Year 5: Economics And Business by Ready-Ed Publications

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ISBN: 978 186 397 907 8 2

Contents Teachers’ Notes National Curriculum Links

4 5-6

Section 1: Understanding Needs And Wants

8 9 10 11 12 13 14 15 16 17 18 19

Needs And Wants 1 Needs And Wants 2 Goods And Services Personal And Community Needs And Wants 1 Personal And Community Needs And Wants 2 Needs And Wants In My Community Debating Needs And Wants The Economy Made Simple The Economic Problem 1 The Economic Problem 2 Consumer Choices And Opportunity Cost Needs And Wants Word Search

Section 2: Resources

Natural, Capital And Human Resources Resource Types Resources In My School Community Resources In The Wider Community 1 Resources In The Wider Community 2 Aboriginal And Torres Strait Islander People’s Knowledge And Use Of Resources 1 Aboriginal And Torres Strait Islander People’s Knowledge And Use Of Resources 2 Aboriginal And Torres Strait Islander People’s Knowledge And Use Of Resources 3 Aboriginal And Torres Strait Islander People’s Use And Management Of Resources

Section 3: Personal Consumer Choices Factors Affecting Consumer Choice Advertising 1 Advertising 2 Advertising 3 Which Brand? The Unit Pricing Method Blind Taste Test 1 Blind Taste Test 2 Sales And Special Promotions Having A Budget Budgeting For A Birthday Party 1 Budgeting For A Birthday Party 2 Payment Methods Cash Or Card? Cash Or Card Crossword Answers

21 22 23 24 25 26 27 28 29

30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45

46-50

Teachersâ&#x20AC;&#x2122; Notes Year 5: Economics and Business is specifically written for 10-11 year olds who are living in Australia and studying Economics and Business. The text is divided into three sections comprising student information pages and student activity pages which explore economics and business skills as prescribed in the Australian Curriculum.

Section One, Understanding Needs And Wants, differentiates between those things that we would like to have and those things that are necessary for us to stay alive and healthy. Students explore the reasons why individuals cannot have all the items that they want and therefore must make a choice.

Section Two, Resources, explores the ways that societies use natural, capital and human resources in order to satisfy the needs and wants of present and future generations. Students investigate how Aboriginal Peoples and Torres Strait Islanders use resources, and compare this to the ways that resources are used to meet community wants in their local areas and in wider communities. Section Three, Personal Consumer Choices, identifies factors that influence spending behaviours of buyers and the strategies that can be used when making consumer and financial decisions. The advantages and disadvantages of using cash and cards to purchase goods and services are also examined.

National Curriculum Links ECONOMICS AND BUSINESS KNOWLEDGE AND UNDERSTANDING The difference between needs and wants and why choices need to be made about how limited resources are used (ACHEK001) •

listing all the items they would like to have and categorising these items as a need or want

•

explaining why individuals cannot have all the items they want and therefore must make a choice (the concept of scarcity, that is unlimited needs and wants compared to limited resources)

•

debating whether one person’s need is another person’s need or want

Types of resources (natural, human, capital) and the ways societies use them in order to satisfy the needs and wants of present and future generations (ACHEK002) brainstorming resources that a community might use

•

categorising resources as natural (water, coal, oil), human (workers, business owners, designing, making, thinking) and capital (tools, machines, technologies)

•

listing the needs and wants of a local community and exploring the ways resources are used to meet these needs and wants

•

exploring how Aboriginal and Torres Strait Islander People’s use of resources reflects their spiritual connections to the land, sea, sky and waterways and how these connections contribute to resource use

•

Influences on consumer choices and methods that can be used to help make informed personal consumer and financial choices (ACHEK003) identifying goods that they have purchased and listing and explaining the factors that influences their decisions, for example, price, fashion, peer pressure, advertising, taste

•

identifying the variety of selling and advertising strategies used by businesses, for example, television and internet advertising and email promotions

•

recognising that financial transactions can include the use of notes, coins, credit and debit cards, and how these may influence the way people purchase items

•

exploring the strategies that can be used when making consumer and financial decisions, for example finding more information, comparing prices, keeping a record of money spent, saving for the future

•

ECONOMICS AND BUSINESS SKILLS Develop questions to guide an investigation of an economic or business issue or event, and gather data and information from observation, print and online sources (ACHES004) •

identifying questions to frame an investigation or project, such as, “What factors influence what my family buys?”, “How can we determine what items to sell as part of our school’s fundraising activities?”, “Are needs and wants the same for everyone?”, “How do different communities value and use resources?”, “Why can’t all needs and wants be satisfied?”

•

using online and print media to find and compare the price of a product in different places across Australia

National Curriculum Links Sort data and information into categories (ACHES005) •

sorting information into categories, for example categorising the resources needed for a school fete

•

summarising information gathered into graphic forms such as a graph or table

•

interpreting graphs and tables of data collected from a survey to identify common influences on the purchases of class members

Identify alternative responses to an issue or event, and consider the advantages and disadvantages of preferring one to others (ACHES006) identifying the reasons for purchasing an item, putting these in order of importance and explaining why these factors influenced their choice (for example valuing what is popular above price)

•

Apply economics and business knowledge and skills in familiar situations (ACHES007) applying their knowledge of needs and wants to categorise the list of items they would like to have

•

applying enterprising behaviours in a class activity, for example, by helping a group make decisions about the best way to compare prices of products

•

Present findings in an appropriate format using economics and business terms, and reflect on the possible effects of decisions (ACHES008) communicating findings in a variety of formats such as oral, written and visual forms, using charts, tables and graphs

•

using economics and business terms such as choices, resources, businesses, consumers, needs and wants

•

reflecting on decisions made, for example the extent to which they were influences by theirs when buying an item

•

Section 1: Understanding Needs And Wants

Activity

Needs And Wants 1

Information There are many things that we would like to have, but only wants some of these things are necessary for us to stay alive and stay healthy. These necessary things are called our needs and include: fresh water, clean air, food, shelter, love and warmth. The remaining things that we would like to have are not essential for our survival. We call these things our wants. Anyone who is able to satisfy a need or a want is called a consumer. All of us are therefore consumers.

consumer

Consumers satisfy their needs and wants mainly by obtaining goods and services. Goods are physical items that can be seen and touched, such as: books, iPods, Lego, etc. Services are activities that people do for others, such as: cleaning, gardening and dog-sitting. Anyone who provides goods or services is called a producer.

producer

Needs

1. Below, make a list of things that you would like to have - your wants. __________________________________

__________________________________

2. Below, make a list of things that are necessary for you to stay alive and stay healthy - your needs.

__________________________________

3. Circle any items that you wrote in both lists. 4. Suggest reasons for any similarities or differences between the two lists above.

___________________________________________________________________________

Curriculum Link: The difference between needs and wants and why choices need to be made about how limited resources are used (ACHEK001) Elaboration: Listing all the items they would like to have and categorising these items as a need or a want.

Needs And Wants 2

Activity

1. In your own words, describe the difference between a need and a want.

Needs

___________________________________________________

Wants

___________________________________________________ ___________________________________________________

2. Paste one of your familyâ&#x20AC;&#x2122;s grocery shopping receipts in the space below. Use one colour to highlight any items which are needs (essential for your health and survival) and another colour to highlight those items which are wants (not essential for your health and survival).

Paste your receipt here.

3. Are there any items on the shopping receipt that you found difficult to classify? Explain why you think this is.

__________________________________________________________________________

__________________________________________________________________________ Curriculum Link: The difference between needs and wants and why choices need to be made about how limited resources are used (ACHEK001) Elaboration: Listing all the items they would like to have and categorising these items as a need or a want.

