Quick summary: These assessment tasks have been developed to provide teachers with a method of assessing student learning throughout this unit. This lesson has been designed for students to meet the requirements of the Achievement Standards for their year level.
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 demonstrate an understanding of the basic workings of the economy.
- Students demonstrate an understanding of the idea that natural resources play an important part in our economy and that many natural resources are finite.
- Students demonstrate an understanding of the concepts of wealth and real wealth.
- Students demonstrate an understanding of the differences between personal needs and wants, including that not all needs and wants have a monetary value.
- Students understand a simple model of the circular flow of income.
- Students demonstrate an understanding of the roles and responsibilities of the main players in our economy in minimising the true cost of consumption.
- Students demonstrate an understanding of the concept of shared value and its benefits for businesses.
- Students demonstrate an understanding of the stock market, shares and share trading.
- Students demonstrate an understanding of the concept of ‘ethical investing’.
- Students demonstrate an understanding of the characteristics of ethical entrepreneurs and the differences between them and other entrepreneurs.
General capabilities: Critical and Creative Thinking, Ethical Understanding, Literacy.
Cross-curriculum priority: Sustainability OI.3, OI.5, OI.8.
Australian Curriculum content description:
Year 7 Economics and Business
- The ways consumers and producers respond to and influence each other in the market (ACHEK017)
- Characteristics of entrepreneurs and successful businesses (ACHEK019)
- Why individuals work, types of work and how people derive an income (ACHEK020)
Year 8 Economics and Business
- The ways markets operate in Australia and why they may be influenced by government (ACHEK027)
- The rights and responsibilities of consumers and businesses in Australia (ACHEK029)
- Types of businesses and the ways that businesses respond to opportunities in Australia (ACHEK030)
- Influences on the ways people work and factors that might affect work in the future (ACHEK031)
Syllabus Outcomes: C4.2, C4.3, C4.4.
Unit of lessons: Real Wealth Year 7 & 8
Time required: 60 mins.
Level of teacher scaffolding: Low – oversee lessons and direct students in activities.
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. Glossary.
Digital technology opportunities: Digital sharing capabilities.
Homework and extension opportunities: Includes opportunities for homework and extension.
Keywords: economy, economics, ethical investment, shared value, wealth, entrepreneur.
Cool Australia’s curriculum team continually reviews and refines our resources to be in line with changes to the Australian Curriculum.