Humanities and social sciences / Year 5 / Knowledge and Understanding / Economics and business

View on Australian Curriculum website Australian Curriculum, Assessment and Reporting Authority
Curriculum content descriptions

The difference between needs and wants and why choices need to be made about how limited resources are used (ACHASSK119)

Elaborations
  • debating whether one person’s need is another person’s need or want
  • explaining the concept of scarcity (that is, needs and unlimited wants compared to limited resources) and why individuals cannot have all the items they want and therefore must make a choice
  • explaining reasons for differences in needs and wants for different groups
General capabilities
  • Critical and creative thinking Critical and creative thinking
  • Ethical understanding Ethical understanding
Cross-curriculum priorities
ScOT terms

Needs (Economics),  Scarcity

Interactive

MoneySmart: Fun Day Out

This learning object helps students to create a simple financial plan. Students create a plan for a class excursion within a budget of $25.00 per head. Students choose between three excursions and then select items of different values including mode of travel, food and activities to keep within their budget. The learning ...

Interactive

MoneySmart: Party time

This learning object helps students to create a simple financial plan. Students create a plan for a party within an allocated budget. Students can choose between items of different values including food, drinks, decorations, entertainment and prizes. The learning object comes with teacher and parent notes.

Online

Microfinance

This is a unit of work about the importance of microfinance in helping impoverished people establish a small business. Intended for years 5 and 6 and written with a global education focus, the resource consists of five single- or multi-lesson activities, titled: Trapped in the poverty cycle; Operating a small business; ...

Online

MoneySmart: Hey! Let's have a big day out!

This is a year 5 mathematics unit of work about costing and budgeting for various types of family outings. The unit is intended to take about 7.5 hours of teaching and learning time, and is recommended for near the end of the school year. It consists of an introduction, five sets of student activities, and teacher notes ...

Online

Needs verses Wants - Making Choices

This is a resource about consumer choices and the difference between needs and wants. It is presented as a teacher guide with learning activities that include making decisions about purchasing items based on available resources and defining and identifying needs and wants. The resource includes: learning outcomes; a description; ...

Interactive

An introduction to human rights and responsibilities

This is a unit of work for years 5 and 6 on human rights, the responsibilities that accompany them, and the United Nations Universal Declaration of Human Rights. The unit consists of two interactive lessons for students and a teacher lesson plan, also in two parts. The interactive lessons include quizzes, short answer and ...

Online

MoneySmart: Never too young to be MoneySmart with clothes

In ASIC's MoneySmart Teaching Never too young to be MoneySmart with clothes students will investigate the influences on 10 to 12 year old consumers when selecting clothes and accessories. Students will share stories about their choice of clothes and accessories and what influences them when making purchases. They will collect ...