Economics and Business strands - ASIC's MoneySmart · Web viewInfluences on consumer choices and...

Draft Australian Curriculum: Economics and Business content links

Foundation to Year 6

MoneySmart Teaching

Units of Work

TABLE OF CONTENTS

Foundation to Year 6 MoneySmart Teaching Units of Work....................................................3

Knowledge and Understanding supporting F – 4.......................................................................4

Skills supporting F – 4....................................................................................................................5

Economics and Business...............................................................................................................7

MoneySmart Teaching Units of Work

Year 5 Integrated – Never too young to be MoneySmart with clothes............................9

Year 5 Mathematics – Hey! Let's have a big day out!...................................................13

Year 6 Integrated – The fun begins: Budget, plan, profit!..............................................16

Year 6 Mathematics – It's raining cats and dogs … and chickens?..............................21

Economics and Business Curriculum

Organisation..................................................................................................................25

Economics and Business Knowledge and Understanding............................................25

Economics and Business Skills.....................................................................................26

Relationship between the strands..................................................................................26

Year-level descriptions..................................................................................................27

Key questions................................................................................................................27

Content descriptions......................................................................................................27

The Australian Curriculum: Economics and Business has been written and is awaiting endorsement.

Some states and territories have already begun implementing this curriculum. For those states and territories this document identifies which ASIC MoneySmart Teaching materials may support the teaching of the Australian Curriculum: Economics and Business.

Overview: Foundation – Year 6 MoneySmart Teaching Units of Work

Economics and Business strandsMoneySmart Teaching

Primary UnitsEconomics and Business Knowledge and Understanding Economics and Business Skills

While no formal Economics and Business Curriculum has been

drafted to incorporate Foundation – Year 4, a number of the existing

MoneySmart Teaching units for these year levels provide an ideal

foundation of knowledge and concepts, supporting the introduction of

the formal curriculum commencing in Year 5.

Years F-2 Integrated – Pancakes can make a difference

Years F-2 Integrated – Ava makes a difference

Year 1 Mathematics – Bertie’s socks

Year 2 Mathematics – Keiren’s coin

Year 3 Integrated – The house of needs and wants

Year 3 Mathematics – Sal’s secret

Year 4 Integrated – Advertising detectives

Year 4 Mathematics – How much love can fit into a shoebox?

ACHEK001 ACHEK002 ACHEK003 ACHES004 ACHES005 ACHES006 ACHES007 ACHES008

Year 5 Integrated – Never too young to be MoneySmart with clothes

ACHEK001 ACHEK003 ACHES004 ACHES005 ACHES006 ACHES007 ACHES008

Year 5 Mathematics – Hey! Let’s have a big day out!


Year 6 Integrated – The Fun begins: Budget, plan, profit!


Year 6 Mathematics – It’s raining cats and dogs… and chickens?

Foundation – Year 4 MoneySmart Teaching Units of Work

Foundation – Year 4 MoneySmart Teaching Units of Work provide a strong basis for all aspects of the Australian Curriculum: Economics and Business, commencing Year 5.

Economics and Business Knowledge and Understanding supporting F – 4

MoneySmart TeachingPrimary Units

The difference between needs and wants and why choices need to be made about how limited resources are used

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

Influences on consumer choices and methods that can be used to help make informed personal consumer and financial choices

Donating is a way of helping others Discuss paid and unpaid work Discuss price, advertising, taste Years F-2 Integrated – Pancakes can make a difference

Pocket money purchases “wants” Fundraising can help people in need Years F-2 Integrated – Ava makes a difference

Mother models consumer decision-making in relation to needs and wants

Money is a finite source Comparing shopping items Year 1 Mathematics – Bertie’s socks

Advertisements – needs and wants Discuss paid and unpaid work – volunteer work in the museum

Consumer choices – integrity of advertisements, misleading advertisements


Identify needs and wantsBudgeting

Comparing items for affordability and sustainability

How families make decisions when grocery shopping


Budgeting/savings used to achieve a goal

Explore three meanings of “saving money”

