BSDE ECONOMICS
YEAR 11
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Diagnostic 1.1 Task
This is just a short task to get you started (and to show us you are understanding
what we are covering) Be sure to have completed all of the lesson material and
viewed lesson recordings if you were not at the actual lesson/s)
Resave this document with your name in the file (eg. Joe Bloggs D1.1) and type
your answers in the spaces below in a different colour font. DO NOT USE RED.
When complete, email this document as an attachment to your teacher by the
due date (Friday, February 5). Don’t forget to include your name and contact
details – your teacher may not recognise your email address at this stage.
Explain: You need to provide meaning/facts/details to make it easy to
understand
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1.
Explain the difference between a complementary want and a
competitive want. (Include examples.)
2.
Explain the difference between a collective want and a changeable
want. (Again, include examples.)
3.
Explain, in your own words, how a want can be recurrent.
4.
Explain the difference between capital (as a resource) and money?
5.
Under which resources would you classify the following:
a. You doing some part-time work at the local Coles supermarket?
b. An aircraft sitting at Brisbane Airport?
c. A new coal field located in Central Queensland?
d. The company that discovered the new coal field and which wants to
set up a separate company structure to manage the development of
the new mine?
Task:
Q1 a. The difference between a complementary want is when a certain good is
associated (complemented) by another object, for example if you have a DVD
player the DVD disk complements this, another example is a printer and its
counterpart - the ink.
Q1 b. a competitive want is when a good has high competition, so for example, if
you sell a certain product that’s high in demand, consumers have more wide
variety of business to chose from rather than a select few.
Q2 a. collective want is a want that is needed or required for more than one, more
so a community as a whole, rather than a individual want like a hospital
Q2 b. changeable want is a want that is partially determined by consumers, and
how scarce the quantity of goods and services are, for example building a
highway.
Q3 a recurrent want is a want that people continuously buy, for example clothing
and food are recurrent wants as they tend to repeat consistently and regularly
and in contrast an occasional want would be the polar opposite.
Q4. Capital is referring to the use of resources for assets, like the production of
goods and services. This includes machinery buildings and equipment. With this,
it is used to generate an income as it is based of the resources contributing to the
goods.
Money on the other hand is a means of exchange and a means of value. Money
doesn’t necessarily represent capital instead just a gateway of transactions.
Which in turn allowes the use of the use and exchange of the goods and services.
Q5. A. would be capital as me working is contributing to the capital of the
supermarket (coles)
b. Capital as it is an aircraft providing a service (Transport)
C. is a resource as it is natural deposit of coal and contributes to economic
activites.
e. Is capital as it investment and an allocation of resources.