90983 Using Scarcity and Demand to Understand Consumer Choices
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This course covers the things you'll need to know and be able to do for achievement standard 90983.
In it you'll find answers to questions like:
- What are the opportunity costs of economic decisions?
- What are scarcity and choices?
- How do limited means (time, money, skills) relate to wants?
- What is demand and how does demand differ from wants and needs?
- What is a demand schedule and how do we interpret one?
- What is a demand curve and how do we interpret one?
- Why might a shift of a demand curve or a movement along a demand curve happen, and what is this indicative of?
- What is the impact of a change of income on the demand for luxuries, necessities and inferior goods?
How you'll learn
People learn in different ways. Now we'll describe some of the ways you can learn and interact with the materials in this course.
Self-paced learning – the material is set up so you can learn at your own pace. So, although there are 'suggested' times for each page, they're just a guideline. Plan your learning to suit you.
Practice activities – throughout this course there are short activities. These activities are for you, not for someone to mark them. These activities give you a great chance to practice what you've learned and compare your answer to the model feedback. Look at the feedback carefully to see if you have missed out any aspects from your answer.
Submitting photos – sometimes people find it easier to scribble down a diagram or show their working with pen and paper. No problem! You can still store all your working and diagrams with the activity. That way you'll be able to refer back to your answers when you're revising. Simply take a photo of your work and upload it with the relevant activity.