UNIT 1 Personal Resources – Needs and Wants


Working together or individually, answer the following questions: Write It!


1. What might happen if you spent all your money on things that you wanted and had nothing left for your needs?


2. Sometimes a want might become a need – can you think of when this might happen?


3. Why is it important to consider your needs and wants from the view point of other people (in the household or society)?


EXAM PREPARATION!


State five needs and wants. Explain them using examples. Apply it to another unit we will study.


P. 3


Go to page 3 in the activity book.


3 Impact of Choices on Individuals and Society


1. Individuals Opportunity cost


When you have a choice between two options, the opportunity cost is the option you don’t choose and therefore have to do without.


When our income is limited, we have to make choices between satisfying our needs and wants. This may result in having to make choices about goods and services that are necessary to live, and doing without unnecessary items. Given our income, the choice we have to make between satisfying our needs or wants and therefore going without something is called opportunity cost.


Financial cost


The financial cost is the price we pay for goods and services which satisfy our needs and wants, e.g. €25 for phone credit.


Example


Jack was given €50 for his birthday by his godmother. He wants to buy a new PlayStation game and a


new football kit. Both cost €50. He decides to buy the new PlayStation game. Jack must go without the football kit. Therefore, the opportunity cost is the new football kit. The financial cost is €50.


7


STOP! WRITE IT!


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