make goods and services to satisfy the needs and wants of present and future generations (ACHASSK120)

Success Criteria: (Surface Level)
  • Summarise Needs and Wants and Make a list identifying each
  • List 3 Natural, Human, Capital resources


Introduction to Economics

Resources


Three types of resources:

1. Natural - materials occurring or grown in nature e.g. oil, water, trees etc

2. Human - workers that provide you a service e.g. waiter or builder

3. Capital - machinery and man made products

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Discussion

  1. ​How do we use the three types of resources to fulfill our needs and wants?
  2. What do you do to grain in order to make a cake?​​
  3. How do we use the three types of resources to fulfill the communities needs and wants?

TASK

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Needs and Wants

Learning Intentions
  • Students understand the difference between needs and wants.
  • Students understand that different people have different needs and wants.
  • Students understand that they have to make choices about their needs and wants.

TASK

1. ONE THING I WANT is __________
Give 5 reasons why?
2. ONE THING I NEED is __________
Give 5 reasons why?

3. NEEDS ranking ladder: list your top five needs and rank them from most important at the top to least important at the bottom. Explain why you have chosen each of these needs.

​4. WANTS ranking ladder: list your top five wants and rank them from most important at the top to least important at the bottom. Explain why you have chosen each of these wants.

Our group need ladders.