- Tuesday 01 August 2017
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Everywhere you turn, advertisements abound, luring unsuspecting consumers into the hands of businesses that will happily relieve them of their ready cash. With special offers and many ways to pay, who can resist such opportunities? The consumer always has a choice, but does he or she know the difference between an informed choice and one that simply provides instant gratification? Open your students' eyes to the murky world of money as they tread the minefield of consumerism. Here are some ideas to get students thinking about the tricky world of trade and industry, how it works and how it can affect them.
- Do I really need it or do I just want to have it? Needs and wants – what's the difference?
- Why does the price of things change so often? Supply and demand – how does it work?
- How much does it cost to run a business? Natural, human and capital resources – what are they?
- In-store, online, cash, card, debit, credit—How do I shop? How do I pay? – What are the pros and cons of each?
- If I take this, I can't have that – What will I miss out on? The value of lost opportunities
- A family holiday or a family car – Which should it be? The short- and long-term effects of financial decisions
- A business in the high street or in the shopping centre—Which one is better? – A business plan includes 'Location, location, location'!
- Must the environment suffer? – How can businesses be profitable without destroying the environment?
- Why do businesses exist? – The goods, services and consumer triangle
- What? No profit? – How a not-for-profit organisation survives
To put this knowledge into practice, perhaps students could try a few projects ...
- How much would it cost per year to keep a pet?
- How much would they have to save per week or month, and for how long, to pay for a large item they really want?
- What would be the running costs per term of a school cupcake stall?
- What resources (consumable, human and capital) would be required to set up a vegetable garden (or fishpond) and how much would it cost?
Click on the arrows below to reveal the Australian Curriculum links.
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The new Australian Curriculum Economics and business books from R.I.C. Publications provide student-friendly explanations with age-appropriate examples to cover many of the concepts above.
