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What is economics?

This resource covers some of the fundamental concepts in the 'Economics and business' section of the Australian Curriculum.

Structure and features

Get students to watch these 2 videos:

  • School Economics (Behind the News)
    This was produced in 2013 when the Australian federal government introduced 'Economics and business' as a compulsory learning subject in HASS. It has useful age-appropriate content on the money decisions we make. Take time to read different views around learning 'Economics and business' at school.
  • What is Economics? 
    This is a very informative video which provides students with a definition and understanding of scarcity, money and resource use.

For teachers

Viewing these videos with additional information from further research may help students to have a better understanding of the question ‘What is economics?’.

Be clear about assessment support and requirements and consider involving the student’s family in this learning.

 

Teacher notes

This resource relates to the year 5 Australian Curriculum, with a potential for revision in year 6.