Year 6: Economics And Business Student Workbook Sample

Title: Year 6: Economics And Business Student Workbook

© 2021 Ready-Ed Publications

Printed in Australia

Author: Lisa Craig

Illustrator: Alison Mutton

Acknowledgements

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Clip art images have been obtained fromi. Microsoft Design Gallery Live and are used under the terms of the End User License Agreement for Microsoft Word 2000. Please refer to www.microsoft.com/permission.

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Section 1:

Resources And Choices

Trade-Off

Cost 1

Cost 2

Limited Resources

Limited Resources

Resources

Prioritising 1

Prioritising 2

Selecting Resources 1

Selecting Resources

Allocating Resources

Sustainable Choices

Choices

Review

Section 2:

Consumer And Financial Decisions

Family Spending 1

Family Spending 2

Spending 3

Spending 4

Go Local! 1

Go Local! 2

Choosing Local 1

Choosing Local 2

Choosing Local 3

Choosing Local 4

The Environmental Choice

The Environmental Choice

The Environmental Choice

Environmental Choice

Influence

Section 3:

Business And Industry

Grouping Businesses

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Grouping Businesses

Comparing Businesses

Businesses

Types Of Industries

Types Of Industries 2

Case Study: Forestry Industry

Industry

Ways Of Providing Goods And Services

Ways Of Providing Goods And Services

Ways Of Providing Goods And Services

Shopping 1

Shopping 2

Shopping 3

Shopping 4

My Own Business Venture

Vocabulary Round-Up

Section 1: Resources And Choices

Activity Trade-Off 1

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A trade-off can be described as the sacrifice that a person makes to obtain something else. The concept of a trade-off has been around since the beginning of human civilisation. Before societies adopted currencies to buy and sell, people bartered their services for what they wanted. A weaver for example, could barter her cloth with the baker for bread. This was a tradeoff because the weaver gave up her cloth in order to receive food in return.

Consumers have to make careful decisions about how they spend their money, time and energy because they can’t have everything they want. To make a decision, consumers consider the sacrifices they have to make to obtain a particular good, service or experience. Imagine that an athlete wants to represent Australia in an international competition. The athlete knows that she is not going to be able to study as much because of long training hours and, as a result, her university grades will suffer. However, the athlete is willing to trade off her university grades (and possibly future job prospects) to wear the green and gold.

ever bartered

good or

was the trade-off?

Study the following scenarios. Write down the trade-off(s) for each person.

ASimon’s grandfather gave him $100 for his birthday. Simon found skateboard shoes that he really liked for $100 and another pair he equally liked for $70. He decided to splash out and buy the pair of $100 shoes.

Anna was lucky enough to win tickets to the cinema to see a blockbuster 3D movie. The movie was on the same night as her sister’s basketball final. Anna gave the movie tickets to a friend.

Matt wanted a new full suspension mountain bike like some of his friends had. To buy a new bike, Matt took a part-time job after school, and at weekends walked his neighbours’ dogs.

SIMON’S TRADE-OFF

ANNA’S TRADE-OFF

MATT’S TRADE-OFF

Trade-Off 2

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Trade-Offs

Activity Opportunity Cost 1

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Opportunity Cost is one of the most important concepts in economics. When you make a decision to do one thing, you give up the opportunity to do the next best alternative. This is because at that moment you value one action and its benefits more than another. For example, if you choose to study for a test tonight, you’ll miss out on playing with your friends. Obviously you can’t do both. At this moment you value studying more than playing because you want to do well on the test. The opportunity cost (or think of it as the opportunity missed) is not going out to play and the enjoyment it gives you. Reflecting on the opportunity cost is a useful decision-making strategy.

Weigh up the opportunity costs for Jack and Jill in the scenarios below. They must both

make a choice between two leisure activities. Think of the benefits (or value) that the leisure activities offer to help you with your responses.

Jill

Option 1: visit friends

JILL’S OPPORTUNITY COST FOR CHOOSING TO VISIT FRIENDS:

OPPORTUNITY COST FOR CHOOSING

Option

MAKE

CAKE:

2: make a

OR

Time after school can be very precious. Have you had to make a choice between two

leisure activities? What activity did you choose and what was the opportunity cost?

Cost

Highlight the options available in each situation in different colours, then write down the opportunity cost

situation.

The local council has decided to spend $500,000 on a jobs creation project, instead of

improving garbage collection in the community.

COST:

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Tim decided to fly to Auckland to see a rugby game at the last minute. There was one

seat left in economy class checking in at 5.00am

a seat left in business class checking in at 10.30am. He chose the

COST:

has been granted for a new golf course to be built on land which local3. indigenous people use to harvest wild resources.