Goods And Services

Activity

1. Complete the sentence below by inserting the following words:

services

needs

goods

wants

producers

consumers

________________ obtain ________________ and _________________ from ________________ in order to satisfy their ________________ and ______________. 2. In your own words explain the difference between a good and a service.

__________________________________________________________________________

3. Identify whether a good or a service is primarily being consumed in each situation below. Write G for good or S for service.

___ Buying groceries.

___ Catching a bus.

___ Dining at a restaurant.

___ Going to school.

___ Buying a computer.

___â&#x20AC;&#x2030;Getting a haircut.

4. Do any of the situations above involve the exchange of both a good and a service? Explain.

__________________________________________________________________________

Food

5. Identify all of the goods and services that you have consumed today. Discuss which goods and services are needs and which are wants.

Household

Clothing

Transport

School

Technology

Personal And Community Needs And Wants 1

Activity Information

All people have needs and wants. The kinds of things that an individual can benefit from, such as: a bicycle, a skateboard, a can of soft drink or a new hairstyle are referred to as personal needs and wants. In most cases these goods and services can be obtained from businesses or retailers.

community needs and wants

Goods and services that many people in society can benefit from are called community needs and wants. For example, roads, footpaths, public transport, rubbish collection and schools are available to be shared by all members of the community. Usually the government is responsible for providing and maintaining them with money collected from taxes, fares and tolls.

personal needs and wants

Complete the table below which summarises the differences between personal and community needs and wants.

What are they?

Community needs and wants

Personal needs and wants

Who provides them?

What are some examples?

Activity

Personal And Community Needs And Wants 2

Read the following story then identify all of the personal and community needs and wants that are mentioned. information

Max woke up at 7am to the sound of his alarm clock. He only snoozed once before getting out of bed and making his way to the bathroom. Max had a quick shower, dried himself and then brushed his teeth. He got dressed, combed his hair and then went to the kitchen to make some breakfast. After eating two slices of toast with Vegemite and drinking a glass of orange juice, Max said goodbye to his family, picked up his bag and then set off for school. He only had a short walk down the footpath and then through the park. As he reached the cross-walk in front of the school, the attendant asked the students to wait while an ambulance went past. The attendant then stopped the other traffic while the students crossed the road. Max waited eagerly for the bell to ring. Friday was his favourite day at school and he had a great line up of subjects ahead.

Community needs and wants

Personal needs and wants

Activity

Needs And Wants In My Community

Using cut outs from local newspapers and magazines, create a collage in the space below of all the needs and wants in your local community.

my Community

wants

needs

Activity

Debating Needs And Wants

Information The difference between needs and wants appears to be fairly straightforward. Needs are those things that are basic to our survival, such as: food, clothing and shelter, while wants are all the extras that we would like to have, but are not necessary in order to live. When we consider specific items, however, the difference is not always clear. For example, is a new pair of shoes a need or a want? The answer to this question depends on a number of factors, including what kind of shoes they are, how many pairs of shoes the person buying them already has, in what kind of environment the shoes will be worn, and how expensive the shoes are. When engaging in this type of analysis it is possible to see how one person’s need could be another person’s want.

Consider each of the following. Under what circumstances, could each item be classed as a need? Under what circumstances, could each item be classed as a want?

A hamburger

Need

A new jacket

education

A mobile phone

Curriculum Link: The difference between needs and wants and why choices need to be made about how limited resources are used (ACHEK001) Elaboration: Debating whether one person’s need is another person’s need.

want

The Economy Made Simple

Activity Information

A simple way of understanding the economy is to think of it as a system consisting of different parts that work together to achieve a common goal. The diagram below shows the two main parts of an economy, which are: consumers and producers. Consumers consist of all the people who demand and use goods and services. Producers consist of people who supply goods and services. The common goal that they share is to satisfy the needs and wants of people in society.

Consumers

Demand goods and services

producers

supply goods and services

1. What is a system?

__________________________________________________________________________

2. Think of the economy as a system.

a. What are the two main parts of the economy?

__________________________________________________________________________ b. What is the common goal that these two parts share? __________________________________________________________________________ 3. Complete the following paragraph by inserting the missing words.

producers

consumers

demand

supply

In an economy, _______________ consist of all the people who _______________ and use goods and services, while _______________ consist of people who _______________ goods and services. 4. Identify one good and one service that you or your family members demand and name the specific producers that meet these needs and wants.

__________________________________________________________________________

__________________________________________________________________________ Curriculum Link: The difference between needs and wants and why choices need to be made about how limited resources are used (ACHEK001) Elaboration: Debating whether one personâ&#x20AC;&#x2122;s need is another personâ&#x20AC;&#x2122;s need.

Student Information

The Economic Problem 1

Although it would be nice, most people realise that they will never be able to fully satisfy all of their wants. This is because there are no limits to what we want. Even after we are able to satisfy certain wants, others will often arise. For example, a person who buys a gaming console will probably want to buy games to play on it. Depending on the type of games that they buy, they may then also want accessories, such as additional controllers and steering wheels. People’s wants also change over time. For example, the kinds of things that you want now are likely to be different to what you wanted when you were 5 years old and by the time you turn 15 they are very likely to be different again. Other factors that influence what people want include the time of year, advertising, peer pressure and affordability.

Compared to our unlimited wants, the resources that we have to satisfy them are limited or scarce. Some people refer to this situation as ‘the economic problem’ because it creates a dilemma where people are forced to decide between their various competing wants. For example, think about all your personal wants and then consider how many of these goods and services you can actually afford. You have probably even had to choose between buying one item or another in the past. In the same way, governments often have to decide how limited resources will be allocated to meet the unlimited wants of the community. For instance, if too much money is spent on improving hospitals, there may be less money to spend on education. Making choices like this is difficult because both services are important for and valued by the community.

We need a sustainable solution.

Spend more on Education.

We need better hospital facilities.

While most people understand what they can and can’t afford with the money that they have, they sometimes forget that it is not just money that is limited. The quantity of natural, cultural and human resources available to satisfy our needs and wants on a long-term basis is also scarce. We must therefore make sure that resources are used in a sustainable way. This means that we must decide on the most efficient ways of using resources and be careful not to waste them so that they will be available for both current and future generations to satisfy their needs and wants.

Curriculum Link: The difference between needs and wants and why choices need to be made about how limited resources are used (ACHEK001) Elaboration: Explaining why individuals cannot have all the items they want and therefore must make a choice (the concept of scarcity, that is unlimited needs and wants compared to limited resources).

The Economic Problem 2

Activity

Read the information on the previous page then complete the questions. 1. Define the term ‘scarcity’.

__________________________________________________________________________

2. After studying the illustration below and referring to the information on the previous page, describe ‘the economic problem’. food clothing shelter

security comfort medicine

jewellery affection transportation good health children variety in diet knowledge convenience recognition travel wisdom recreation control respect entertainment love

land labor capital entrepreneurship Limited Resources And Time

________________________________________ ________________________________________ ________________________________________

Virtually Unlimited Human Wants

________________________________________

3. Recall a time when you were forced to decide between satisfying competing personal wants. Explain why you made the choice that you did. __________________________________________________________________________

__________________________________________________________________________

4. Explain why you think that it is difficult for governments to make decisions about which community wants to satisfy.

__________________________________________________________________________

5. Explain what it means to use resources in a sustainable way.

____________________________________________________

____________________________________________________ Curriculum Link: The difference between needs and wants and why choices need to be made about how limited resources are used (ACHEK001) Elaboration: Explaining why individuals cannot have all the items they want and therefore must make a choice (the concept of scarcity, that is unlimited needs and wants compared to limited resources).

