Activity Introduction

bbrw-coins-photoframe-newQuick summary: Students explore the concepts of wealth and compare a range of definitions. Students then investigate the concept of real wealth and consider how businesses and the ways that people work might have to change to support more people having more real wealth. Finally, students develop their own definition of real wealth.

We’ve taken elements of this lesson and adapted them for remote learning. You can find these activities here and here. 

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 understand the concepts of wealth and real wealth.
  • Students recognise that some of our current workplace and business practices would need to change in order to support more people having more real wealth.
  • Students consider the costs and benefits of changing workplace and business practices in the pursuit of more real wealth.

General capabilities: Critical and creative thinking, Literacy.

Cross-curriculum priority: Sustainability OI.6., OI.8.

Australian Curriculum content description:

Year 7 Economics and Business

  • Why individuals work, types of work and how people derive an income (ACHEK020)
  • Present evidence-based conclusions using economics and business language and concepts in a range of appropriate formats, and reflect on the consequences of alternative actions (ACHES026)

Year 8 Economics and Business

  • Influences on the ways people work and factors that might affect work in the future (ACHEK031)
  • Present evidence-based conclusions using economics and business language and concepts in a range of appropriate formats, and reflect on the consequences of alternative actions (ACHES037)

Syllabus Outcomes: C4.2, C4.3, C4.4, C4.1, C4.8.

Topic: Consumption

Unit of lessons: Real Wealth Year 7 & 8

Time required: 60 mins.

Level of teacher scaffolding: Medium – lead students in class-wide activities and discussion.

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. Sticky notes (one for each student), pens, board for sticking notes on. Real Wealth Cheat Sheet, Glossary Secondary.

Digital technology opportunities: Digital sharing capabilities.

Homework and extension opportunities: Includes opportunities for extension.

Keywords: wealth, real wealth, definitions, work, business, community.

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-people-photoframe-newTeacher preparation

Overarching learning goal: Students will understand the concepts of wealth and real wealth. Students identify some of our current workplace and business practices that would need to change in order to support more people having more real wealth, and consider the costs and benefits of changing workplace and business practices in the pursuit of more real wealth.

Teacher content information: There are two different ways to think about wealth:

  1. You can think of it in terms of your dollars and cents, as ‘an abundance of valuable possessions or money’; or
  2. You can think of it terms of other riches, such as ‘a plentiful supply of a particular desirable thing’, whatever that desirable thing might be; such as time, friends, wide-open spaces, etc.

The definition you choose to apply to wealth will depend on what you value as important. There are many who think that wealth relates to how much money and material goods they have. But there are also many who believe that

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Student Worksheet

Thought starter: Are you wealthy?

What is wealth?

Working in pairs or small groups, select two quotes from Column A and two from Column B. Analyse these quotes using the questions below:

COLUMN A

COLUMN B

1. "The love of family and the admiration of friends is much more important than wealth and privilege" - Charles Kuralt

7. "All wealth is the product of labor" - John Locke

2. "It is great wealth to a soul to live frugally with a contented mind." - Lucretius

8. "It is not the creation of wealth that is wrong, but the love of money for its own sake" - Margaret Thatcher

3. "Wealth is the progressive realization of worthy goals, the ability to love and have compassion, meaningful and caring relationships" - Deepak Chopra

9. "Wealth can only be accumulated by the earnings of industry and the savings of frugality" - John Tyler

4. "It is neither wealth nor splendor; but tranquility and occupation which give you happiness" -

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