Activity Introduction

bbrw-numbers-photoframe-newQuick summary: This lesson is designed for a flipped classroom, where students learn new content by watching a video in their own time. This strategy provides the opportunity for students to build their knowledge, attitudes and values by themselves, thereby freeing up class time for hands-on work. Students are invited to watch two videos; the first an introduction to economics, and the second, The Lorax.

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:

  • To introduce students to the basic workings of the economy by considering the main players and simple ways that they interact.
  • To introduce students to the idea that natural resources play an important part in our economy and that many natural resources are finite.
  • To encourage students to take responsibility for their own learning by watching a video and completing a thinking routine (the Flipped learning approach) on their own.
  • To help students build their observation, critical thinking and questioning skills.

General capabilities: Critical and creative thinking.

Cross-curriculum priority: Sustainability OI.5.

Australian Curriculum content description:

Year 7 Economics and Business

  • The ways consumers and producers respond to and influence each other in the market (ACHEK017)

Year 8 Economics and Business

  • The ways markets operate in Australia and why they may be influenced by government (ACHEK027)

Syllabus OutcomesC4.2, C4.3, C4.4.

Topic: Consumption

Unit of lessons: Real Wealth Year 7 & 8

Time required: 40 mins.

Level of teacher scaffolding: Low – this lesson can be completed as homework.

Resources required: Student Worksheets – computers/tablets to access the online worksheet. Real Wealth Cheat Sheet, Glossary Secondary.

Digital technology opportunities: Digital sharing capabilities.

Homework and extension opportunities: Students should complete this lesson as homework.

Keywords: economics, scarcity, resources, natural resources, environment.

Cool Australia’s curriculum team continually reviews and refines our resources to be in line with changes to the Australian Curriculum.


Teacher Worksheet

bbrw-people-photoframe-newTeacher Preparation

Overarching learning goal: Students take responsibility for their own learning by watching two videos and answering questions relating to these videos.

The Flipped Lesson

This lesson provides the opportunity for students to explore and build their current knowledge, attitudes and values about economics and the role of natural resources in our economy. While working independently, students are to view the following videos and answer questions on the student worksheet. Teachers will also gain insight from students’ responses which can be used to plan other activities.

These visual thinking tools can be useful in examining how and why student thinking has changed based on learning specific content information. It also helps to develop students' reasoning abilities and to recognise cause and effect relationships.

What is Economics? (


The Lorax by Dr Seuss (1972) (

- or - to view worksheets

Student Worksheet

Thought starter: How does nature help our economy?

Your task is to watch the following two videos and to answer the questions relating to each video.

What is Economics? (

From this video:

Why can’t we have everything we want?

What are some examples of scarce resources?

Define economics in your own words:

Thinking a bit deeper (you won't find these answers in the video!):

What role do you think natural resources (like water, fresh air, plants, animals, sunshine and soil) play in our economy?

Do you think these natural resources could be considered as examples of scarce resources? Explain your answer:

What role do we (consumers) play in what and how many resources are used?

Now watch this video and answer the questions below:

The Lorax By Dr Seuss (1972) (

What's going on in this video?

What do you see that makes you say that?

How does the story in this video relate to the con

- or - to view worksheets

Leave your Feedback

We appreciate your feedback. Let us know what you like or don't like about this activity:

Sorry. You must be logged in to view this form.