COST:

On Emily’s way home from school, she came across a group of classmates teasing a4. younger child. She was told to mind her own business and go away, but she stayed to support the child.

COST:

Ryan held a garage sale to clear out things that he had accumulated in his house.5. Someone offered him $20 for a jumper that his mother had knitted him some years ago. Ryan turned down the offer.

COST:

6 students want to help out the local animal shelter. Some students think that6. volunteering their time to play with the animals is a good idea. Other students want to donate food. The group decide to volunteer their time.

you been faced with making a decision between taking one action and giving up the opportunity of doing something else? Describe the situation below. What was the opportunity cost for you?

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Everybody has needs that they would like met in order to survive. Needs include: nutritious food, adequate clothing, shelter from the weather, safety and health care. People also have wants that are goods and services that are not essential for survival, but are desired. For example, you might need a bed for a good night’s sleep, but it doesn’t have to be in the shape of a turbo racing car! Our wants are as limitless as our imagination and that is the problem. There are not enough resources available to satisfy all our wants and some people’s needs. Therefore, individuals, businesses and governments have to make choices about how to use resources in an efficient and sustainable way.

Read through the following sayings. Choose two sayings and explain in the space1. provided how they are connected to limited resources.

You can‛t always get what you want.

Waste not, want not.

SAYING 1:

SAYING 2:

Money doesn‛t grow on trees.

You can‛t have your cake and eat it too.

As scarce as hen‛s teeth.

There aren‛t enough hours in the day.

In February 2011, Cyclone Yasi hit the far north of Queensland, and destroyed most of2. its crops. This created a banana shortage in Australia. This is an example of customers’ wants not being met due to limited resources. Work with a partner to think of two more examples like this.

have more doctors

books

The reality is though, resources are limited.

teacher

say what resources are limited in each situation.

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your own pictures

limited in each situation.

Go

depict

limited resources. Say what resources

study of economics

consumers

informed decisions

what goods and services

want most

what resources are available to meet those wants. Most resources are limited or scarce.

BUTTER

CREAM

sunshine and wind

can’t say the same for clean drinking water, land to build houses

or our income. Scarcity of a good or service

make you go without, pay a lot more to have

go to

OUT

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teacher hands out the glue

from your own experience

time when you wanted a good or service and it was2. scarce. What choice

you make?

could the scarcity of the resources in the text box below change how people live in3. the near future? Choose two of the scarce resources and explain what changes might take place if these resources were not available to meet our needs and wants. You might like to do some research first on some of these resources.

water coal phosphorus

for building blocks

growth forests

gas fish stocks

(cacao)

ore

Activity Prioritising 1

It’s nearing the end of the Christmas school holidays. Mum has given you $75 to spend on basic supplies for the new school year. Look at the stationery items on this flyer with their prices. You can’t buy everything, so you’ll need to prioritise!

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calculator (large display) $12.95 jumbo markers (pk of 10) $6.30

HB pencil (pk of 6) $2.50 coloured gel pens (pk of 24) $10.25

long life eraser $1.45 correction tape $3.35 highlighters (pk of 8) $10.50 bookmarks (pk of 4) $1.85 ballpoint pens (pk of 6) $3.80 ruler (wood) $1.50 ruler (foldable) $3.35 scissors $2.90 scissors (left-handed) $4.00

Make a rough list of the supplies that you1. really need in the space right, then do some calculations to see how much money you have left from $75. Remember that if you need more than one of the same item, you have to do some multiplication (e.g. 8 exercise books = 8 x $1.36).

After you have the essentials, spend the2. remaining money on the items that you want, but don’t go over your limit!

3. that you have purchased. What was the total cost? $_____

Highlight on the stationery list the items

sharpener with waste box $2.18

USB flash drive (8G) $11.50

magnifying glass $4.90

A4 exercise book (64pg) 1.36

A4 plastic cover .42

A4 3-ring folder $1.65 stapler $4.80 pencil case (assorted) $5.50

glue stick (20g) $2.35 glitter glue stick (5 colours) $1.75 student diary $4.98 geometry set (7 pieces) $6.99

Give a reason for making the decision not4. to buy a specific item on the list. Tick this item.

Activity Prioritising 2

needs

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Selecting Resources 1

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.

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.

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.

CONSUMERS’ NEEDS & WANTS PRODUCERS USE RESOURCES NATURAL RESOURCES

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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 ‘the brains’ 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.

CAPITAL RESOURCES

HUMAN RESOURCES

Activity Selecting Resources 2

Communities have their own needs and wants based on their characteristics, such as: population size, location (urban or rural), average age of the population and access to economic resources (land, capital, labour and enterprise).

