needs goods or services that consumers consider necessary to maintain their standard of living opportunity cost the next best alternative given up whenever a choice is made resource allocation relates to decisions about how scarce resources are distributed among producers, and which types of goods and services will be produced to satisfy wants and needs wants goods or services that are desired in order to provide satisfaction to the user, but which are not necessary for survival or to meet the basic standard of living in a community
20.7.3 Reflection Complete the following to reflect on your learning.
Revisit the inquiry question posed in the Overview. Why does Australia have a taxation system and why should individuals plan to achieve financial goals? 1. Now that you have completed this topic, what is your view on the question? Discuss with a partner. Has your learning in this topic changed your view? If so, how? 2. Write a paragraph in response the inquiry question outlining your views.
Post-test
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20.7
Review exercise
Learning pathways LEVEL1 3, 5, 6, 7, 14
LEVEL2 1, 2, 8, 9, 11
LEVEL3 4, 10, 12, 13, 15
REMEMBER AND UNDERSTAND 1. From the following, identify an essential aspect of investigating economic trends. A. Ignoring outliers in data B. Collecting relevant data from multiple sources C. Using anecdotal evidence D. Relying solely on historical data 2. When interpreting a line graph, select the most important factor you need to identify to answer a question.
A. The colours used in the graph B. The scale of the vertical axis C. The titles of the graph D. The patterns and trends in the data 3. Identify what analysing data enables you to do. A. Ignore the implications B. Understand the underlying trends in the information
C. Avoid making decisions D. Focus on irrelevant details
594 Jacaranda Humanities Alive 8 Victorian Curriculum Third Edition
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