Activity

Consumer Choices And Opportunity Cost

Information One of the key problems faced by consumers is that they are unable to afford every good and service that they would like to buy. Decisions therefore need to be made about which wants to satisfy immediately and which to give up or delay. Those things that consumers choose to give up are referred to as the ‘opportunity cost’ because by spending their money on one thing, they have lost the opportunity to buy something else. For example, imagine that a person who has only $20 left to spend is choosing between going to the movies that day and buying grocery items for the family’s evening meal. If he/she chooses to go to the movies then the ‘opportunity cost’ will be dinner for the family. If he/she chooses to provide dinner for the family then the ‘opportunity cost’ will be the movie.

1. Define the term ‘opportunity cost’.

Every consumer choice has positive or negative outcomes. When making a decision it is necessary to look at all the benefits and costs that go along with each choice. The best choices are the ones that result in the most benefits and the fewest costs. Wise consumers use this process to help prioritise their needs and wants. They understand that the decisions that they make can have a significant impact on their quality of life.

______________________________________________________

Opportunity cost

2. Identify the ‘opportunity cost’ in each of the following scenarios. George had $1. It costs him $1 to take the bus from school to his house. It is hot at lunch-time so he uses his $1 to buy an ice cream.

Lucy’s parents gave her the choice of having a birthday party or going to see her favourite band in concert. Lucy chose to go to the concert.

3. Discuss the benefits and costs associated with each of George and Lucy’s choices. Do you think that they made the best choices? Explain.

__________________________________________________________________________

Activity

Needs And Wants Word Search

Find the words listed. Answers appear up, down, forwards, backwards and diagonally. On the back of this sheet, define each word.

Word List

benefits choices costs economy

services sustainable system wants

j a g x e d m u r z k x z t

goods needs opportunity cost resources

j w b d e

r a k f k p q x p u e d k s k o l a w s

s E c i o h c y o r s s o u r r a r d g s W d u o i e z m k t c o g x b j e x y

g m b z p b n u n o y p m u e n e y r l c o l w y q b q z t n t k n r n z c s b o p o i r x s g i l h o e v i c h t e m j a d i o s n d v y f c z c x e b r e

t c y c s l u d f

j i p y e f i b s v t

s x p p e t b c q t x k l p e m v o i s

z g i a r f c o s n m d v q j x l g c y

q e z o w y v k m u n u i

q z r h g e s

y q p s u s t a i n a b l e f k f a s q

q p b x v q r m w j d l f w i w g e l c

o l g i c k q q a j x q v x r p l v q l y p b n a l h s y i u t n k a m o r

j w g t r i

v c

j m p s h h v m x t n l c

f e n d r l y i y w a n t s m r w e g a

z t

j n a b z c k c y l a q i p s e d b

g b d p g k f y s a u f f w l x h f y c

Curriculum Link: The difference between needs and wants and why choices need to be made about how limited resources are used (ACHEK001)

Section 2: Resources

Student Information

Natural, Capital And Human Resources

A resource is anything that has some form of use or value. In order to satisfy the needs and wants of consumers, producers use resources to supply goods and services. There are three main types of resources: natural, capital and human.

Consumersâ&#x20AC;&#x2122; Needs & Wants

Natural Resources

Capital Resources

natural resources

Natural resources refers to anything that exists without humans having put them there. Examples include: the oceans, earth, soil, forests and animals. Mineral and energy resources, such as: gold, diamonds, coal, oil and natural gas, are also classified as natural resources which can be used for production.

producers use resources

capital resources

Human-made objects and technology which are used to produce goods and services are referred to as capital. Examples include: a truck used to transport goods, the desk that someone works at and the tools used by a tradesperson.

Human Resources

Human resources include people themselves and the work that they carry out. This includes: physical labour, such as the kind of work a bricklayer does, as well as mental labour, such as the kind of work an office worker might do. When people have the skills and expertise which enables them to organise the entire production process, this is referred to as enterprise. These people, known as entrepreneurs, often hold high positions within a business including: owners, managers, principals and project officers. They are often described as â&#x20AC;&#x2DC;the brainsâ&#x20AC;&#x2122; behind the business because they are able to generate new ideas and manage natural, capital and human resources in order to make their ideas become a reality.

human resources

Curriculum Link: Types of resources (natural, human, capital) and the ways societies use them in order to satisfy the needs and wants of present and future generations (ACHEK002) Elaboration: Categorising resources as natural (water, coal, oil), human (workers, business owners, designing, making, thinking), and capital (tools, machines, technologies).

Resource Types

Activity

After reading the information on the previous page, describe the three types of resources which are used to produce goods and services. Provide examples and pictures to support your answers.

capital

natural

resources human

Activity

Resources In My School Community

Reading the information on page 21 might help you to complete this page. 1. What is the main service that your school provides?_ ______________________________ 2. Who are the main consumers of this service?_____________________________________

3. Identify all of the resources which your school uses to provide your education. Use the illustration below to assist you where needed.

Natural

Capital

Human Labour

Enterprise

Student Information

Resources In The Wider Community 1

If you’ve ever had a drink of milk, eaten a sandwich or consumed a meal from a local food establishment, then you have enjoyed some of the many conveniences of our readily available food supply. However, how often have you considered what resources are used to produce those foods for your consumption? The phrase ‘farm to fridge’ refers to the stages of food production, from growing crops and raising livestock to supermarket sales and consumption. An investigation of these stages enables us to gain an appreciation of the natural, capital and human resources involved in our food production systems.

The Dairy Industry – Farm to Fridge

Every year the average Australian drinks 106 litres of milk, eats over 13 kilograms of cheese, uses nearly 4 kilograms of butter and consumes 7.5 kilograms of yoghurt. Many other products, including muesli bars, chocolate, soups, breads and cakes also have milk as an ingredient. So what resources does the dairy industry use to meet the dietary needs and wants of the wider community?

The first stage of dairy production involves the raising of cattle on dairy farms for milk. In 2013 there were approximately 6,400 dairy farms in Australia, with an average herd size of 258 cows. Most farms are family owned and operated, and may employ an additional labourer or farmhand. Farms generally consist of: a homestead where the family live, large machinery and a storage shed, the dairy (where the cows are milked), storage vats for the milk and numerous paddocks divided by fences. Cows kept for their milk will be left to graze in the paddocks all day and eat a variety of grasses. Farmers use fertilisers and irrigate their pastures to help them grow. Milking of the cows occurs twice a day, usually at around 5.30 am and 3.00pm. In the early years of the dairy industry, cows were often milked by hand, but today, large milking machines such as the rotary dairy, which allows up to 20 cows to be milked at the same time, have made the milking process much more efficient. Each day tankers transport the milk from the dairy farms to the nearest processing plant or factory. The milk is then pumped into large insulated vats before undergoing two important processes. First, the milk is pasteurised to kill any harmful bacteria, then it undergoes a process called homogenisation, which makes the milk smooth and creamy. The final stage at the processing factory is to turn the milk into a variety of dairy products including: yogurt, cheese, cream, ice cream, butter and other types of milk such as: skim, reduced or low fat, long life, flavoured, powdered or condensed milk. From the time that the milk is received at the factory, it can be processed and packaged within 12 to 16 hours before being transported in trucks to retail outlets.

Curriculum Link: Types of resources (natural, human, capital) and the ways societies use them in order to satisfy the needs and wants of present and future generations (ACHEK002) Elaborations: Brainstorming resources that a local community might use. Listing the needs and wants of a local community and exploring the ways resources are used to meet these needs and wants.

Activity

Resources In The Wider Community 2

Read the information on the previous page to help you to complete this page. 1. Briefly explain what is meant by the phrase ‘farm to fridge’.

__________________________________________________________________________

2. Identify the main resources which are used to produce milk from ‘farm to fridge’. capital resources

natural resources

human resources

Enterprise

Labour

farm

factory

retail outlets

3. Explore the ways in which natural, capital and human resources are used to meet a specific community need or want in your local area, such as health care or recreation. Curriculum Link: Types of resources (natural, human, capital) and the ways societies use them in order to satisfy the needs and wants of present and future generations (ACHEK002) Elaborations: Brainstorming resources that a local community might use. Listing the needs and wants of a local community and exploring the ways resources are used to meet these needs and wants.

