Econ 101

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 anything about the study of economics, and it serves as the backbone from which a lot of future economics work will be hung. Because it is the seeds of later economics study, it doesn’t have a great deal of depth, and the topics are somewhat disparate. This unit works great together with the Year 6 Economics and Business unit or could be separated and put between other units in a busy HASS curriculum.

3 x 1 hour lessons

Cross curriculum

8x resources/worksheets

Overview

In this unit students will learn;

There is a difference between a need and want.
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 a variety of strategies to make informed choices about what they purchase.

Lessons

Lesson 1

Wants and Needs

In this lesson, students will learn the difference between wants and needs, and how there is a limited amount of resources to fill these wants and needs.

Lesson 2

Types of Resources

In this lesson, students will discuss the different types of resources used to satisfy communities' needs.

Lesson 3

Consumer Choices

In this lesson, students will look at the influences affect consumer choices.

Linked Resources & Activities