Activity Introduction

bbrw-happy-photoframe-newQuick summary: This lesson introduces students to GDP as a measure of a nation’s wealth and development. It requires them to analyse the global patterns of GDP and consider whether this is an accurate indicator of a country’s progress. Students will analyse some of the flaws of GDP as a measure for a country’s success, and relate this analysis to personal wealth and well being. This lesson sets the stage for further inquiry into alternative measures of development and progress including the UN Human Development Index and the OECD Better Life Index.

BB logo coolest partnerBendigo Bank is passionate about connecting with and enriching communities across Australia. Cool Australia and Bendigo Bank share the common goal of bringing communities together through educational programs that help to build sustainable communities for the future. This lesson supports students to inquire into the big idea of ‘real wealth’. Students develop an understanding of shared values, and build their sustainable and ethical financial knowledge, equipping them with the skills to make sound financial decisions based on social, environmental and economical merit.

Learning goals:

  • Students recognise the GDP as a common measure of nation wealth and economic progress.
  • Students analyse the use of GDP as a true measure of national (and global) progress by considering economic development Vs a variety of factors associated with human development.
  • Students will apply this analysis to personal wealth and will explore wealth as a multifaceted measure, not just a measure of financial success.

General capabilities: Critical and Creative Thinking, Personal and Social Capability, Ethical Understanding, Literacy.

Cross-curriculum priority: Sustainability OI.4, OI.5, OI.6.

Australian Curriculum content description:

Year 10 Economics and Business

  • Indicators of economic performance and how Australia’s economy is performing (ACHEK050)
  • The links between economic performance and living standards, the variations that exist within and between economies, and the possible causes (ACHEK051)

Syllabus OutcomesC5.2, C5.3, C5.4.

Topic: Consumption

Unit of lessons: Bendigo Bank Real Wealth

Time required: 60 mins.

Level of teacher scaffolding: Medium – facilitate discussion and lead students in activities.

Resources required: Device capable of presenting a website to the class. Student worksheet – one paper copy per student OR access to computer/tablet with internet access, internet access for each student for video viewing, headphones for each student if viewing video in class. Wealth Quotes, RFK on GDP – Transcript, Real Wealth Cheat Sheet, Glossary – Secondary.

Digital technology opportunities: Digital sharing capabilities.

Homework and extension opportunities: Includes opportunities for extension.

Keywords: Gross Domestic Product, economic, human, development, wealth, Bendigo Bank.

Cool Australia’s curriculum team continually reviews and refines our resources to be in line with changes to the Australian Curriculum.

Worksheets

Teacher Worksheet

bbrw-money-photoframe-newTeacher preparation

Overarching learning goal: Students will recognise the GDP as a common measure of nation wealth and economic progress. They will analyse the use of GDP as a true measure of national (and global) progress by considering economic development vs a variety of factors associated with human development. Finally, students will apply this analysis to personal wealth and will explore wealth as a multifaceted measure, not just a measure of financial success.

Teacher content information: The most recognised way of measuring a country’s level of wealth and economic progress is by calculating its Gross Domestic Product or GDP. The GDP of a country represents the total dollar value of all goods and services produced over a specific time period. GDP provides an indication of the size of a nation’s economy.

However, there has been much scrutiny over the use of GDP as a measure of wealth, as it only looks at the financial situation of a country, ignoring the many other aspects th

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Student Worksheet

Thought Starter: How do we measure a country’s level of development?

The most common way that a country’s level of wealth or development is measured is by calculating its Gross Domestic Product or GDP. The GDP of a country represents the total dollar value of all goods and services produced over a specific time period. GDP provides an indication of the size of a nation’s economy.

Watch this short video to develop a basic understanding of GDP and answer the related questions below:

Euronews - The Gross Domestic Product explained (https://youtu.be/Gnql8t0GqcA)

In your own words, describe GDP:

How is GDP measured?

List three questions you have about GDP:

1.

2.

3.

The question I am researching:

The answer to this question:

Global Distribution of GDP

Working in pairs, look closely at this map (or if the map is hard to see, click this link).

GDP-small

According to this map, which countries have the highest GDP and which have the lowest? You may need an atlas to help you answer

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