Student Information

Aboriginal And Torres Strait Islander People’s Knowledge And Use Of Resources 1

The First Australians Australia has two distinct indigenous groups - Aboriginal Peoples and Torres Strait Islander Peoples. Archaeological evidence suggests that they have lived continuously in Australia for over 50,000 years. At the time of European settlement, approximately 600 different clans or ‘nations’ are estimated to have lived around the continent, each with their own language, cultural traditions, spiritual beliefs and unique identity. Despite their diversity, each group shared in common a rich connection to, and relationship with, its land or place, often referred to as ‘Country’.

Connection to ‘Country’ All cultures have stories about creation. For the Aboriginal Peoples, this time has been translated into English as the ‘Dreaming’. Torres Strait Islanders do not use the term ‘Dreaming’, although they do have similar creation stories and beliefs. While these stories vary depending on the regions in Australia that they originated from, many have in common the giant spirit creatures or ancestral beings that created the environment that we know today, including the land, sea, sky, waterways and living things. Passed on orally for thousands of years, they illustrate the spiritual connection between the people, their places and their environment.

Natural Resources The Aboriginal and Torres Strait Islander Peoples had an excellent knowledge of their local areas, the diversity of plants and animals found there, and a deep understanding of the seasons. As a result they were able to utilise the natural resources that the land had to offer. Access to fresh water, food, materials for tool-making, building and everyday living depended on the location in which a clan lived. Some hunted animals such as kangaroos for their meat and used their skins to keep warm. Possums, birds, snakes, goannas, fish, lobsters, eels and tortoises were also captured by certain groups, while shellfish, fruit, seeds, roots, witchetty grubs and other kinds of ‘bush tucker’ were gathered. Rivers, waterholes and underground reservoirs provided fresh water. Capital Resources Natural resources were used to make capital resources, such as shelter, tools and implements, and reflect the geographical location of different groups. For example, coastal tribes used fish bones and shell to tip their weapons, while desert tribes used stone tips. Implements such as: knives, scrapers, axe-heads, spears, digging sticks and various vessels for eating and drinking were common to numerous tribes throughout the continent.

Curriculum Link: Types of resources (natural, human, capital) and the ways societies use them in order to satisfy the needs and wants of present and future generations (ACHEK002) Elaboration: Exploring how Aboriginal and Torres Strait Islander People’s use of resources reflects their spiritual connections to the land, sea, sky and waterways and how these connections contribute to resource use.

Aboriginal And Torres Strait Islander People’s Knowledge And Use Of Resources 2

Activity

Read the information on page 26 to help you to complete this page. 1. Define the Aboriginal meaning of the term ‘Country’.

__________________________________________________________________________

2. Describe the spiritual connection that Aboriginal Peoples have with ‘Country’.

__________________________________________________________________________

3. Explain how geographical location influenced the kinds of natural and capital resources used by different Aboriginal groups. __________________________________________________________________________

__________________________________________________________________________

__________________________________________________________________________ Conduct some online research to find out how the following resources were used in traditional Aboriginal culture.

Research

Coolamon

woomera

digging sticks

message sticks

Curriculum Link: Types of resources (natural, human, capital) and the ways societies use them in order to satisfy the needs and wants of present and future generations (ACHEK002) Elaboration: Exploring how Aboriginal and Torres Strait Islander People’s use of resources reflects their spiritual connections to the land, sea, sky and waterways and how these connections contribute to resource use.

Activity

Aboriginal And Torres Strait Islander People’s Knowledge And Use Of Resources 3

Investigate which Aboriginal nation or language group once occupied your local area. Take notes under the following focus areas then represent your findings in the form of a diorama. Use your own paper for additional note-taking.

Name of Aboriginal nation or language group _ _____________ Connection to ‘Country’ (include an example of a story from the Dreaming)

How resources were used for everyday living Food And Water

Shelter

Recreation, Music,

Art, Dance

Curriculum Link: Types of resources (natural, human, capital) and the ways societies use them in order to satisfy the needs and wants of present and future generations (ACHEK002) Elaboration: Exploring how Aboriginal and Torres Strait Islander People’s use of resources reflects their spiritual connections to the land, sea, sky and waterways and how these connections contribute to resource use.

Activity

Aboriginal And Torres Strait Islander People’s Use And Management Of Resources

Information In many Aboriginal Dreaming stories, the ancestral beings responsible for creation often spoke to the tribal Elders and made the local people guardians or custodians of the land. This is why the people have a very special meaning of ‘Country’ that goes beyond the supply of food, water and other resources. Their spiritual and cultural connections to the land oblige them to look after the sites of their ancestors. Traditional Land Management Practices Read the examples of ways in which traditional Aboriginal Peoples used resources to meet their needs and wants without over-exploiting them.

• Some clans developed a nomadic lifestyle, moving seasonally between locations so that water supplies were given a chance to renew. • Eating a large variety of foods meant that no one food source was depleted. • Enough seeds were left so that there would always be new growth. • The young of any animals, or females still caring for their offspring, were rarely killed. • When collecting eggs from a bird’s nest, some were always left to hatch in order to ensure the survival of the species.

Unfortunately, many Aboriginal People’s connections to the land were broken after the time of European settlement in Australia. It is estimated that up to 70% have lost their traditional connection to Country and knowledge about the use and management of resources. Today, Elders and their people, who have had this knowledge passed on to them, are working with both Indigenous Australians and non-Indigenous Australians 1. Read the poem ‘The Land’. Highlight three lines which you The Land believe reflect the spiritual and We have walked on the land for thousands of years. cultural connections between We are caretakers of the land not owners of the land. the land and the people. We are one with the land. We hunt on the land, the land feeds us. 2. Explain the obligation that We make all uses of the land. Aboriginal Peoples have to We have cultural ceremony on the land. manage the land. We have all-embracing knowledge of how the land changes __________________________ and how to adapt to that change. We know how to read the land. __________________________ We communicate with each other concerning the land. The land is part of our dreaming. __________________________ Poet Unknown

__________________________

Taken from ‘Understanding the Land through the Eyes of the Ngunnawal People: A Natural Resource Management Program for ACT Schools’. Published by the ACT Government.

Curriculum Link: Types of resources (natural, human, capital) and the ways societies use them in order to satisfy the needs and wants of present and future generations (ACHEK002) Elaboration: Exploring how Aboriginal and Torres Strait Islander People’s use of resources reflects their spiritual connections to the land, sea, sky and waterways and how these connections contribute to resource use.

Section 3: Personal Consumer Choices

Activity

Factors Affecting Consumer Choice

Every day, consumers make decisions about which goods and services to buy. With so much choice on the market, it can often be difficult to decide which product to purchase. Below are some of the factors that influence these decisions. Â Â Provide an example of a time when you or someone who you know has been influenced by each factor below.

Price

Consumer Tastes

Consumers often know what they like and prefer to stick with those products. For example, some people prefer the taste of Vegemite over other similar spreads.

When prices are lower, consumer demand for products is usually higher. Producers often consider this when they lower their prices in order to increase their sales.

_______________________________________

_______________________________________ e

_______________________________________

Tast

_______________________________________

Availability of Alternatives

Advertising

_______________________________________

Goods and services which can be used as a substitute, such as margarine instead of butter, can often influence consumer choice, particularly if factors such as price and nutrition are valued.

Advertising is a strategy which is used to inform consumers about a product or persuade them to buy it. A good advertising campaign can influence consumers to make a purchase.

