Humanities and social sciences / Year 6 / Knowledge and Understanding / Economics and business

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Curriculum content descriptions

How the concept of opportunity cost involves choices about the alternative use of resources and the need to consider trade-offs (ACHASSK149)

Elaborations
  • explaining why when one choice is made, the next best alternative is not available (trade-off) (for example, if a student chooses to spend their time (resource) riding their bike after school, they cannot go for a swim (trade-off))
  • explaining why choices have to be made when faced with unlimited wants and limited resources (for example, by compiling a list of personal needs and wants, determining priorities (including sustainability of natural environments) and identifying the needs and wants that can be satisfied with the resources available)
  • exploring some national needs and wants in Australia and an Asian country (for example, access to water, education, health care) and comparing resource limitations and decisions
General capabilities
  • Critical and creative thinking Critical and creative thinking
  • Ethical understanding Ethical understanding
ScOT terms

Scarcity,  Opportunity costs

Interactive Resource

MoneySmart: helping out

This is an activity about making choices to raise money for imaginary animals called gumbutangs. Their habitat is being eradicated and something must be done to save them. The user's first choice is between two websites, one a trusted one, the other a scam site. Then they are given choices about how to raise money for the ...

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International year of natural fibres

This is a digital resource containing information, videos and images that highlight natural fibres. It looks at the uses of a range of plant and animal fibres such as flax, jute, silk and cashmere, and considers characteristics, production and sustainability. The resource profiles 15 of the world's major fibres, and contains ...

Interactive Resource

MoneySmart: calls, messaging and browsing

This is an activity about managing a prepaid mobile phone plan. It contains six sliders allowing users to estimate the number of contacts they have on the same network, and adjust the number of calls, SMS messages and voicemails they make, websites they visit, and apps, games, videos and so on that they download or upload. ...

Teacher resource

MoneySmart: The fun begins: plan, budget, profit!

This is a unit of work integrating aspects of the year 6 mathematics, English, geography, and economics and business curriculums around planning a nature fun park. The unit is intended to take about eight hours. It consists of eight sets of student activities supported by teacher notes, including mapping, holding discussions, ...

Interactive Resource

MoneySmart: MilbaDjunga - primary unit

This is a 5-6 unit of work about prioritising needs and wants, managing finances, and operating a classroom economy. Intended for Aboriginal and Torres Strait Islander students, the unit is organised around the stories of John (a boy at Yarrabah), Tom (an Elder) and Alice (a professional working in Perth). They provide ...

Interactive Resource

Sustainable seafood guide: app for iPad

This app provides an assessment of the sustainability of a wide range of seafood species commonly consumed in Australia. It includes information about farming and fishing techniques, issues relating to ecosystems and endangered species, and a ranking system for canned tuna. This app contains two guides: Sustainable seafood ...

Teacher resource

MoneySmart: Innovation and enterprising behaviours - Case study

This case study describes the context, processes and student resources that a Bulimba State School teacher undertook to implement an enterprise unit of work, culminating in a whole-school market day. The enterprise unit of work explored in the case study, was designed to provide students with enterprising skills and behaviours, ...

Interactive Resource

MoneySmart: The cost of cats and dogs ... and snakes?

This interactive video-based resource features the story of Alessia, Bella and Charlie who are set a class assignment to research the costs of buying a pet and the pros and cons of different types of pets. Students follow the characters and help them make choices around saving, spending, planning, budgeting and consumer choices.