Quick summary: Students are introduced to the concept of business externalities with a focus on negative externalities. Students are asked to look at and reflect upon a range of images associated with negative externalities. They are then asked to investigate one of these images in depth, making suggestions about how this externality could be addressed whilst still meeting the financial needs of the industry associated with this externality.
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.
- Students develop an understanding of negative externalities resulting from the production and consumption of goods and services.
- Students develop an understanding of strategies businesses, governments and consumers can use to reduce their negative externalities.
Cross-curriculum priority: Sustainability OI.6 OI.7 OI.8.
Australian Curriculum content description:
Year 10 Economics and Business
- The ways businesses organise themselves to improve productivity, including the ways they manage their workforce, and how they respond to changing economic conditions (ACHEK054)
Syllabus Outcomes: C5.2, C5.3, C5.4.
Unit of lessons: Real Wealth Year 9 &10
Time required: 60 mins.
Level of teacher scaffolding: Medium – prior to lesson complete teacher background reading and externalities factsheet, and watch circular economy video and externalities video from teacher ‘hot tip’.
Resources required: Student Worksheet – one copy per student OR computers/tablets to access the online worksheet, device capable of presenting a website to the class, Externalities Factsheet, Real Wealth Cheat Sheet, Glossary Secondary. Extension – CSR And Shared Value.
Digital technology opportunities: Apps and presentation tools, digital sharing capabilities.
Homework and extension opportunities: Includes opportunities for extension and homework.
Keywords: externalities, natural capital.
Cool Australia’s curriculum team continually reviews and refines our resources to be in line with changes to the Australian Curriculum.