Quick summary: Students explore the economy and look at the relationship between the economy and nature. They are asked to reflect on the role of nature in the economy as well as how nature can be valued in monetary terms. They are then asked to consider that measuring nature in economic terms doesn’t give a complete picture of how we value nature; for example in personal, spiritual and aesthetic terms. Finally students are asked to extend this idea to include how we use economic performance to measure the success of a country or society, and how this measure may fail to offer a complete picture of that country or society.
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 understand the basic workings of the economy.
- Students understand the contribution of nature to the economy, including terms such as ‘Natural capital’ and ‘Tragedy of the commons’.
- Students recognise that economic measures don’t always tell the complete picture of the success of a society or country and that more alternative measures – such as happiness or health – can also be useful.
General capabilities: Critical and Creative Thinking, Ethical Understanding.
Cross-curriculum priority: Sustainability OI.3, OI.8.
Australian Curriculum content description:
Year 9 Economics and Business
- Australia as an ‘economy’ and its place within the broader Asia and global economy (ACHEK038)
Year 10 Economics and Business
- Indicators of economic performance and how Australia’s economy is performing (ACHEK050)
Syllabus Outcomes: C5.2, C5.3, C5.4.
Unit of lessons: Real Wealth Year 9 & 10
Time required: 60 mins.
Level of teacher scaffolding: Low – this lesson could be set as homework.
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. Real Wealth Cheat Sheet, Glossary Secondary.
Digital technology opportunities: Digital sharing capabilities.
Homework and extension opportunities: Includes opportunities for extension.
Keywords: economy, nature, measure, society.
Cool Australia’s curriculum team continually reviews and refines our resources to be in line with changes to the Australian Curriculum.