Discuss personal ways to start saving Year 3 Mathematics – Sal’s secret

Advertisements influence children to buy or want a product


Compare needs and wants of others to our own

Money is used to buy goodsSaving money for future needs

Comparative shopping can save moneyFactors that influence people when


4


shopping

Economics and Business Skills supporting F – 4MoneySmart Teaching

Primary UnitsQuestioning and research Interpretation and

analysisEconomic reasoning, decision-making and application

Communication and reflection

Plan a class fundraising activity, gather data

Categorise resources for fundraising

Deciding on a price Make posters, newsletter item

Years F-2 Integrated – Pancakes can make a difference

Ava decides to set up a lemonade stand

Design promotional material Years F-2 Integrated – Ava makes a difference

Question parent/carersUse supermarket catalogues

Class table of needs and wants

Students role play being a shopkeeper

Write a shopping list and draw pictures

Year 1 Mathematics – Bertie’s socks

Finding specific advertisements in a variety of media

Helping someone from Taiwan understand and use Australian currency

Determine entry price to recoup all expenses

Make postersClass discussion


Plan a breakfast for other students, research through interview

Sort, classify, categorise Unit pricing – decision making

Report findingsReflect on being a “Wilbur Want” or “Nellie Need”


Planning a party Categorise items needed for a party and research costsUse of column graph

Determine what can be afforded within a budget

Keeping recordsUse of economics and business terms: interest; budget; savings; receipt; EFTPOS

Year 3 Mathematics – Sal’s secret

Gather data, categorise Explore a range of print, online, TV, radio advertisements

Analyse data to identify trends

Write a reportShare/present with other students


Use of supermarket catalogues

Categorising needs and wants

Students role play being shopkeepers, decisions

Draw or paste pictures of items to sell


5


Economics and Business Skills supporting F – 4MoneySmart Teaching

Primary UnitsQuestioning and research Interpretation and

analysisEconomic reasoning, decision-making and application

Communication and reflection

Asking parents/carers about shopping

about what to sell

6

Years 5 – 6 Economics and Business

Economics and Business Knowledge and Understanding: Scope and Sequence: Years 5 – 6 (Reference pp 46-47 Australian Curriculum: Economics and Business)

Key

inqu

iry

ques

tions

Year 5 Year 6

Why do I have to make choices as a consumer?

What influences the decisions I make?

What can I do to make informed decisions?

Why are there trade-offs associated with making decisions?

What are the possible effects of my consumer and financial choices?

Why do businesses exist and what are the different ways they provide goods and services?

Con

tent

D

escr

iptio

ns

The difference between needs and wants and why choices need to be made about how limited resources are used.

How the concept of opportunity cost involves choices about the alternative use of resources and the need to consider trade-offs.

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.

The effect that consumer and financial decisions can have on the individual, the broader community and the environment.

Influences on consumer choices and methods that can be used to help make informed personal consumer and financial choices.

The reasons businesses exist and the different ways they provide goods and services.

Economics and Business Skills: Scope and Sequence: Years 5 – 6 (Reference pp 48-49 Australian Curriculum: Economics and Business)

Years 5 and 6

Questioning and Research– 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

Interpretation and analysis– Sort data and information into categories

Economic reasoning, decision-making and application– Identify alternative responses to an issue or event, and consider the advantages and disadvantages of preferring one to others

– Apply economics and business knowledge and skills in familiar situations

Communication and reflection– Present findings in an appropriate format using economics and business terms, and reflect on the possible effects of decisions

7

Years 5 – 6 MoneySmart Teaching Units of Work

Economics and Business MoneySmart TeachingYears 5 – 6 Units

Economics and Business Knowledge and Understanding Economics and Business Skills

List all the clothing items students would like to have (ACHEK001)

Recycling materials can meet a need (ACHEK002)

Discuss Influences on students’ choice of clothes (ACHEK003)

Use websites and junk mail to compare clothing prices (ACHES004)

Categorise influences on clothing choices (ACHES005)

Identify reasons for clothing choices (ACHES006)

Create a recycled fashion item and stage a fashion parade (ACHES007)

Display data relating to choice of clothes in tables and graphs and report on success of clothing item/accessory made (ACHES008)

Year 5 IntegratedNever too young to be MoneySmart with clothes

List essential and optional items (needs and wants) for an outing (ACHEK001)

A budget influences spending choices (ACHEK003)

Plan a family day out (ACHES004)

List and record cost of items in a table (ACHES005)

Distinguish between essential and optional costs (ACHES006)

Make financial decisions (ACHES007)

Prepare and modify a budget (ACHES008)

Year 5 MathematicsHey! Let’s have a big day out!