Study the diagram below which shows some of the economic needs and wants of a1. community. In the centre of the diagram are the community’s priority needs. In the outer layers are its wants.

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ECONOMIC NEEDS AND WANTS OF A COMMUNITY create a native

wild

attract a hardware

remove abandoned

cars from

expand the day-care

repair

footbridge over the railway line

create job

opportunities for the under 25s

creeks remove graf

build a new church

build a water

lease vacant shops in

repair roads

treatment plant build a new ambulance

station

from

the train station

chain store to the town establish a wildlife

the town centre open a tourist

establish

a local farmers

market

information centre

centre playground increase garbage

clean up

stone facade on Town Hall

refuge and hospital

collection days

Your task is to identify what economic resources would have to be allocated to meet the2. needs and wants of this community. Most needs and wants are not met by one resource, but by a combination of economic resources. Choose one need and one want and identify which resources would be allocated.

NATURAL CAPITAL HUMAN NEED:

WANT:

Activity Allocating Resources

To meet consumers’ needs and wants, producers provide goods and services using the resources available to them: natural, capital and human. Producers can be individuals, businesses or governments.

Study the following images of consumers in different contexts and identify different

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producers that could supply resources to meet the consumers’ demands. An example has been given to start you off.

Consumer Needs Resources

Consumer: Farmer Resources supplied by producers: spare tractor parts from local tractor dealer Government advisor on GM rice plants

Sustainable Choices 1

The scarcity of resources means that consumers and producers should make economic choices that minimise harmful impacts on society and/or the environment. Labelling and certification on products help consumers to make more sustainable purchases.

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It appears on labels to indicate that products have been made with recyclable materials or can be recycled. But what about the many other symbols that appear on our health care, stationery, food and clothing labels? Do your own research to find and draw the symbols for the following certifications.

probably recognise this symbol

TESTED

ANIMALS

you think that it’s important to choose goods and services that are produced and

packaged in a sustainable way? Why or why not?

According to researchers, 36% of Australian shoppers report that they are willing to pay

more for sustainably-produced food such as: free-range eggs, dolphin-friendly tuna or organically-grown fruit and vegetables. But when it comes to the crunch, only 13% actually do. Discuss this issue with a partner then suggest two ways to encourage people to choose sustainable products.

2

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The products that we choose to buy have an effect on our sustainable future. Our choices can also send a message to producers that sustainability is high on the list of consumer priorities. As you shop, you can be on the lookout for information on labels and packaging that identifies how a good has been produced and distributed. You can then make your decisions by considering whether a product: saves energy, is biodegradable, is packaged in recyclable materials or has travelled half way around the world to be on your table!

Document in a journal over the next three days the products that you have bought1. personally (or those bought for the family). Find out how you contributed to sustainability by recording the names of the products purchased under the different categories below. Where possible, sketch the symbols on the packaging that gave you the sustainability information.

Produced locally:Made from recycled materials:

Minimum packaging – less waste:

Organically produced:

Made from a source of sustainable wood:

Sustainable seafood: Biodegradable packaging: Energy-efficient electrical appliances: more stars - save more:

Compare your sustainable consumer journal with several classmates. Evaluate below2. how you fared in making sustainable choices.

Vocabulary Review

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Section 2: Consumer And

Decisions

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information

explain

housing, but less than

fact that

page

help you to answer

would spend more on

food and drinks

transport, of each family type’s total

100. Round up to the

spends more as a percentage of their weekly spending on these essential

whole

without

with

Activity Family Spending 3

CASE STUDY

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The Wise family have decided to trade in their current car to buy a SUV that meets the family’s changing needs. As Mr. and Mrs. Wise do not want to dip too much into their savings, they obtained a $15,000 car loan with repayments over one year of $329 weekly. The car repayments constitute an increase of $205 in the family’s weekly expenditure (spending). The parents have asked their two older children, Adam (aged 12) and David (aged 14), to help them tighten up their spending until the loan is repaid. To afford the new car, the Wise family will have to make some sacrifices to stay within their weekly budget, otherwise, they may have to forego their annual family holiday.

Below are more details about the Wise family’s average weekly spending. Work in pairs,1. using online resources and your own ideas, to propose trade-offs that the family could make in order to repay the car loan comfortably in a year. Estimate the potential savings for some or all of the scenarios.

A

Mrs. Wise gives the boys lunch money every day and a little extra for a snack on the way home from school. Mr. Wise also grabs a quick sandwich from a take-away shop near his office for lunch.

C

Adam pays $20 a week to feed his bulldog Mimi quality dry food. By midweek Mimi is sick of the same flavoured kibble and won’t eat it, so Adam buys an additional $15 of canned food. Adam’s friend’s bulldog has the same habit.

