scarcity the economic problem of having unlimited needs and wants, but limited resources to satisfy them sole trader a person who owns and operates a business alone, taking full responsibility for its proýts and losses 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
15.7.3 Reþection Complete the following to reþect on your learning.
Revist the Inquiry question posed in the Overview. How do free markets operate, and what are the different ways Australians can earn an income in the changing landscape of contemporary and future work? 1. Now that you have completed this topic, what is your view on the questions? Discuss with a partner. Has your learning in this topic changed your view? If so,how? 2. Write a paragraph in response to one of the inquiry questions, outlining your views.
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15.7
Review exercise
Learning pathways LEVEL1 2, 4, 7, 10, 12
LEVEL2 1, 6, 8, 11, 14
LEVEL3 3, 5, 9, 13, 15
REMEMBER AND UNDERSTAND 1. What is one key issue in Australian economics?
A. Financial literacy B. Business planning C. Balance between economic growth and environmental sustainability D. Reasoning and problem-solving skills 2. What best suits the role that technology plays in the workforce? A. It drives innovation and creates jobs B. It does not change the types of jobs available and the skills needed C. It inþuences market trends D. It helps develop reasoning skills 3. What is the primary learning intention of SkillBuilder: Investigating? A. To interpret and explain a graph B. To locate, select and organise relevant data and information C. To accurately evaluate a business plan D. To communicate ýndings using an appropriate format
542 Jacaranda Humanities Alive 7 Victorian Curriculum Third Edition
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