Economics and Business 7-10 / Year 7 / Knowledge and understanding

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Curriculum content descriptions

why opportunity cost exists as decisions are made to allocate limited resources to meet unlimited needs and wants (AC9HE7K01)

Elaborations
  • explaining the concept of “economic scarcity” in relation to “What to produce?”, “How to produce?” or “For whom to produce?”
  • identifying the needs and wants of a local community, and exploring how limited resources are currently used to meet unlimited needs and wants
  • explaining how economic resources might be used more sustainably to meet needs and wants into the future
  • investigating how First Nations communities use exchange systems (barter) or networks (partnerships) to decide about the use of limited resources in sustainable ways
  • explaining the concept of “opportunity cost” in relation to a choice; for example, if a student chooses to spend their time (resource) riding their bike after school, they cannot go for a swim (trade-off)
General capabilities
  • Ethical understanding Ethical understanding

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13 direct matches to AC9HE7K01

Video
Video

My Five Cents: What is opportunity cost?

  • TLF-IDM025253
  • Learning areasMathematics; Humanities and Social Sciences; Economics and Business
  • Year levels 7; 8; 9; 10
  • Updated30/04/2026
  • AC version 8
  • AC version 9

What is the true cost of buying something? Gen Fricker explains that it's more than just money. Learn about opportunity cost - what it is, why it's a helpful tool and when to use it. Simple! Then test yourself with ASIC MoneySmart's "Things to think about" classroom exercises.

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Interactive
Interactive

Lakeland

  • TLF-IDA009537
  • Learning areasScience; Humanities and Social Sciences; Geography; Economics and Business; Design and Technologies
  • Year levels 7; 8
  • Updated29/04/2026
  • AC version 8
  • AC version 9

In this interactive game, students explore the dynamics of a nutrient system and the impact humans have on the environment. The game helps students visualize the complex relationship between farming, soil nutrition, and lake pollution. Time is compressed so that students can see the long-term effects within a 20-30 minute ...

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Text
Text

Unit 7 – Is what I want also what I need?

  • TLF-IDA009330
  • Learning areasHumanities and Social Sciences; Civics and Citizenship; Economics and Business
  • Year levels 7
  • Updated29/04/2026
  • AC version 8
  • AC version 9

This resource focuses on the theme of “wants and needs” and the ways that this theme could be connected to the topic of children’s rights as articulated in the Convention on the Rights of the Child. Please note that some activities in this unit may include worksheets for students that can be found in a separate resource ...

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Interactive
Interactive

Money Magic

  • TLF-IDA009325
  • Learning areasHumanities and Social Sciences; Mathematics; Economics and Business
  • Year levels 5; 6; 7; 8
  • Updated29/04/2026
  • AC version 8
  • AC version 9

Money magic is an interactive game focussed on managing a budget and saving for a personal or business financial goal. Students make financial decisions and weigh up trade-offs throughout the game to help a magician run his business and meet his personal savings goal. The resource includes the game and a reflection worksheet ...

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Downloadable
Downloadable

Innovation and Creativity - Upcycling

  • TLF-IDA009212
  • Learning areasHumanities and Social Sciences; Design and Technologies; Geography 7-10; Economics and Business; Geography
  • Year levels 5; 6; 7; 8; 9
  • Updated29/04/2026
  • AC version 8
  • AC version 9

This set of resources explores the sustainability of the fashion industry and how best to reuse and recycle clothing. Students will learn about the increase of fast fashion single-use clothing and the importance of upcycling. The resource includes short videos, downloadable lesson plans, classroom hands-on and extension ...

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Downloadable
Downloadable

Innovation and Creativity - Fashion

  • TLF-IDA009211
  • Learning areasHumanities and Social Sciences; Geography 7-10; Design and Technologies; Economics and Business; Geography
  • Year levels 6; 7; 8; 9
  • Updated29/04/2026
  • AC version 8
  • AC version 9

This set of resources explores the sustainability of the fashion industry and textile waste caused by fast fashion and unsustainable consumer and producer behaviours. Students will learn about recycling opportunities for clothing and the extent of waste generated by consumerism. The resource includes short videos, downloadable ...

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Video
Video

The story of bottled water

  • TLF-IDA007186
  • Learning areasHumanities and Social Sciences; Economics and Business; Geography
  • Year levels 5; 6; 7; 8; 9; 10
  • Updated29/04/2026
  • AC version 8
  • AC version 9

This fast-paced animated short film tells the story of manufactured demand and is a useful provocation when exploring issues around sustainable production and consumption in the classroom. It explains how the bottled water industry gets people to buy millions of bottles of water each week, when it already flows free from ...

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Text
Text

PRIMED HASS - Year 7

  • TLF-IDA005664
  • Learning areasHumanities and Social Sciences; Economics and Business
  • Year levels 7
  • Updated29/04/2026
  • AC version 8
  • AC version 9

This set of learning activities focuses on the business of food production and demonstrates the diversity within the primary industries. Students investigate the relationship between producers and consumers, differentiate between needs and wants, learn how prices are set, and research the characteristics of entrepreneurs. ...

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Downloadable
Downloadable

Thrifty Threads

  • TLF-IDA009298
  • Learning areasScience; Humanities and Social Sciences; Design and Technologies; Economics and Business
  • Year levels 5; 6; 7; 8; 9
  • Updated20/04/2026
  • AC version 8
  • AC version 9

This set of resources explores the sustainability of the fashion industry and textile waste caused by fast fashion. Students will learn about the lifecycle of clothes and conduct an audit of their own wardrobes. The resource includes short videos, downloadable lesson plans, classroom hands-on and extension activities and ...

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Video
Video

The story of stuff

  • TLF-IDA007185
  • Learning areasHumanities and Social Sciences; Economics and Business; Geography
  • Year levels 5; 6; 7; 8; 9; 10
  • Updated20/04/2026
  • AC version 8
  • AC version 9

This fast-paced animated short film provides an engaging look at the underside of production and consumption patterns. It explores how the extraction of natural resources through to the sale, use and disposal of goods affects communities, and the planet, locally and globally in hidden ways. The animation reveals the connections ...

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Text
Text

Trade-offs and impacts of consumer and financial decisions

  • TLF-IDA007057
  • Learning areasHumanities and Social Sciences; Economics and Business
  • Year levels 5; 7
  • Updated20/04/2026
  • AC version 8
  • AC version 9

In this resource, students learn that economic resources (natural, human and capital) are scarce relative to the wants and needs people wish to satisfy; that choices must be made about how to use resources to satisfy as many wants as possible and that making choices involves trade-offs. They also learn about difference ...

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Text
Text

Moving out of home

  • TLF-IDA005438
  • Learning areasMathematics; Humanities and Social Sciences; Economics and Business
  • Year levels 7; 8; 9
  • Updated20/04/2026
  • AC version 8
  • AC version 9

This lesson explores costs and responsibilities associated with moving out of home and setting up living arrangements. The resource is part of a suite of lesson plans and activities from MoneySmart, designed to bring everyday financial topics into the classroom.

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Image
Image

Rise and Fall

  • TLF-IDA007327
  • Learning areasHumanities and Social Sciences; Economics and Business
  • Year levels 7; 8
  • Updated03/04/2025
  • AC version 8
  • AC version 9

Students will examine the artistic characteristics of Bouquet of Flowers in a Vase, learn about the historic and economic phenomenon known as Tulipomania, and conduct research and write a brief collective newspaper article about another financial bubble in history.

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