B D

Mr. Wise and his sons are keen amateur golfers. They hit the course for 18 holes every Sunday morning as visitors of a club. Mr. Wise pays in total $66 green fees, plus $10 to hire a golf cart.

Mrs. Wise loves gardening and a good mystery novel. On average, she will buy two books a week for about $40. Occasionally, she’ll swap books with friends, but her bookcases are chock-ablock with the novels that she reads.

Present your financial plan for the Wise family in the space provided. Share it with the2. class.

Family Financial Plan

Activity Family Spending 4

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Mrs. Wise has accumulated quite a mystery book collection that is cluttering up her bookcases in the house. A friend has suggested holding a “swap party”, where Mrs. Wise could swap the books that she won’t read again for things that she would like for the house and garden.

Help Mrs. Wise plan her swap party

the diagram below.

PLACE AND TIME? WAYS TO TELL PEOPLE?

WHO TO INVITE?

WHAT I WANT TO SWAP BOOKS FOR...

Swap parties are a fun way of obtaining the things that you want and at the same time

being a sustainable consumer by reusing goods. But a swap party needs planning to avoid problems. Jot down the advantages and disadvantages of hosting a swap party in bullet points in the table. Discuss your points with a partner.

Student Information Go Local! 1

This

out

advantage of fresh seasonal food.

food

to a more sustainable future.

the “food miles” that farm products travel.

that food that is produced, meets quality standards.

imports a great variety of processed and fresh food products from around the world. The graph below is a rough guide to how many “food miles” some products travel, to be on your plate. The distance in kilometres has been calculated from the capital city of the food’s origin country, to Canberra. The carbon footprint (in kilograms) of air transportation has also been given.

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carbon footprint

quality

think

have in place that other countries

local

Student Information Choosing Local 1

Does shopping at the local supermarket support local food producers? Read this report to find out.

This

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certain whether an imported food item has been produced to the high standard of quality demanded of locally-produced food.

Walk around the aisles of the local supermarket and you will soon notice one thing: one in every four grocery items on the shelves is the supermarket’s own brand. This means that the supermarket’s own label food was most likely produced on a large scale overseas in countries like South Africa and Thailand. Furthermore, the same food item could show up in any supermarket in the world from Paris to Perth – it’s just the supermarket name on the label that’s different.

How does a supermarket’s own brand produced overseas affect consumers? Supermarkets compete for the consumer dollar. To do this, supermarkets offer customers their own brands at cheaper prices. To be able to supply grocery items at a lower price, supermarkets buy foods from countries that can produce items using a labour force whose wages are much lower than Australian workers’ wages. Even after the cost to the supermarket of importing overseas goods into Australia, prices can be kept lower than local produce because supermarkets are importing and selling items in such large quantities. Busy shoppers often don’t have the time to check labels on a supermarket’s own brand to confirm whether a food has been processed locally or imported. Also, shoppers are not always

Over recent years, many local food suppliers like dairy farmers, tomato producers, fruit canneries and vegetable growers have gone out of business. They find it difficult to compete with the lower prices of imported foods. A poll carried out by The Age newspaper in 2012 revealed that 80% of consumers in supermarkets said that they would buy local produce even if they had to pay more for it. However, it seems that price speaks louder than good intentions, and the volume of imported goods on supermarket shelves continues to rise.

What’s the solution? Local producers have called on supermarkets to help them promote the range and quality of their foods by: increasing the shelf space in• supermarkets for locally-produced goods; clearer labelling on groceries so that

consumers know where a food has been grown; establishing “Australian-made” aisles in

supermarkets.

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Standards

and New Zealand

laws which govern how a food product

be labelled in order to inform a consumer’s choice. Consult this website

accc.gov.au/consumers/groceries/country-of-origin

claims below on product

find out the laws for making the

it helps your

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HOMEWORK ACTIVITY

The “Australian Made” campaign was designed to promote great goods produced in Australia and to support our economy, businesses and workers. Products that are grown or made in Australia often display the “Australian Made” logo – the green and gold kangaroo. This logo informs consumers that a product is a genuine Australian product that is safe and conforms to high quality standards.

Find twelve items in your house which contain labels. On the labels below, copy out the

following information: type of product;where the product was grown or produced;whether the product carries the “Australian Made” logo (shade these label).-

Compare your labels with several classmates. What conclusions can you make about the

effectiveness of the “Australian Made” campaign?

