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