_______________________________________

_______________________________________ nutrit

_______________________________________

this _______________________________________

Fashion

Peer Pressure

_______________________________________

ion

Current trends in clothing, footwear and accessories, worn by celebrities, seen in magazines or on television, often become popular choices for consumers.

buy

Consumers are sometimes influenced by the purchases made by their friends or people of a similar age or gender.

Curriculum Link: Influences on consumer choices and methods that can be used to help make informed personal consumer and financial choices (ACHEK003) Elaboration: Identifying goods they have purchased and listing and explaining the factors that influenced their decision, for example, price, fashion, peer pressure, advertising, taste.

Activity

Advertising 1

Information

Advertising is a strategy used to inform consumers about a product or persuade them to buy goods and services. Advertising is everywhere - on the television, the radio, online, in newspapers and magazines, on billboards, public transport and at sporting events. Everyday, messages presented through advertisements are both consciously and unconsciously absorbed by potential consumers and often influence their behaviour. Consumers may be targeted according to their age, gender, interests or activities. Advertisements attract consumers’ attention by one or more of the following strategies:

• brand names – the names of the products being marketed; • logos – graphic images used to represent the brands so that they can be easily recognised by consumers; • slogans – short, often catchy phrases that consumers can associate with the product. On television and on the radio, these may be sung or form part of a jingle in order to remain in the memories of listeners; • language and images – phrases and images are carefully chosen to attract the attention of the target audience. Persuasive advertising uses language together with images that are often exaggerated in order to convince consumers that they must have the products, while informative advertising presents consumers with selective factual information; • other advertising techniques – strategies used to appeal to a target audience may include the use of humour; the inclusion of beautiful people such as models and celebrities; the promise of popularity, happiness, success or beauty; bribery (for example buy one get one free); play on the consumers’ fear of ill-health or lack of safety; sentimental images including families, children and pets; scientific evidence that a product really works; the use of repetitive language, for example ‘Save! Save! Save!’ may also be used to emphasise a particular message and commit it to the buyers’ memories. Identify two advertisements that you have seen on television that either appeal to you or appear to be effective in attracting the attention of consumers. Television advertisement (product or brand).

How the advertisement appeals to consumers. (Refer to its use of language, images and other advertising techniques.)

Curriculum Link: Influences on consumer choices and methods that can be used to help make informed personal consumer and financial choices (ACHEK003) Elaboration: Identifying the variety of selling and advertising strategies used by businesses, for example, television and internet advertising and email promotions.

Activity

Advertising 2

FUNKY PHONE It’s fantastic! It’s Fun! It’s Funky!

You’ll be the envy of all your friends. • Funky Colours • Funky ringtones • FREE internet for 12 months

Latest Technology

brand name

1. Study the advertisement above then highlight the following:

logo

slogan

2. Identify the target audience._ _________________________________________________ 3. Explain how language and images are used to persuade consumers to buy the product. __________________________________________________________________________

__________________________________________________________________________

4. Describe the way in which at least two other advertising techniques are used to sell the product.

__________________________________________________________________________

extension The advertisement above is an example of print advertising and may appear in newspapers, magazines, online or as a poster. Another way of promoting a product is through radio advertising. Such advertisements require careful consideration as they rely primarily on what consumers can hear rather than visual prompts. In groups of 2 – 3, create a radio advertisement to persuade listeners that they must buy a Funky Phone. Your advertisement should last between 30 and 60 seconds, make use of persuasive language and advertising techniques appropriate to the target audience, and include a short jingle.

Curriculum Link: Influences on consumer choices and methods that can be used to help make informed personal consumer and financial choices (ACHEK003) Elaboration: Identifying the variety of selling and advertising strategies used by businesses, for example, television and internet advertising and email promotions.

Advertising 3

Activity

Â Â Your task is to design an original brand of clothing and at least one matching accessory, e.g. shoes, belts, jewellery or hat. 1. Describe the type of clothing and matching accessory that you intend to design.

_______________________________________________________________

2. Identify the target audience (refer to: age, gender, interests and/or activities).

_______________________________________________________________

3. Create a brand name, logo and slogan for your product.

brand name

logo

slogan

4. Provide a design/drawing of your chosen clothing type and matching accessory. Present your design in colour on a sheet of A4 sized paper. 5. Create an advertisement to promote the sale of your product to consumers. Your advertisement should be in the form of a colour poster (A3 size). Consider the use of language, images and other advertising techniques in order to appeal to your target audience.

extension Turn your designs into an actual product by making the item of clothing and matching accessory. Hold a display or fashion parade of all the finished pieces. 34

Curriculum Link: Influences on consumer choices and methods that can be used to help make informed personal consumer and financial choices (ACHEK003) Elaboration: Identifying the variety of selling and advertising strategies used by businesses, for example, television and internet advertising and email promotions.

Which Brand?

Activity

Identify the brand names associated with the following well-known slogans. Slogans

Brand Names

The flavour really hits you. Just do it. Think different. The spirit of Australia. The fresh food people. Lowest prices are just the beginning. Eat fresh.

Taste the rainbow. Connecting people

Your potential; our passion.

Information

Read this information to help you with the tasks on the following page.

The large number of brands in almost every category of goods and services can sometimes be overwhelming for consumers. With so much choice on the market, it can be difficult to decide which good or service to buy. One method that can be used, particularly when shopping for expensive goods and services, such as computers, televisions and repairs, is known as comparison shopping. The strategy works by comparing the price and features of a particular product with other similar products on the market before making a decision. As the advertised price is not always the lowest, consumers can often negotiate a better price with sales assistants by mentioning that they have obtained quotes from other suppliers and requesting a further discount. This can result in considerable savings and greater customer satisfaction. When shopping for less expensive products, such as common grocery items, the unit pricing method can be used to calculate the cost of goods by weight or volume. This strategy enables consumers to compare the prices of different brands, especially when they are packaged in different quantities. It also prevents consumers being misled by words and phrases such as ‘value pack’ and ‘25% extra’ on larger packages of the same brand, which do not always provide better value for money.

choice compare

value

co n s u m e r

Curriculum Link: Influences on consumer choices and methods that can be used to help make informed personal consumer and financial choices (ACHEK003) Elaboration: Exploring the strategies that can be used when making consumer and financial decisions, for example, finding more information, comparing prices, keeping a record of money spent, saving for the future.

The Unit Pricing Method

Activity Information

The unit pricing method uses the following formula to calculate the cost of goods by weight or volume. Before substituting values into the formula however, you need to ensure that the units are the same for each productâ&#x20AC;&#x2122;s weight or volume that you are comparing. Cost per unit = price (in cents) / weight or volume

Example A popular brand of cereal advertises its large 750 gram box for $5.95. This month it is also advertising a 1 kilogram value pack for $8.00.

Box B: 1 kilogram (1000 grams) $8.00

Cost per unit = price (in cents) / weight

Box A: 750 grams $5.95 = 595 cents / 750 grams

= 800 cents / 1000 grams = 0.800 cents / gram

= 0.79 cents / gram

Your turn!

In this case, Box A (750 grams) is better value for money even though the larger box (1 kilogram) claims to be a value pack.

1. A popular brand of soft drink is available in the following sizes and price range. Use the unit pricing method to calculate the price per millilitre for each size of soft drink. Remember there are 1000 millilitres in every litre!

375 ml can = $1.20

1.25 litre bottle = $2.49

1.25l

2 litre bottle = $4.29

2. Which size soft drink provides the best value for money?_ ____________________________ 3. Apart from the unit price what other factors might influence a buyerâ&#x20AC;&#x2122;s decision to choose between the different sized soft drinks?

___________________________________________________________________________

Blind Taste Test 1

Activity

Â Â Conduct the blind taste test below.

What You Will Need Three different brands of the same product such as cola, bottled water, potato chips or chocolate (enough for each member of the class to have a taste). Use at least two well-known brands and one home brand. Small cups, plates or napkins for each member to taste the products as needed.