Activity Choosing Local 4

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INFORMATION

Many of the top brands of clothes, accessories, shoes and sporting goods that you would like to buy are manufactured in developing countries in working conditions that are not healthy or safe. These factories are unflatteringly called sweatshops. Sweatshops demand long hours from their workers for very low pay. These manufacturing facilities are often set up in old, dilapidated buildings that lack safety inspections. In recent years, thousands of workers have been killed in building collapses, fires and have been poisoned from toxic fumes.

How do big brand manufacturers get away with producing their goods in sweatshops that mainly employ young women aged between 17-24 years old? Such companies claim that they are paying acceptable wages in these developing countries in which their factories operate. They also claim that the day-to-day running of these factories is difficult to monitor. Sweatshop workers know that their working conditions are dangerous. They have held strikes at the risk of losing their jobs which are essential for supporting their families.

What can consumers do to promote “fair trade” and help to improve the conditions of workers all around the world? We can look for clothes that carry the Ethical Clothing Australia Label (ECA). This label informs the buyer that the item was made legally and workers received their country’s award wages.

BRAND PAYS POVERTY WAGES

Student Information The Environmental Choice 1

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BAN THE BAGS

Way back in 2003, Coles Bay in Tasmania made a bold move. The sleepy tourist town, about 200 kilometres north of Hobart, decided to turn back the clock. One local businessman, Ben Kearney, was tired of seeing the shocking effects that plastic shopping bags were having on wildlife. Turtles, seabirds, fur seals and whales fell victim to floating transparent bags either by getting tangled up in them or slowly dying of starvation due to the infections caused by ingesting them. This was the beautiful wildlife that locals loved and tourists were paying to see. For Ben Kearney there was only one thing to do – convince his community to BAN THE BAGS.

Our grandparents in the 1950s didn’t go to the shops empty-handed. It was common to take a shopping basket that lasted year after year. If Granddad forgot the basket, a sturdy cardboard box would do nicely. We’ve become very lazy these days and expect to receive a plastic bag to carry a few items a stone’s throw to the supermarket car park. The plastic bags that you’ve thrown away this week won’t begin to compost and degrade for another 1000 years or so.

When the plastic bag ban was introduced in Coles Bay, it took a while for consumers to catch on to the idea. However, the community was given support from shop owners, who had paper and calico bags at hand as ready substitutes. Plastic bags and reusable bags were still available, but were no longer free. Even so, biodegradable bags that are more environmentally-friendly were not being sold because they were more expensive for shop owners to buy and were thought to not be as strong as other plastic shopping bags.

Soon the locals got into the habit of not leaving home without their reusable bags. Tourists eventually got the hang of the plastic bag free-zone too and voiced their admiration for the community’s efforts to protect its environment. Some visitors were so impressed with the ban that they were determined to make plastic shopping bags a thing of the past in their own homelands.

Ben Kearney’s vision has caught on all over Australia from small outback towns in the Northern Territory to the entire state of South Australia. Coles Bay has been united in its mission with places as far away as Denmark, Bangladesh and Mexico, whose communities have also outlawed the deadly plastic bags. It might seem like a drop in the ocean but the initiative begun in Coles Bay a decade ago, is responsible for saving more than 400 million plastic bags being distributed in Australia each year. Ben Kearney acknowledges that the ban has had a positive impact on his community, but his campaign to protect Coles Bay and its wildlife continues. He wants the federal and state governments to go a step further and ban all plastic bags other than the biodegradable ones.

to www.readyed.net.

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three examples in the article

with the decision

idea that consumers were in

bags.

from the article.

states that plastic bags take about 1,000 years to degrade (break

down) in the environment. Research the approximate time that it takes for the following materials used in product packaging to compost and degrade:

plastic bottles

milk cartons

cellulose

paper

aluminium cans

a line graph to represent your research findings. You can draw the graph in the space below or generate the graph on a computer, then paste it here.

Read the article on page 31 before studying the two emails below which were sent to the editor of a newspaper about a proposal to "Ban the Bag" in a community.

Dear Editor,

I would like to give my view on the proposed ban of the use of nondegradable plastic bags in retail shops. As a supermarket operator, I feel that this ban will drive away customers, who depend on free bags and could lead to unemployment in our community. I love a clean town just as much as the next person, but jobs come first. Say No To The Ban On Bags (email supplied)

Dear Editor,

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It is about time this town banned those unsightly plastic shopping bags. Everywhere you look there are bags clogging up gutters and flapping in trees. While walking my dog in the park yesterday I saw some magpies pecking at scraps of plastic bags near the BBQ area. I wholly support the ban and would like to see it introduced immediately. Fed Up With Plastic Bags (email supplied)

What do you think about banning plastic shopping bags? Compose an email to the1. editor of a newspaper. You can reply to one of the writers above or you could write about your views on this issue.

