Activity Introduction

Economists will have us believe that the flow of income is circular – money comes in, money goes out. But there’s a lot more to think about in terms of the true cost of items, like mobile phones. In this activity, you’ll explore the human and environmental costs that should also be represented in economic models.

This is a good activity for kids to complete independently.

Ideal for: Lower Secondary

Themes:

  • 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:

Sustainable Circular Flows of Income – Year 7 & 8

Resources Required

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

 

Learning@Home from Cool Australia

Learning@Home 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 Learning@Home 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.

Worksheets

Student Worksheet

The Flow Of Income - Activity Instructions

Economists will have us believe that the flow of income is circular - money comes in, money goes out. But there’s a lot more to think about in terms of the true cost of items, like mobile phones. In this activity, you’ll explore the human and environmental costs that should also be represented in economic models.

Step 1. Match the words below to the definitions in the table.

Natural resources      Consumption        Scarcity         Economics         Resources

 

Word

Definition

 

The study of how individuals and groups make decisions with limited resources as to best satisfy their wants, needs and desires.

 

The goods or services available to individuals and businesses used to produce valuable consumer products.

 

When the demand for something is much greater than the supply, or there is not enough money to buy it.

 

Natural assets (raw materials) occurring in nature tha

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