Design an environmentally friendly fun park (ACHEK009)

A budget offers choices (ACHEK010)

Tourism is a business (ACHEK011)

Explain design choices for a fun park and their impact on others and the environment (ACHES012)

Organise types and costs of park facilities in a table (ACHES013)

Use a budget sheet to track costs (ACHES014)

Adjust park design to meet criteria (ACHES015)

Prepare an oral presentation on the features of the fun park (ACHES016)

Year 6 IntegratedThe fun begins: Budget, plan, profit!

8


Economics and Business MoneySmart TeachingYears 5 – 6 Units

Economics and Business Knowledge and Understanding Economics and Business Skills

Financial and non-financial costs of owning a pet (ACHEK009)

Influences on the decision to purchase a pet (ACHEK010)

Reasons why people keep animals other than pets (ACHEK011)

Explore issues around keeping chickens (ACHES012)

Sort information on pet expenditure into categories (ACHES013)

Make a recommendation about whether the school should keep chickens (ACHES014)

Work with others to decide what criteria should be used to judge the best chicken coop design (ACHES015)

Present data on amount of money spent on cats and dogs in a table and graph (ACHES016)

Year 6 MathematicsIt’s raining cats and dogs... and chickens?

9


Links to the Australian Curriculum and National Consumer and Financial Literacy Framework

Year 5 Integrated – Never too young to be MoneySmart with clothes

Australian Curriculum – Integrated:Mathematics, English, Science, Economics and Business

National Consumer and Financial Literacy Framework

Mathematics

► Strand Statistics and probability Sub-strand Data representation and interpretation

Content Descriptions

– Pose questions and collect categorical or numerical data by observation or survey (ACMSP118)

– Construct displays, including column graphs, dot plots and tables, appropriate for data type, with and without the use of digital technologies (ACMSP119)

– Describe and interpret different data sets in context (ACMSP120)

English

► Strand LiteracySub-strand Interpreting, analysing, evaluating

Content Description

– Use comprehension strategies to analyse information, integrating and linking ideas from a variety of print and digital sources (ACELY1703)

Science

► Strand Science as a Human EndeavourSub-strand Use and influence of science

Content Description

– Scientific understandings, discoveries and inventions are used to solve problems that directly affect peoples’ lives (ACSHE083)

(Note: the student learnings in the National Consumer and Financial Literacy Framework are divided into, and are applicable over, bands covering two chronological years.)

Year 6

► Dimension Knowledge and understanding

Student Learnings

– Analyse the value of a range of goods and services in relation to an identified need

► Dimension Competence

Student Learnings

– Evaluate the value of a range of goods and services in a variety of ‘real-life’ situations

– Order and justify reasons for spending preferences.

► Dimension Responsibility and Enterprise

Student Learnings

– Identify and describe the impact that the consumer and financial decisions of individuals may have on themselves, their families, the broader community and/or the environment

– Examine and discuss the external factors that influence consumer choice

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Economics and Business

► Strand Knowledge and Understanding

Content Descriptions– The difference between needs and wants and why choices need to be made

about how limited resources are used (ACHEK001)

– 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)

– Influences on consumer choices and methods that can be used to help make informed personal consumer and financial choices (ACHEK003)

► Strand Economics and Business SkillsSub-strand Questioning and research

Content Description– 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)

Sub-strand Interpretation and analysisContent Description– Sort data and information into categories (ACHES005)

Sub-strand Economic reasoning, decision-making and applicationContent Descriptions– Identify alternative responses to an issue or event, and consider the

advantages and disadvantages of preferring one to others (ACHES006)

– Apply economics and business knowledge and skills in familiar situations (ACHES007)

Content DescriptionSub-strand Communication and reflection

– Present findings in an appropriate format using economics and business terms, and reflect on the possible effects of decisions (ACHES008)

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Years 5 – 6 Achievement Standards

Connection to year level Achievement Standards

This unit of work contributes to the bolded sections of the Achievement Standards in Mathematics, English, Science, Economics and Business for Year 5.

Mathematics

By the end of Year 5, students solve simple problems involving the four operations using a range of strategies. They check the reasonableness of answers using estimation and rounding. Students identify and describe factors and multiples. They explain plans for simple budgets. Students connect three-dimensional objects with their two-dimensional representations. They describe transformations of two-dimensional shapes and identify line and rotational symmetry. Students compare and interpret different data sets.