To: Subject:

The Environmental Choice

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INFORMATION

Consumers have a vital role to play in a sustainable future because they can decide to buy products that have a reduced impact on the environment. Canned tuna has been a healthy part of the Australian diet for generations – it’s affordable and convenient. However, much of the tuna that you enjoy is caught and canned in other regions of the world and sustainable fishing practices are not always used to supply the market. Consumers can look for certain information on canned tuna labels to ensure that the tuna comes from a sustainable source.

Australia, cans of tuna display three essential pieces of information to inform potential

consumers: species; area of catching (WCPO); pole and line. These three pieces of information are required to be placed on the cans’ labels or on the producers’ websites. Research what this information means to help you to make notes in the text boxes provided next to the image below.

POLE & LINE

Top Tuna in springwater

Activity Consumer Influence

Consumer choices influence what supermarkets sell. Read about the meteoric rise in demand for a cabbage variety called kale and its effects on retailers and farm producers.

CASE STUDY

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Until recently in Australia, the leaves of kale were used to garnish meals and were usually left uneaten on the side of the plate. When the humble cabbage was labelled a “super food”, the demand in supermarkets for kale skyrocketed. In fact, it is one of the fastest growing products. Soon kale on the shelves became scarce. How did supermarkets respond to this unexpected demand from consumers for a product?

Supermarkets turned to farmers to ask them to increase their kale production. Some producers stopped planting other vegetable crops to make room in their fields for kale. But there was a problem: there weren’t enough seeds readily available for planting to meet the demand. Farmers had to look overseas to buy kale seed supplies and realised that there could be a shortage due to the demand for the vegetable from other countries, particularly the United States. Australian farmers, however, were soon able to quadruple their kale production to supply supermarkets in order to satisfy health-conscious consumers’ needs.

Using the case study of kale above, complete this flow diagram to show how consumer

demand can influence what products are sold in a supermarket.

Section 3: Business And Industry

Grouping Businesses 1

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A business gets off the ground when a person or group decides that they can make a profit by making or supplying goods and services that other people are willing to pay for. A business is principally motivated to make a profit (a financial gain or benefit). If a profit is not made, the business cannot pay for its operating costs such as workers’ wages, rent, electricity and raw materials. It will be forced to close down. Businesses are also motivated by other objectives such as: being the leader in the market, being sustainable and environmentally-friendly or building a reputation for supplying top quality products and services. In some cases the aim is not to make a profit at all, but to provide goods and services to help people. This can be achieved through funding from the government, fund-raising by organisations or donations from the public.

Types Of Businesses

Businesses can be grouped into four main categories:

To Provide A Public Service

(Public sector owned by the government)

TO MAKE PROFITS

(Private sector)

SHOPS

ENTREPRENEURSHIP

(Developing a good business idea)

A great idea for a new app!

NOT-FOR-PROFIT/CHARITY

While businesses in the public sector, not-for-profit and charities are not set up to be profitmaking, they still aim to earn enough income to cover their operating costs. If income exceeds operating costs, then this results in a surplus (not a profit). A surplus can be used by businesses to improve their facilities, provide more employment, expand their services and open new businesses.

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Let’s compare a for-profit business

Comparing Businesses

to a not-for-profit business

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This business has shareholders (an owner

or owners that share in the profits if the business performs well).

The objective of this for-profit business is• to make money. For-profit businesses can support a good• cause, but this is also linked to getting positive publicity that can help improve profits.

The owners of this for-profit business• can decide to change to a new business if building swimming pools is not profitable. After all, the mission is to make a profit. This for-profit business has legal• obligations to pay tax.

This business competes for sales with other• similar businesses. It needs to be innovative and up-to-date in new technological knowhow.

This business has members. Any surplus• must be held for the next year or reinvested in the business. Members do not receive money for their work. The objective of this not-for-profit business• is to help others, in this case, homeless animals.

Even if this shelter’s members invest their• own money in projects, they do not “own” the business and cannot receive money from it.

This business could receive tax breaks from• the Government to help it continue its good work.

The shelter competes with other not-for-• profit businesses for members, volunteers and funds. It has to justify its decisions to a large group of members about how funds are spent.

well do you understand the differences between a for-profit and not-for-profit

own words.

Activity Not-For-Profit Businesses

HOMEWORK ACTIVITY

There are over 600,000 registered not-for-profit charities providing community support in Australia and overseas in diverse areas such as wildlife conservation, aged care services and humanitarian aid.

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Read the fact file below on a charity called the Northern Region Westpac Life Saver Rescue Helicopter Service that provides free helicopter transport in medical emergencies in the Lismore / Byron Bay area of New South Wales.

