Economics and business
Concepts for developing understanding
The content in the economics and business sub-strand develops key ideas, with a focus on developing studentsâ understanding of opportunity cost and why decisions about the ways resources are allocated to meet needs and wants in their community involve trade-offs. The limited nature of resources means that businesses and consumers make choices (resource allocation and making choices). This involves consumers choosing what to purchase and businesses choosing the way they provide goods and services (consumer literacy, business environment). Students consider the effect of consumer and financial decisions on individuals, the community and the environment (consumer and financial literacy). The emphasis is on community or regional issues, with opportunities for concepts to also be considered in national, regional or global contexts where appropriate.
Inquiry Questions
- Why are there trade-offs associated with making decisions?
- What are the possible effects of my consumer and financial choices?
- Why do businesses exist and what are the different ways they provide goods and services?
(source: www.australiancurriculum.edu.au)
teaching resource
Build Your Own Theme Park – Project
A project that gives students the opportunity to learn through building their own theme park.
teaching resource
Goods and Services Word Search
Stretch your students’ business vocabulary with this economics-focused word search that features examples of goods and services.
teaching resource
Classroom Energy Audit Worksheet
An investigation that will have students observing the energy usage in their classroom and proposing action to reduce energy waste.