Students order decimals and unit fractions and locate them on number lines. They add and subtract fractions with the same denominator. Students continue patterns by adding and subtracting fractions and decimals. They find unknown quantities in number sentences. They use appropriate units of measurement for length, area, volume, capacity and mass, and calculate perimeter and area of rectangles. They convert between 12 and 24 hour time. Students use a grid reference system to locate landmarks. They measure and construct different angles. Students list outcomes of chance experiments with equally likely outcomes and assign probabilities between 0 and 1. Students pose questions to gather data, and construct data displays appropriate for the data.

English

Receptive modes (listening, reading and viewing)

By the end of Year 5, students explain how text structures assist in understanding the text. They understand how language features, images and vocabulary influence interpretations of characters, settings and events.

They analyse and explain literal and implied information from a variety of texts. They describe how events, characters and settings in texts are depicted and explain their own responses to them. They listen and ask questions to clarify content.

Productive modes (speaking, writing and creating)

Students use language features to show how ideas can be extended. They develop and explain a point of view about a text, selecting information, ideas and images from a range of resources.

Students create a variety of sequenced texts for different purposes and audiences. They make presentations and contribute actively to class and group discussions, taking into account other perspectives. When writing, they demonstrate understanding of grammar, select specific vocabulary and use accurate spelling and punctuation, editing their work to provide structure and meaning.

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Science

By the end of Year 5, students classify substances according to their observable properties and behaviours. They explain everyday phenomena associated with the transfer of light. They describe the key features of our solar system. They analyse how the form of living things enables them to function in their environments. Students discuss how scientific developments have affected people’s lives and how science knowledge develops from many people’s contributions.

Students follow instructions to pose questions for investigation, predict what might happen when variables are changed, and plan investigation methods. They use equipment in ways that are safe and improve the accuracy of their observations. Students construct tables and graphs to organise data and identify patterns. They use patterns in their data to suggest explanations and refer to data when they report findings. They describe ways to improve the fairness of their methods and communicate their ideas, methods and findings using a range of text types.


By the end of Year 5, students distinguish between needs and wants and recognise that choices need to be made when allocating resources. They recognise that consumer choices are influenced by a range of factors. Students identify individual strategies that can be used to make informed consumer and financial choices.

Students develop questions about an economics or business issue or event, and use data and information from different sources to answer them. They identify a response to an issue and apply economics and business skills to everyday problems. Students present their findings using economics and business terms.

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Year 5 Mathematics – Hey! Let's have a big day out!

Australian Curriculum – Mathematics, Economics and Business National Consumer and Financial Literacy Framework

Mathematics

► Strand Number and Algebra

Sub-strand Number and place value


– Use estimation and rounding to check the reasonableness of answers to calculations (ACMNA099)

– Solve problems involving multiplication of large numbers by one- or two-digit numbers using efficient mental, written strategies and appropriate digital technologies (ACMNA100)

Sub-strand Money and financial mathematics

Content Description– Create simple financial plans (ACMNA106)


► Strand Knowledge and Understanding

Content descriptions

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

– Influences on consumer choices and methods that can be used to help make informed personal consumer and financial choices (ACHEK003)



Student Learnings

– Recognise that families use household income to meet regular financial commitments and immediate and future expenses (Year 6)


Student Learnings

– Create simple budgets for specific purposes (Year 4)

– Order and justify reasons for spending preferences (Year 6)

► Dimension Responsibility and enterprise

Student Learnings

– Identify and describe the impact that the consumer decisions of individuals may have on themselves and their families, the broader community and/or the environment (Year 6)

14


► Strand Economics and Business Skills

Sub-strand Questioning and research

Content Description

– 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)

Sub-strand Interpretation and analysis

Content Description

– Sort data and information into categories (ACHES005)

Sub-strand Economic reasoning, decision-making and application


– Identify alternative responses to an issue or event, and consider the advantages and disadvantages of preferring one to others (ACHES006)


Sub-strand Communication and reflection

Content Description


15



This unit of work contributes to the bolded sections in the Achievement Standards in Mathematics, Economics and Business for Year 5.

Mathematics

By the end of Year 5, students solve simple problems involving the four operations using a range of strategies. They check the reasonableness of answers using estimation and rounding. Students identify and describe factors and multiples. They explain plans for simple budgets. Students connect three-dimensional objects with their two-dimensional representations. They describe transformations of two-dimensional shapes and identify line and rotational symmetry. Students compare and interpret different data sets.