Your task is to create a fact file for a charity of your choice based on the model given below. A helpful website to use is: www.australiancharityguide.com

FACT FILE: FACT FILE:

Northern Region Westpac Life Saver Rescue Helicopter Service

BUSINESS OBJECTIVE: To deliver emergency medical and rescue helicopter services 24 hours a day, every day of the year, free of charge, whenever life is threatened.

GOVERNANCE: A board of eight directors, which meets six times a year. The Board brings aviation and business experience to the service.

MAJOR SPONSORS: Westpac, Surf Life Saving Australia, NSW Government, Lions International, Cassino, CHT, Yellow Pages.

CHARITABLE ACTIVITIES: Surf rescues, attending road accidents, rescue missions at sea, transporting patients to other hospitals, searching for lost plane beacons.

FUND-RAISING: Community or individual fund-raising on the charity’s behalf, volunteers to help in fund-raising events (raffles, Op Shop), sales from branded merchandise (key rings, caps, pens, stubby holders), business sponsorship.

BUSINESS OBJECTIVE:

GOVERNANCE:

MAJOR SPONSORS:

CHARITABLE ACTIVITIES:

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HOW DONATIONS ARE MADE: Online, payroll deductions, phone or mail, bequests, in memoriam, donation gift card, apps for phones and tablets.

FUND-RAISING:

HOW DONATIONS ARE MADE:

Types Of Industries 1

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How Industries Are Connected

Activity Types Of Industries 2

lines

EXTRACTION

with a partner

sort the businesses

secondary, tertiary, quaternary

use

cord, deodorants

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hinges, paints

filters, tambourines

spaghetti

into their various sectors (primary,

not on the information

BUSINESS SECTOR BUSINESS SECTOR state emergency services health food shop website design sugarcane farm tourist resort wholesale clothing supplier bus company cultured pearl farm electricity provider Thai restaurant scuba-diving school day-care centre

are industries in the various sectors

to bring goods and services to the3. consumer?

the space below, create a production chain

sugarcane).

a biofuel, e.g. ethanol (from

Activity Case Study: Forestry Industry

Read about the goods and services provided by the forestry industry in Australia, then answer the questions below.

This is

INFORMATION

Australia has a massive 125 million hectares of forests (native and planted), which is 3% of the world’s total forest heritage and the seventh largest area in the world. What value do our forests hold? Foremost, they are an important link in the world’s carbon cycle and supplier of fresh water. The forest habitat is home to Australia’s rich biodiversity and an integral part of the cultural values of indigenous peoples. Economic activities that take place in our forests employ 120,000 people Australia-wide mostly in regional areas and contribute towards the conservation of this irreplaceable natural resource.

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Look around your classroom environment and you will see an array of wood products that have their origins in the forest: laminated tops on desks, floorboards, cardboard boxes, and wood chips used in the garden. Perhaps part of the frame for your school building is made of timber logged in an Australian forest. To guarantee that forests are conserved and managed in a sustainable way, the forestry industry provides various services to maintain and protect forested areas for economic, cultural and recreational purposes. These services include: controlling pests and diseases in forests;

• removal of biomass in forests to prevent bushfires;

• developing and monitoring certification schemes for sustainably sourced timber;

• providing scientific research on the preservation of animal and plant species;

• advising farmers on soil erosion and tree species to plant.

Australian Industry

This

Student Information

Ways Of Providing Goods And Services 1

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Shopping Centres

Shopping centres have changed the way that Australians shop. Under one big roof, people can now visit a variety of speciality shops, department stores and supermarkets. They can also use services like the post office, bank or public library, eat out or catch a movie. The growth of shopping centres has meant that busy shoppers don’t have to spend time travelling into crowded city centres and finding a convenient place to park. Shopping centres are characterised by their chain stores – shops operated by large national or international companies that sell the same goods in each shopping centre, e.g. Just Jeans, Staples, etc.

Small Independent Shops

Small independent shop owners today, generally do not operate in shopping centres due to high rent, but establish their businesses in local communities along and close to the main streets. This was where most shops were located before shopping centres began to appear in the 1970s. Small retailers specialise in their goods and services such as handicrafts, delicatessens and florists and are usually operated by their owners and a few employees – often family members. To compete with shopping centres, small retailers emphasise their friendly staff, specialist knowledge of products and local convenience.

Local Markets

Local markets have been a feature of Australian life for over a century. Often set up in historic buildings or in open spaces, local markets offer a vast variety of goods and services from small independent retailers ranging from organic farm produce to indigenous products and home-made wares like soaps, candles and leather goods. Retailers apply for permanent or temporary stalls so the types of stalls are always changing. In addition to providing a different shopping experience, local markets often include entertainment like live music, street buskers and face-painting.

