Quick 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.
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 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.
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 Outcomes: C5.2, C5.3, C5.4.
Unit of lessons: Real Wealth Year 9 & 10
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. RFK on GDP – Transcript, Wealth Quotes, 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.
Cool Australia’s curriculum team continually reviews and refines our resources to be in line with changes to the Australian Curriculum.