Social Studies 1201/02

This unit formally introduces students to the field of economics. In particular it focuses on the central issue of economics – how can we make the best possible use of our resources?

Deciding how to use our resources to meet our needs and wants is not only challenging, it is also a persistent question. As new needs present themselves, values evolve, and society becomes increasingly interdependent, knowing how to make good economic decisions is more important than ever. 

During this investigation students will consider

• the value of using utility theory to help us make more informed, and ultimately better, economic choices

• how balancing trade-offs can produce greater economic gain

• why competition is often, but not always, the best way to meet the needs of consumers and maximize economic resources.

The ideas examined in this unit are foundational to the outcomes which follow in Units 7 to 9. Additionally, the examples discussed in this unit are practical and relevant to everyday life.