Instructions

1. Declare any food allergies before carrying out the activity. 2. Discuss the kinds of things that people would consider when deciding between brands. For example, consumers of cola might consider criteria such as flavour and the amount of fizz. Choose two criteria for each product and enter them in the table below. 3. Make a prediction about which of the three brands you would be likely to choose prior to completing the blind taste test. __________________________________________________________________________ 4. Carry out a blind taste test and record your findings in the table below. Sample trays of the product should be prepared ahead of time so that there is no evidence of the brand names or packaging to influence those who are sampling. 5. Rank the brands 1-3 in order of preference.

Brand A

Brand C

Rank:

Criteria 1:

Brand B

Criteria 2:

Rank:

6. Complete these rows after completing the blind taste test.

Brand Name A

Price per Litre A

Blind Taste Test 2

Activity

After completing the blind taste test on the previous page, answer the questions below.

Analysing the Results 1. Based on your two selected criteria which brand did you prefer?

__________________________________________________________________________

2. How did your preference for brands after the taste test compare to your prediction?

__________________________________________________________________________

3. How did your preference for brands change/stay the same after the brand names were revealed? Give reasons for your answer. __________________________________________________________________________

__________________________________________________________________________

4. How did your preference for brands change/stay the same after the prices of the products were revealed? Give reasons for your answer. __________________________________________________________________________

__________________________________________________________________________

5. Discuss how the following factors might influence the preference that consumers have for a particular brand?

Brand Name

Advertising

Packaging

Price

Activity

Sales And Special Promotions

Information Price is one of the most important factors affecting the behaviour of consumers. When the price of a particular good or service is high, consumers are generally less willing to make a purchase, and their demand for the product tends to be lower. However, when the price of a particular good or service is low, consumers are generally more willing to make a purchase, and their demand for the product tends to be higher. Producers often apply this concept when they want to increase their normal sales at certain times of the year.

Examples of special promotions used to influence consumer behaviour include: sales such as ‘end of financial year sales’ and ‘boxing day sales’; store specials such as ‘25% off’ and ‘buy two get one free’; discount vouchers, for example ‘15% off your next purchase’. Such promotions are often used by businesses for items that may be hard to sell, overstocked or purchased under a special deal from the manufacturer. Time constraints, such as ‘for a limited time only’ and ‘only 3 days left’, may be used to create a sense of urgency in consumers so that they feel they can’t postpone their decision to make a purchase. Once attracted to a store by the deals presented, they may then be tempted to buy other goods and services on the spur of the moment. This is known as ‘impulse buying’ and can lead customers to make unplanned purchases that they may not have originally needed, wanted or budgeted for. Discount vouchers such as ‘15% off your next purchase’ are also used by retailers to entice customers to return to the store. The catch, however, is that they have to spend more money in order to receive the deal.

1. Collect a range of flyers and catalogues used by retailers to advertise in your local area. Create a collage of sales and special promotions. 2. Explain how price influences the spending behaviour of consumers.

________________________________________________________

3. Define the term ‘impulse buying’ and outline at least one disadvantage of purchasing goods and services in this way.

on sale

now

impulse

________________________________________________________ buying

________________________________________________________

________________________________________________________ Curriculum Link: Influences on consumer choices and methods that can be used to help make informed personal consumer and financial choices (ACHEK003) Elaboration: Exploring the strategies that 39 can be used when making consumer and financial decisions, for example, finding more information, comparing prices, keeping a record of money spent, saving for the future.

Having A Budget

Activity Information

An effective strategy often used to help individuals make smart consumer choices is personal budgeting. A budget is a plan for spending and saving money over a period of time. It consists of two parts – income and expenditure. Income is money that comes into your budget from sources such as work. Some young people also receive an allowance or pocket-money from their parents or guardians. Expenditure is money going out from your budget. In other words, it is the money that you spend. By subtracting the total expenditure from the total income, the balance of a budget can be calculated. Wise consumers will try and make sure that their expenditure is less than their income so that they have money left over to save. People who are able to save money over a period of time are often able to satisfy more of their wants and buy more expensive goods and services in the future. Below is an example of one student’s personal budget for a period of one week.

Expenditure

Income

$10.00

Job – walking the neighbour’s dogs

$10.00

Total Income

$20.00

Purchase lunch from school canteen twice a week

Pocket money/allowance

$7.00

Bus fare to and from school

$9.00

Total Expenditure

$16.00

Balance = Total Income – Total Expenditure = $4.00

1. How much money was the student able to save during the week?____________________ 2. If the student was able to save that same amount of money every week, how much could he/she potentially save over the periods of a month and a year and what could they buy with their savings? Record your answers below.

Total savings

What could they buy?

After 1 month After 1 year 3. Explain what a wise consumer will attempt to do when planning a budget.

____________________________________________________________

Budgeting For A Birthday Party 1

Activity Information

It’s your birthday and you are planning on having a party to celebrate. Your parents have given you a budget of $100 to spend on the party and any money that is left over is yours to keep! In order to stay as close to your budget as possible, you have decided to invite only 10 friends and have the party at your house. You already have an outfit to wear, have organised music and have sent the invitations out by email. The only things left to buy include food, drinks, a cake, candles and decorations.

Prepare a budget for your party. Use an online store such as Woolworths or Coles to find prices for the items listed. Follow the links to ‘shop online’ to search for specific goods. Record the prices for each item then add up the total expenditure.

party allowance from parents = $100

Multipack of chips

expenditure

Lollies party mix x 3

Cordial Plastic cups

Variety pack of party pies and sausage rolls

Birthday cake

Tomato sauce

Candles

Pizzas

Balloons

Paper plates

Streamers

Soft drink

Birthday banner

total Income = $100

total expenditure = $

Balance = Total Income – Total Expenditure = Curriculum Link: Influences on consumer choices and methods that can be used to help make informed personal consumer and financial choices (ACHEK003) Elaboration: Exploring the strategies that can be used when making consumer and financial decisions, for example, finding more information, comparing prices, keeping a record of money spent, saving for the future.

Activity

Budgeting For A Birthday Party 2

Answer the questions below after completing the task on the previous page. 1. Are you able to buy all of the items and stick to your budget of $100?_________________ 2. Calculate the balance of your party budget.______________________________________ 3. Keeping in mind that you are catering for 11 people, go back through the list of items and decide which ones you could do without. Cross them off the list and recalculate your total expenditure and new balance. How much money were you able to save and keep for yourself?_ _________________________________________________________________ 4. What might have happened if you went shopping without having a budget? __________________________________________________________________________

__________________________________________________________________________

5. Suggest three reasons why it is important for individuals, families and businesses to keep a budget. _______________________________________________________________________

_______________________________________________________________________ _______________________________________________________________________ 6. What possible challenges could a young person face when trying to stick to a budget? __________________________________________________________________________

__________________________________________________________________________

Student Information

Payment Methods

Consumers can select from a variety of payment methods when purchasing goods and services. The most common forms of exchange in Australia are made via cash, debit and credit cards. Paying with Cash Cash refers to money in the form of notes and coins. Many consumers prefer to use cash because all retailers accept this payment method and transactions take place instantly. Another advantage of using cash is that it is relatively easy to keep track of personal spending because people generally know how much money they have on them. However, cash is not very secure and once it is lost or stolen, it can be difficult to trace and prove exactly how much you had. Some customers also prefer to use less bulky methods of payment, especially when purchasing more expensive goods and services. Paying with Card

Electronic funds transfers at point of sale (EFTPOS) allows consumers to pay for items directly from their bank account using a plastic debit card and a personal identification number (PIN). Debit cards are different to credit cards because they are linked to accounts that contain money that you have already earned or saved. In contrast, credit cards are linked to accounts containing money that has been borrowed from the bank. At the end of each month, customers who use credit cards for purchases are charged an additional amount of money called interest on any money that has not been paid back to the bank. As a result, many consumers, especially those who find it difficult to stick to a budget, fall into debt as they have been unable to pay back the money loaned.

