Activity Introduction

The economy is something we hear a lot about – but what is the economy? What is economics? In this activity you’re going to find out!

This is a good activity for kids to complete independently.

Ideal for: Lower Secondary


  • think and connect

Time required: 40 minutes

Curriculum connections: Business and Economics, Personal and Social Capability, Sustainability

Lesson & Curriculum Details

Curriculum codes: 

Complete lesson for classroom teachers:

What is economics? What is the economy? – Flipped classroom – Year 7 & 8

Resources Required

  • Device with internet capability
  • Pen & paper (optional)


[email protected] from Cool Australia

[email protected] resources are designed for parents and teachers to use with children in the home environment. They can be used as stand-alone activities or built into existing curriculum-aligned learning programs. Our [email protected] series includes two types of resources. The first are fun and challenging real-world activities for all ages, the second are self-directed lessons for upper primary and secondary students. These lessons support independent learning in remote or school settings.

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


Student Worksheet

Economics And Scarcity - Activity Instructions

The economy is something we hear a lot about - but what is the economy? What is economics? In this activity, you’re going to find out!

The economy is something we hear a lot about in day-to-day life or, at least, adults do. Economics is the study of the economy. On the news, we hear so much about how well the economy is doing and how world events shape the economy. At a local level, the economy is important to how well our local communities can thrive. The economy, though we may not realise it or think about it as often as it is discussed on the news, is incredibly important. The following two videos, and the questions accompanying them, will help you to better understand the economy and economics.

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

Video 1

What is Economics? (

Why can’t we have everything we want?

What are some examples of scarce resources? 

Define e

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