Students order decimals and unit fractions and locate them on number lines. They add and subtract fractions with the same denominator. Students continue patterns by adding and subtracting fractions and decimals. They find unknown quantities in number sentences. They use appropriate units of measurement for length, area, volume, capacity and mass, and calculate perimeter and area of rectangles. They convert between 12 and 24 hour time. Students use a grid reference system to locate landmarks. They measure and construct different angles. Students list outcomes of chance experiments with equally likely outcomes and assign probabilities between 0 and 1. Students pose questions to gather data, and construct data displays appropriate for the data


By the end of Year 5, students distinguish between needs and wants and recognise that choices need to be made when allocating resources. They recognise that consumer choices are influenced by a range of factors. Students identify individual strategies that can be used to make informed consumer and financial choices.

Students develop questions about an economics or business issue or event, and use data and information from different sources to answer them. They identify a response to an issue and apply economics and business skills to everyday problems. Students present their findings using economics and business terms.

16


Links to the Australian Curriculum and National Consumer and Financial Literacy FrameworkYear 6 Integrated – The fun begins: Budget, plan, profit!

Australian Curriculum Mathematics, English, Science, Economics and Business

National Consumer and Financial Literacy Framework

Mathematics

Strand Number and algebra

Sub-strand Number and place value

Content Description– Select and apply efficient mental and written strategies and appropriate

digital technologies to solve problems involving all four operations with whole numbers. (ACMNA123)

Strand Measurement and geometry

Sub-strand Using units of measurement

Content Description– Use common metric units of length, mass and capacity. (ACMMG136)

EnglishStrand Literacy

Sub-strand Interacting with others

Content Descriptions– Participate in and contribute to discussions, clarifying and interrogating

ideas, developing and supporting arguments, sharing and evaluating information, experiences and opinions (ACELY1709)

– Plan, rehearse and deliver presentations, selecting and sequencing appropriate content and multimodal elements for defined audiences and purposes, making appropriate choices for modality and emphasis (ACELY1710)


Year 6


Student Learnings

– Describe how an individual can influence their income


Student Learnings

– Use a range of methods and tools to keep financial records in ‘real-life’ contexts

► Dimension Responsibility and Enterprise

Student Learnings

– Apply consumer and financial knowledge and skills in relevant class and/or school activities such as student investigations, charity fundraising, product design and development, business ventures and special events

17


Science

Strand Science inquiry skills

Sub-strand Planning and conducting

Content Description– With guidance, plan appropriate investigation methods to answer

questions or solve problems (ACSIS103)

Sub-strand Processing and analysing data and information

Content Description– Construct and use a range of representations including tables and

graphs, to represent and describe observations, patterns or relationships in data using digital technologies as appropriate (ACSIS107)


Strand Knowledge and Understanding


– How the concept of opportunity cost involves choices about the alternative use of resources and the need to consider trade-offs (ACHEK009)

– The effect that consumer and financial decisions can have on the individual, the broader community and the environment (ACHEK010)

– The reasons businesses exist and the different ways they provide goods and services (ACHEK011)

Strand Economics and Business Skills


Content Description

– Develop questions to guide an investigation of an economic or business issue or event, and gather data and information from observation, print

18


and online sources (ACHES012)


Content Description


Sub-strand Economic Reasoning, decision making and application





Content Description


19



This unit of work contributes to the bolded sections of the Achievement Standards in Mathematics, English, Science, Economics and Business for Year 6.

Mathematics

By the end of Year 6, students recognise the properties of prime, composite, square and triangular numbers. They describe the use of integers in everyday contexts. They solve problems involving all four operations with whole numbers. Students connect fractions, decimals and percentages as different representations of the same number. They solve problems involving the addition and subtraction of related fractions. Students make connections between the powers of 10 and the multiplication and division of decimals. They describe rules used in sequences involving whole numbers, fractions and decimals. Students connect decimal representations to the metric system and choose appropriate units of measurement to perform a calculation. They make connections between capacity and volume. They solve problems involving length and area. They interpret timetables. Students describe combinations of transformations. They solve problems using the properties of angles. Students compare observed and expected frequencies. They interpret and compare a variety of data displays including those displays for two categorical variables. They evaluate secondary data displayed in the media.

Students locate fractions and integers on a number line. They calculate a simple fraction of a quantity. They add, subtract and multiply decimals and divide decimals where the result is rational. Students calculate common percentage discounts on sale items. They write correct number sentences using brackets and order of operations. Students locate an ordered pair in any one of the four quadrants on the Cartesian plane. They construct simple prisms and pyramids. Students list and communicate probabilities using simple fractions, decimals and percentages.

