This short unit is based on the Year 5 Australian Curriculum HASS Inquiry Skills, Knowledge and Understandings for Economics and Business. This is the first time in the curriculum where students learn about the study of economics, and forms the basis of a lot of future economics topics. Because they are the seeds of later economics study, it does not have much depth, and the topics can seem disparate. It is a great introduction for your students to learn about wants, needs, scarcity, economics, and what these things mean for them as consumers.

3 x 1 hour lessons
Cross curriculum
11x resources/worksheets
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Australian Curriculum - (QLD/SA/WA/NT/TAS/ACT)

AC9HS5K08

Types of resources, including natural, human and capital, and how they satisfy needs and wants


AC9HS5S01

Develop questions to investigate people, events, developments, places and systems


AC9HS5S02

Locate, collect and organise information and data from primary and secondary sources in a range of formats


AC9HS5S03

Evaluate information and data in a range of formats to identify and describe patterns and trends, or to infer relationships


AC9HS5S04

Evaluate primary and secondary sources to determine origin, purpose and perspectives


AC9HS5S05

Develop evidence-based conclusions


AC9HS5S06

Propose actions or responses to issues or challenges and use criteria to assess the possible effects


AC9HS5S07

Present descriptions and explanations, drawing ideas, findings and viewpoints from sources, and using relevant terms and conventions


ACHASSK119

The difference between needs and wants and why choices need to be made about how limited resources are used


ACHASSK120

Types of resources (natural, human, capital) and the ways societies use them to satisfy the needs and wants of present and future generations


ACHASSK121

Influences on consumer choices and methods that can be used to help make informed personal consumer and financial choices


ACHASSI094

Develop appropriate questions to guide an inquiry about people, events, developments, places, systems and challenges


ACHASSI095

Locate and collect relevant information and data from primary sources and secondary sources


ACHASSI096

Organise and represent data in a range of formats including tables, graphs and large- and small-scale maps, using discipline-appropriate conventions


ACHASSI097

Sequence information about people’s lives, events, developments and phenomena using a variety of methods including timelines


ACHASSI100

Interpret data and information displayed in a range of formats to identify, describe and compare distributions, patterns and trends, and to infer relationships


ACHASSI098

Examine primary sources and secondary sources to determine their origin and purpose


ACHASSI099

Examine different viewpoints on actions, events, issues and phenomena in the past and present


ACHASSI101

Evaluate evidence to draw conclusions


ACHASSI104

Reflect on learning to propose personal and/or collective action in response to an issue or challenge, and predict the probable effects


ACHASSI103

Use criteria to make decisions and judgements and consider advantages and disadvantages of preferring one decision over others


ACHASSI102

Work in groups to generate responses to issues and challenges


ACHASSI105

Present ideas, findings, viewpoints and conclusions in a range of texts and modes that incorporate source materials, digital and non-digital representations and discipline-specific terms and conventions


NSW

GE3-2

Explains interactions and connections between people, places and environments


GE3-3

Compares and contrasts influences on the management of places and environments


GE3-4

Acquires, processes and communicates geographical information using geographical tools for inquiry


HT3-1

Describes and explains the significance of people, groups, places and events to the development of Australia


HT3-3

Identifies change and continuity and describes the causes and effects of change on Australian society


HT3-5

Applies a variety of skills of historical inquiry and communication


VIC

VCEBR001

Describe the difference between needs and wants and explain why choices need to be made


VCEBR003

Identify types of resources (natural, human, capital) and explore the ways societies use them in order to satisfy the needs and wants of present and future generations


VCEBC004

Identify influences on consumer choices and explore strategies that can be used to help make informed personal consumer and financial choices


VCEBE010

Make decisions, identify appropriate actions by considering the advantages and disadvantages, and form conclusions concerning an economics or business issue or event


VCGGC088

Collect and record relevant geographical data and information from the field and secondary sources, using ethical protocols


VCGGC089

Represent the location of places and other types of geographical data and information in different forms including diagrams, field sketches and large-scale and small-scale maps that conform to cartographic conventions of border, scale, legend, title, north point and source; using digital and spatial technologies as appropriate


VCGGC090

Interpret maps and other geographical data and information using digital and spatial technologies as appropriate, to develop identifications, descriptions, explanations and conclusions that use geographical terminology


VCHHC083

Identify the origin, content features and the purpose of historical sources and describe the context of these sources when explaining daily life in colonial Australia, reasons for migration and causes and effects of Federation


Overview

The key concepts in this unit include:
 

  • There is a difference between a need and a want.
  • Because there are limited resources, we have to make choices about the needs and wants we fulfil (the problem of scarcity).
  • Different types of resources can be mobilised to satisfy the needs and wants of present and future generations (factors of production).
  • Consumer choices can be influenced by external forces, including advertising, promotions, and peers.
  • Consumers can use various strategies to make informed choices about what they purchase.
Learning Intention
  • We are learning to understand the types of resources (natural, human, capital) and the ways societies use them to satisfy the needs and wants of present and future generations.
  • We are learning to understand the difference between needs and wants and why choices need to be made about how limited resources are used.
  • We are learning to understand the types of resources (natural, human, capital) and the ways societies use them to satisfy the needs and wants of present and future generations.
  • We are learning to understand the influences on consumer choices and methods that can be used to help make informed personal consumer and financial choices.
Linked Resources & Activities
Linked Worksheets