Both debit cards and credit cards are relatively quick and convenient forms of payment accepted by most retailers, including online. However, some stores and market places still operate on a strictly cash only basis. In such instances, consumers use their cards to withdraw cash from an automated teller machine (ATM) before they make a purchase. This can sometimes be more expensive as some banks charge a fee for using their ATM. Cash withdrawals made with credit cards also cost extra. In terms of security, debit cards and credit cards are considered safer than carrying cash because if they are lost or stolen they can be cancelled quickly over the phone. They also canâ&#x20AC;&#x2122;t be used unless the person in possession of them knows the unique PIN. However, new technologies, such as paypass and payWave, now enable purchases to be made without using a PIN. While this has made shopping faster and more convenient, customers must be extra careful not to lose their cards as they can quickly be misused.

Curriculum Link: Influences on consumer choices and methods that can be used to help make informed personal consumer and financial choices (ACHEK003) Elaboration: Recognising that financial transactions can include the use of notes, coins, credit and debit cards, and how these may influence the way people purchase items.

Activity

Cash Or Card?

After reading the information on the previous page, answer the questions and complete the task below. 1. Identify the meaning of the following acronyms:

EFTPOS:_ _________________________________________________________________

PIN:______________________________________________________________________

ATM:_ ____________________________________________________________________

2. What is the main difference between the money used from a debit card and the money used from a credit card? _______________________________________________________

_______________________________________________________

Payment Method

Description

Advantages

Disadvantages

Debit card

Cash

3. Complete the following summary of payment types.

Credit card

Cash Or Card Crossword

Activity 1

cash

card

Clues Across

3. Electronic funds transfer at point of sale. 6. A plastic card which allows customers to access money that they have borrowed.

Clues Down 1. A plastic card which allows customers to access money that they have earned or saved. 2. Automated teller machine. 4. A situation where a consumer owes money to a bank or another party. 5. Personal identification number. 7. Money in the form of notes or coins.

Answers

p.11 Personal Wants What are they? Needs and wants that individuals can benefit from.

Community Wants Needs and wants that many members of society can benefit from.

Who provides them? Businesses and The government. retailers. What are some examples? iPod, bicycle, soft Roads, parks, schools, drink. hospitals.

Needs And Wants 2 p.9 1. Needs are things that are essential for good health and survival. Wants are those things that people would like to have but are not essential for their survival. 2. Students indicate which grocery items are needs, such as: fresh fruit and vegetables, bread, cereal, meat and milk. Luxury items, such as: chocolate, soft drink, hair-spray and chewing gum should be marked as wants. 3. Some grocery items may be difficult to classify because food has been identified as a need that is essential to one’s health and survival. However, some food items, such as chocolate or cake, could be classed as luxuries that one could live without.

someone to cook the food and serve it to you (the chef and the waiter). This is a service. 5. Answers will be unique for each student. Examples include: Food: bread, butter, school canteen. Clothing: pyjamas, school uniform. Transport: car, bus, train, petrol. Household: toaster, fridge, television. School: books, pen, paper, teacher. Technology: mobile phone, computer.

Needs And Wants 1 p.8 1. Answers will be unique for each student and may include items such as: an iPod, computer games, skateboard, new shoes and other personal wants. 2. Answers could include items such as: water, oxygen, food, shelter, clothing, warmth and love. 3. Students circle any items which cross-over both lists. 4. Reasons for similarities and differences will vary. If there is some cross-over this might indicate that the student values a healthy lifestyle or is satisfied with the simple things in life. Students with no cross-over might indicate that they already have most of the items in list 2 so they wanted additional items.

Goods And Services p.10 1. Consumers obtain goods and services from producers in order to satisfy their needs and wants. 2. A good is a physical item that can be seen and touched, e.g. an iPod. A service is an activity that someone does for someone else, e.g. mowing the lawn. 3. Getting a haircut Service Buying groceries Good Catching a bus Service Dining at restaurant Good or Service Going to school Service Buying a computer Good 4. Scenarios, such as dining at a restaurant, could illustrate the consumption of both goods and services because it involves purchasing food which is a good but you are also paying for

p.12 Personal Wants • alarm clock • bed • shower • towel • toothbrush and toothpaste • comb • clothes • toaster • bread • Vegemite • orange juice • school bag

Community Wants • water is provided to homes through a system of pipes • electricity to use the toaster • footpath • park • cross-walk attendant • road • ambulance service • school

p.13 Students should include pictures of community needs and wants, such as: hospitals, schools, roads, footpaths, ovals/reserves, shopping centres, libraries, skate parks and/or other services and facilities that would benefit many members of the community. p.14 Essentially the classification of a need or a want

p.18 1. An ‘opportunity cost’ is anything that consumers must choose to give up in order to have something else. 2. The ‘opportunity cost’ for George was his $1 bus fare. The ‘opportunity cost’ for Lucy was having a birthday party. 3. The benefits of George’s decision was that he was able to immediately satisfy his desire for an ice cream and possibly cool down while consuming it. However, as a result of choosing to give up his bus fare, George might have needed to walk home, particularly during the hottest part of the day. Lucy benefited from her decision because she got to see her favourite band. However, she was unable to celebrate her birthday with friends.

p.15 1. A system is a group of different parts which work together to achieve a common goal. 2. 2a. Consumers and producers are the two main parts of an economy. 2b. The common goal of consumers and producers is to satisfy the needs and wants of people in society. 3. In an economy, consumers consist of all the people who demand and use goods and services while producers consist of anyone who supplies goods and services. 4. Answers will vary. An example is: In my family there is a demand for tennis equipment which is supplied by Number One Sports Store; or In my family there is a demand for education which is supplied by Baronia Heights Primary School.

because different needs, such as transport, health and education, are seen as being equally important but there may not be sufficient resources to allocate equal spending in order to make a difference in any one area. 5. People need to decide on the most efficient ways of using resources and be careful not to waste them so they will be available for both current and future generations to satisfy their needs and wants.

is a matter of opinion as long as the students can justify their positions. Following are examples of the kind of debate that could be generated. A hamburger – could be classed as a need if it satisfied the requirements of a simple meal (bread, meat patty and salad). However, if a person already had food in the fridge but decided they would like to visit a fast food outlet, then the hamburger could be classed as a want. A new jacket – could be classified as a need if a person lived in a cold climate and used it regularly to keep warm. However, if the person already had a number of stylish jackets then it could be classed as a want. Education – could be classed as a need in order for societies to progress. People can survive without an education. Their opportunities, however, may be limited. A mobile phone – this kind of device may be considered a need, particularly in today’s business world. However, prior to the 1990s most people in society did not have a mobile phone and survived. This may generate discussion about how needs and wants may change over time.