English

Receptive modes (listening, reading and viewing)

By the end of Year 6, students understand how the use of text structures can achieve particular effects. They analyse and explain how language features, images and vocabulary are used by different authors to represent ideas, characters and events.

Students compare and analyse information in different texts, explaining literal and implied meaning. They select and use evidence from a text to explain their response to it. They listen to discussions, clarifying content and challenging others’ ideas.

Productive modes (speaking, writing and creating)

Students understand how language features and language patterns can be used for emphasis. They show how specific details can be used to support a point of view. They explain how their choices of language features and images are used.

Students create detailed texts elaborating on key ideas for a range of purposes and audiences. They make presentations and contribute actively to class and group discussions, using a variety of strategies for effect. They demonstrate understanding of grammar, make considered choices from an expanding vocabulary, use accurate spelling and punctuation for clarity and make and explain editorial choices.

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Science

By the end of Year 6, students compare and classify different types of observable changes to materials. They analyse requirements for the transfer of electricity and describe how energy can be transformed from one form to another to generate electricity. They explain how natural events cause rapid change to the Earth’s surface. They describe and predict the effect of environmental changes on individual living things. Students explain how scientific knowledge is used in decision making and identify contributions to the development of science by people from a range of cultures.

Students follow procedures to develop investigable questions and design investigations into simple cause-and-effect relationships. They identify variables to be changed and measured and describe potential safety risks when planning methods. They collect, organise and interpret their data, identifying where improvements to their methods or research could improve the data. They describe and analyse relationships in data using graphic representations and construct multi-modal texts to communicate ideas, methods and findings.


By the end of Year 6, students recognise why choices about the allocation of resources involve trade-offs. They describe the effects of consumer and financial decisions on themselves, others and the environment. Students identify the purpose of business and recognise the different ways that businesses choose to provide goods and services.

When researching, students develop questions and gather and sort data and information from different sources to investigate an economic or business issue. They identify the advantages and disadvantages of a proposed response to an issue and apply economics and business knowledge and skills to everyday problems. Students present their findings using appropriate texts and economics and business terms and identify the possible effects of their decisions.

21



Year 6 Mathematics – It's raining cats and dogs … and chickens?

Australian Curriculum – Mathematics, Economics and Business National Consumer and Financial Literacy Framework

Mathematics

Strand Number and Algebra

Sub-strand Fractions and decimals

Content Description– Make connections between equivalent fractions, decimals and percentages

(ACMNA131)

Sub-strand Money and financial mathematics

Content Description– Investigate and calculate percentage discounts of 10%, 25% and 50% on

sale items, with and without digital technologies (ACMNA132)

Strand Measurement and geometry

Sub-strand Using units of measurement

Content Descriptions– Solve problems involving the comparison of lengths and areas using

appropriate units (ACMMG137)

– Convert between common metric units of length, mass and capacity (ACMMG136)

Sub-strand Shape

Content Description– Construct simple prisms and pyramids (ACMMG140)


Year 6


Student Learnings

– Analyse the value of a range of goods and services in relation to an identified need


Student Learnings

– Evaluate the value of a range of goods and services in a variety of ‘real-life’ situations

► Dimension Responsibility and enterprise

Student Learnings

– Explain there are ethical considerations to some consumer and financial decisions

– Examine and discuss the external factors that influence consumer choices

22


Strand Statistics and Probability

Sub-strand Data representation and interpretation

Content Descriptions– Interpret and compare a range of data displays, including side-by-side

column graphs for two categorical variables (ACMSP147)

– Interpret secondary data presented in digital media and elsewhere (ACMSP148)


Strand Knowledge and Understanding


– How the concept of opportunity cost involves choices about the alternative use of resources and the need to consider trade-offs (ACHEK009)

– The effect that consumer and financial decisions can have on the individual, the broader community and the environment (ACHEK010)

– The reasons businesses exist and the different ways they provide goods and services (ACHEK011)


Content Description

– 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 (ACHES012)


23


Content Description


Sub-strand Economic reasoning, decision-making and application





Content Description


24



This unit of work contributes to the bolded sections of the Achievement Standards in Mathematics, Economics and Business for Year 6.

