Economics and Business / Levels 5 and 6 / Resource Allocation and Making Choices
Content description
Explore the concept of opportunity cost and explain how it involves choices about the alternative use of limited resources and the need to consider trade-offs
Elaborations
explaining why when one choice is made about how to use a resource, the next best alternative is not available (trade-off). For example, if a student chooses to spend their time (resource) riding their bike after school, they cannot go for a swim (trade-off)
Code
VCEBR002
Curriculum resources and support
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