Remote Community Stores

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Living in remote areas in Australia poses special problems for indigenous and non-indigenous people: food produce is not always fresh and the high cost of transportation from distribution centres makes basic items expensive. Remote community stores with government and business support have been set up in communities to provide a regular supply of fresh fruit and vegetables, groceries and household products. In some places, local community stores play a central role in the community’s life as they also provides a social hub where people can access EFTPOS and ATM facilities and use the internet or phone to do their banking or to contact others.

Of

This

CENTRESSMALL INDEPENDENT RETAILERS

This

Student Information Online Shopping 1

the information

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retail industry in Australia has undergone important changes in the way it traditionally provides goods and services to consumers. The development of online shopping (or e-commerce) has taken retailers by storm. So much so that it is predicated that by 2021, 11% of retail sales will be online and 65% of those will be from overseas retailers. Consumers still see the need to buy via traditional retail outlets, but are also driven by the numerous advantages of buying online.

following graphs (Source: Australian Institute 2011) compare what motivates consumers to participate in traditional in-store retail and online retail.

to view it before buying

about online security

local business

to buying in stores

to talk to salespeople

access to the internet

money

products and prices

of goods

time

travel avoid shopping centres

salespeople

ONLINE RETAIL

How do businesses sell online?

have the choice of thousands of e-commerce

Ebay is the largest online marketplace in Australia with over 4.3 million people visiting its website (2014). Other top online shopping sites include: Amazon, Woolworths, Gumtree and GetPrice Network. These businesses use various ways to sell their goods online, for example, advertising on their websites, auction services and through social media. Small and medium businesses are also expanding their marketing strategies

own online retail sites.

This

Activity Online Shopping 3

INFORMATION

Australians are now spending $15.60 billion online on retail products (6.6% of total retail spending) with consumers aged between 24 - 54 dominating sales. But what are they buying? Here is a breakdown of the most popular products bought on Ebay (2014) by State and Territory:

State or Territory

NSW

VICTORIA

Major sales online

merchandise and DVDs

merchandise and books

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WESTERN AUSTRALIALighting, wedding supplies, party supplies

SOUTH AUSTRALIAGardening supplies, plants and seeds

TASMANIA

ACT

Nail art supplies

Toys and video games

NORTHERN TERRITORYFishing equipment and automotive parts

QUEENSLAND

Fashion and jewellery

Present the data above as an infograph on the map of Australia. Make it eye-catching and

easy to interpret. Give your infograph a title.

Share your infograph with a partner. How could you explain State and Territory trends in online Ebay

sales? Write your ideas on another piece

paper

notes section in the back of your workbook.

Activity Online Shopping 4

INFORMATION

Choosing the mobile phone plan that best suits your monthly usage will save you money, but you need to consider several important things: what kind of phone you have (or intend to buy);

the mobile phone plans available;

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how you use your phone and how often.

These considerations are even more important in the age of downloads made easier by new phone technology, the National Broadband Network and WiFi. Many mobile phone plans offer attractive monthly rates or prepaid options with 1G of data included. But how far will 1G go when you want to download your favourite songs, stream a funny YouTube video or play an online game?

DO THE MATHS!

If you want to connect to the internet to send emails, browse the Net or catch up with

friends on social media, you’ll have to do the maths. If you have a monthly data cap of 500MB for example, your parents might be in for a nasty shock if you exceed this limit on your mobile phone plan as added fees can be quite expensive. Here are some case studies for you to work out the data usage for each of these internet

activities. Work out on another piece of paper (or the notes section at the back of your workbook) the data usage of each activity for 30 days. Do you think that the data cap is adequate for each teenager’s phone plan? Remember that they use the internet for other activities. Colour the cap if you think it is adequate in each case.

A

Maya catches up with friends for 10 minutes on facebook every night.

Data usage: 1MB per minute

CAP 500MB CAP 1G

Trey is nuts for sports of all kinds. He browses for sports results for 20 minutes per day.

Data Usage: 0.4MB per minute

Molly loves music and builds up her collection by downloading at least 2 songs a day.

Data usage: 6MB per song on average

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B D

CAP 1G CAP 2G

Leah and Ted like gaming. They spend about 30 minutes per day playing their favourite game.

Data usage: 1.5MB per minute

Activity My Own Business Venture

Year 6 class

like to

end-of-year outing.

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to do some fund-raising

profit/s

organising

FINANCIAL PLAN

fees

SUGGESTIONS FOR OUTING:

ON COSTS OF OUTING:

TARGET FOR FUND-RAISING:TYPES OF FUND-RAISING ACTIVITIES:

FUND-RAISING COSTS:

PROFIT:

NOTES

NOTES

NOTES