p.19

j w b d e

s E c i o h c y o r s s o u r r a r d g s W d u o i e z m k t c o g x b j e x y g m b z p b n u n o y p m u e n e y r l c o l w y q b q z t n t k n r n z c s b o p o i r x s g i l h o e v i c h t e m s

j a d i o s n d v y f c z c x e b r e

t c y c s l u d f

j i p y e f i b s v t

s x p p e t b c q t x k l p e m v o i s

z g i a r f c o s n m d v q j x l g c y

q e z o w y v k m u n u i

q z r h g e s

y q p s u s t a i n a b l e f k f a s q

q p b x v q r m w j d l f w i w g e l c

o l g i c k q q a j x q v x r p l v q l y p b n a l h s y i u t n k a m o r

j w g t r i

v c

j m p s h h v m x t n l c

f e n d r l y i y w a n t s m r w e g a

p.17 1. ‘Scarcity’ refers to a limited amount or supply of resources. 2. ‘The economic problem’ refers to the limited resources available to satisfy virtually unlimited needs and wants. This is reflected by the scales being weighed down by the wants. 3. Answers will be unique to each student. For example a student may recall a time when they liked two different pairs of shoes but were only allowed to buy one. 4. Making choices about how to allocate resources is difficult for the government

j a g x e d m u r z k x z t

r a k f k p q x p u e d k s k o l a w s

z t

j n a b z c k c y l a q i p s e d b

g b d p g k f y s a u f f w l x h f y c

p.22 Resources – anything that has some form of use or value, e.g. wood, cars, people. Natural – resources that exist without humans having put them there, e.g. oceans, earth, forests, animals, minerals. Capital – human-made objects and technology, e.g. vehicles, computers. Human – people, their intellectual abilities and the physical work that they are capable of, e.g. labour carried out by a bricklayer or a teacher, or the 47

p.23 1. Education. 2. Students. 3. Example of school resources include: Natural – the site on which the school is built. Capital – buildings, classrooms, desks, chairs, board, pens, paper, books, computers, gymnasium. Human – Principal (enterprise), teachers, librarian, office staff, canteen staff (labour).

p.28 Students use primary sources, such as guest speakers, and/or secondary sources, such as online and print resources, to investigate the Aboriginal nation or language group who once occupied their local area.

p.25 1. The phrase ‘farm to fridge’ refers to the stages of food production, from growing crops and raising livestock to supermarket sales and consumption. 2. The main resources used to produce milk from ‘farm to fridge’ include: Farm Natural – the land on which the dairy farm operates; soil; water supply. Capital – buildings such as the homestead; machinery and storage sheds; the dairy; milk storage vats; milking machines; paddocks and fences; fertilisers; and irrigation. Human – the farmer and family who run the dairy; farmhand. Factory Natural – the land on which the factory or processing plant operates. Capital – buildings; machinery and equipment used for storage/refrigeration; pasteurisation; homogenisation; processing and packaging. Human – the driver of the milk tanker; factory workers; manager. Retail outlets Natural – the land on which the retail outlet is built. Capital – buildings; equipment including fridges; shelves; cash registers. Human – sales staff; managers. 3. Students explore the natural, capital and human resources related to the provision of a specific community service or facility in their local area.

tool-making, building and everyday living depended on the location a clan lived in and the diversity of plants and animals found there. For example, coastal tribes used fish bones and shells to tip their weapons while desert tribes used stone tips. Research Coolamon – an oblong shaped dish made from wood or bark used for a variety of purposes such as carrying water, food and babies. Woomera – a hooked stick made from wood that was used to throw spears with greater force and speed. They were also used for a variety of other purposes including cutting and digging. Digging sticks – multipurpose tools made from hard wood used for digging to find underground water, roots and bush tucker. They were also used for grinding. Message sticks – wooden sticks used to relay information between different Aboriginal groups. Each stick was carved in such a way that would help the carrier to remember long and complex messages.

enterprise skills of a manager.

p.27 1. The term ‘Country’ refers to the land or place which Aboriginal Peoples are connected to. 2. Aboriginal Peoples have a spiritual connection with ‘Country’ through the creation stories and beliefs associated with the Dreaming. Their ancestral beings created the land, sea, sky and all living things, and made the local people guardians or custodians of the land. 3. Access to freshwater, food, materials for 48

p.29 1. Students can choose any three lines which they believe reflect the connection between the land and people. 2. In many Dreaming stories, the ancestral beings spoke to the tribal Elders and made the local people guardians or custodians of the land. Their spiritual and cultural connections to the land oblige them to look after the sites of their ancestors. p.31 Examples will be unique to individual students. p.32 Students provide examples of advertisements that they have seen on television that are appealing to consumers. p.33 1. Brand name: Funky Phone.

Logo: Slogan: It’s fantastic! It’s fun! It’s funky!

2. The target audience includes young girls and boys aged from approximately 10 years to teenagers. 3. Adjectives such as ‘fantastic’, ‘fun’ and ‘funky’ are used to make the product sound entertaining and attractive. The phrase, ‘You’ll be the envy of all your friends’ and the picture of the young girl surrounded by lots of friends suggests that if you get a Funky Phone you will be popular. 4. Advertising techniques include: i) the promise of popularity (you’ll be the envy of all your friends) ii) bribery (free internet for 12 months) iii) scientific evidence (latest technology)

After 1 month

Brand Name Samboy chips Nike Apple Qantas Woolworths Bunnings

After 1 year $4 x 52 weeks = $208

A t-shirt, a music album A new bike

3. Wise consumers will attempt to spend less than their income in order to maximise their savings. p.44 1. EFTPOS: electronic funds transfer at point of sale. PIN: personal identification number. ATM :automated teller machine. 2. Money used from a debit card is money that the consumer has already earned and has in his/her bank account. Money used from a credit card is money that the consumer is borrowing from a bank and has to pay back.

Subway Skittles Microsoft

$4 x 4 weeks = $28

p.35 Slogan The flavour really hits you Just do it Think different The spirit of Australia The fresh food people Lowest prices are just the beginning Eat fresh Taste the rainbow Your potential, Our Passion Connecting people

2. The higher the price, the lower the demand for goods and services so consumers are less willing to spend. The lower the price, the higher the demand for goods and services consumers are more willing to spend. 3. ‘Impulse buying’ is when consumers make unplanned purchases on the spur of the moment. This may cause them to spend over their budgeted amount. p.40 1. $4.00 2. What could they Total savings buy?

Nokia

p.36 1. 375 ml can = $1.20 Cost = price / volume = 120 cents / 375 ml = 0.32 cents / ml 1.25 litre bottle = $2.49 Cost = price / volume = 249 cents / 1250 ml = 0.1992 cents / ml 2 litre bottle = $4.29 Cost = price / volume = 429 cents / 2000 ml = 0.2145 cents / ml 2. The 1.25 litre bottle provides the best value for money. 3. Regardless of price, consumers may be influenced by the convenient individual serve of the 375 millilitre can, especially if they are intending on drinking ‘on the go’. If more people will be sharing the soft drink the 2 litre bottle may be more economical. p.39 1. Students create a collage of sales and special promotions.

3. Payment Method - Cash Description - Money in the form of notes or coins. Advantages • Accepted by all retailers. • Transactions take place instantly. • Easy to keep track of spending. Disadvantages • If lost/stolen it can be difficult to trace/ prove how much you had. • Bulky, especially when purchasing expensive goods and services. Payment Method - Debit card Description - a plastic card which allows customers to access money that they have earned or saved directly from their bank account. Advantages • Quick and convenient. • Accepted by most retailers, including online. 49

Safer than carrying cash due to unique PIN. If lost or stolen they can be cancelled quickly over the phone. Disadvantages • Some stores and market places operate on a cash only basis. Cash withdrawal from ATMs may incur a fee. • New technologies, such as paypass and payWave mean if cards are lost they can quickly be misused.

p.45 Clues Across 3. EFTPOS 6. credit card Clues Down 1. debit card 2. ATM 4. debt 5. PIN 7. cash

Payment Method - Credit card Description - a plastic card which allows customers to access money that they have borrowed. Advantages • Quick and convenient. • Accepted by most retailers, including online. • Safer than carrying cash due to unique PIN. If lost or stolen they can be cancelled quickly over the phone. Disadvantages • At the end of each month interest is charged on money that has not been repaid to the bank – consumers can fall into debt. • Some stores and market places operate on a cash only basis. Cash withdrawals from ATMs with credit cards incur a fee. • New technologies, such as paypass and payWave mean if cards are lost they can quickly be misused.

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