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 contribution of nature to the economy.
- Students demonstrate an understanding of the GDP as a common measure of nation wealth and economic progress.
- Students demonstrate an understanding of the ways national progress can be measured, going beyond the traditional use of GDP, including the Happy Planet Index and the Better Life Index.
- Students demonstrate an understanding of the concept of shared value.
- Students demonstrate an understanding of global supply chains and their social and environmental issues.
- Students demonstrate an understanding of the importance of a competitive advantage for business success.
- Students demonstrate an understanding of negative externalities resulting from the production and consumption of goods and services.
General capabilities: Critical and Creative Thinking, Ethical Understanding, Literacy.
Cross-curriculum priority: Sustainability OI.3, OI.5, 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)
- Why and how participants in the global economy are dependent on each other (ACHEK039)
- How and why businesses seek to create and maintain a competitive advantage in the global market (ACHEK041)
- The roles and responsibilities of participants in the changing Australian or global workplace (ACHEK042)
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)
- Factors that influence major consumer and financial decisions and the short- and long-term consequences of these decisions (ACHEK053)
- 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 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. Real Wealth Cheat Sheet, Glossary.
Digital technology opportunities: Digital sharing capabilities.
Homework and extension opportunities: Includes opportunities for homework and extension.
Keywords: production, consumption, economy, GDP, wealth, national progress, Happy Planet Index, Better Life Index, shared value, global supply chains, competitive advantage, natural capital, negative externalities.
Cool Australia’s curriculum team continually reviews and refines our resources to be in line with changes to the Australian Curriculum.