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What is opportunity cost and why does it exist? 1 Because of scarcity, all economic decisions involve choices and every choice has an opportunity cost. 2 For example, the opportunity cost of buying a book is buying a movie ticket or the opportunity cost of spending time watching TV is the time reading a book.  3 Because of scarcity, you cannot buy both a book and a movie ticket. Therefore, opportunity cost is the cost of a choice in terms…

Scenario The issue of inequity in the superannuation outcomes for women has recently been a hot topic in the media and the government has received several submissions calling for a change to the current superannuation laws. As a result of this lobbying and the increasing cost of providing the age pension to women, the Prime Minister and the Cabinet (top-level ministers) have decided to explore policy options. The Minister for Financial…

Greater Sydney’s population of nearly 5 million is predicted to increase to 8 million over the next 40 years. A rapidly rising urban population can negatively affect liveability as housing shortages cause prices to rise, green space is developed, congestion and pollution increase, and there is greater demand on employment and essential services such as health, education, and waste disposal. Because most jobs are in the Central Business District…

Source A: Fact file on Western Sydney Airport (WSA) WSA will operate 24 hours per day carrying 56 million passengers and 773,000 tonnes of freight per year by 2060. WSA is a greenfield development. The airport and aircraft traffic will affect the visual appearance of the landscape. There is one endangered ecological community and potentially 24 different threatened species in the Badgerys Creek area. The…

In the table below, describe the impacts (positive and negative) that the development of Western Sydney Airport will have on the liveability of the area of Badgerys Creek. Refer to Sydney: A metropolis of three cities – Explainer and Western Sydney Airport and liveability – Sources. You may also need to research additional information to complete the table. Table 1: Impacts of the Western Sydney Airport development on the liveability of the…

Print one copy and cut into individual cards and distribute one card to each group. Residents of Badgerys Creek who work in agricultural businesses Business owners in Badgerys Creek Nature conservationists in Badgerys Creek Residents who live in close proximity to the airport Residents of Badgerys Creek who currently commute to work School…

Develop a chart showing the types of media you use to obtain information and how often you use them (see table 1 as an example). Use the internet to identify and list the owners of the media you use. Table 1: My Media Type of media Name (program, newspaper, website) Frequency (every day, twice a week, etc) Owner (corporation or individuals) Location Print…

Work in groups of 4 to complete this task. Read each hypothetical scenario and answer the questions that follow. Scenario 1 The government plans to reform the tax system that does not involve changes to the tax rates for low-income earners. A major media outlet gets wind of the government’s plans and writes a story that focuses on wide-spread tax reform that will impact ALL taxpayers. a. Is the scenario an example of misinformation,…