Wants, resources and choices

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)

Due to scarcity, choices need to be made about how limited resources are used (e.g. using the land to grow crops or to graze cattle) (ACHASSK119)

The factors that influence purchase decisions (e.g. age, gender, advertising, price) and how these decisions affect resource use (ACHASSK121)

Strategies for making informed consumer and financial decisions (e.g. budgeting, comparing prices, saving for the future) (ACHASSK121)