Mathematics

By the end of Year 6, students recognise the properties of prime, composite, square and triangular numbers. They describe the use of integers in everyday contexts. They solve problems involving all four operations with whole numbers. Students connect fractions, decimals and percentages as different representations of the same number. They solve problems involving the addition and subtraction of related fractions. Students make connections between the powers of 10 and the multiplication and division of decimals. They describe rules used in sequences involving whole numbers, fractions and decimals. Students connect decimal representations to the metric system and choose appropriate units of measurement to perform a calculation. They make connections between capacity and volume. They solve problems involving length and area. They interpret timetables. Students describe combinations of transformations. They solve problems using the properties of angles. Students compare observed and expected frequencies. They interpret and compare a variety of data displays including those displays for two categorical variables. They evaluate secondary data displayed in the media.

Students locate fractions and integers on a number line. They calculate a simple fraction of a quantity. They add, subtract and multiply decimals and divide decimals where the result is rational. Students calculate common percentage discounts on sale items. They write correct number sentences using brackets and order of operations. Students locate an ordered pair in any one of the four quadrants on the Cartesian plane. They construct simple prisms and pyramids. Students list and communicate probabilities using simple fractions, decimals and percentages.


By the end of Year 6, students recognise why choices about the allocation of resources involve trade-offs. They describe the effects of consumer and financial decisions on themselves, others and the environment. Students identify the purpose of business and recognise the different ways that businesses choose to provide goods and services.

When researching, students develop questions and gather and sort data and information from different sources to investigate an economic or business issue. They identify the advantages and disadvantages of a proposed response to an issue and apply economics and business knowledge and skills to everyday problems. Students present their findings using appropriate texts and economics and business terms and identify the possible effects of their decisions.

25

Australian Curriculum: Economics and Business

Economics and Business (Reference ACARA | The Australian Curriculum | Version 6.0 dated Tuesday, 18 February 2014)

Organisation

The Australian Curriculum: Economics and Business is organised in two related strands: Economics and Business Knowledge and Understanding, and Economics and Business Skills.

In both these strands, the study of economics and business issues, events and business case studies form an integral component of the curriculum. A focus on contemporary issues, events and business case studies stimulates student interest and curiosity. The content is intended to be taught through a relevant context, which will help students make the connections between what they are learning in class and events or issues that are happening in their local area, Australia and the world.

Both strands also focus on developing enterprising behaviours and capabilities. Through the study of economics and business, students will develop their understanding of the importance and role of enterprising behaviours and capabilities at an individual and business level. They will also be encouraged to develop the capabilities that will enable them to actively participate in the economy, now and in the future.

Enterprising behaviours and capabilities refer to the suite of skills, attributes and behaviours that allow individuals to engage in and contribute to the economic wellbeing of society. Broadly, they encourage students to be adaptable, demonstrate initiative, solve problems and take on leadership roles in all aspects of life. In a constantly changing world, enterprising behaviours and capabilities provide individuals with the necessary skills to manage change. Students develop and practise skills and attributes in the context of economics and business including accepting challenges, showing initiative, accepting responsibility, developing economic and business vocabulary, working sustainably, being socially responsible, setting goals, and negotiating solutions; and using associated behaviours such as working with others, planning and organising, reflecting and reviewing performance, analysing economic and business issues, taking opportunities and making decisions.

Economics and Business Knowledge and Understanding

Economics and business knowledge refers to the facts, principles, theories and models developed in Economics and Business. Economics and business understanding is the ability to see the relationships between concepts and the interdependence of sectors of the economy.

The Economics and Business Knowledge and Understanding strand comprises four key organising ideas: resource allocation and making choices; the business environment; consumer and financial literacy; and work and work futures.

Resource allocation and making choices focuses on the process of using available, limited resources for competing alternative uses that satisfy society’s unlimited needs. As every need and want cannot be satisfied with available resources, choices must be made about how resources are allocated most effectively, based on the actions of consumers, producers and governments.

The business environment examines the ways businesses operate at many levels, and the ways they respond to opportunities and changing circumstances and conditions. As businesses operate in markets, the decisions they make have social, economic and environmental consequences.

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Consumer and financial literacy explores the role of making responsible and informed decisions about consumer issues and managing money and assets, and how these decisions affect the individual’s and the community’s quality of life, sense of security and awareness of future options.

Work and work futures focuses on work and the work environment and the contribution of work to individual and collective wellbeing. It explores the factors that influence the work environment now and into the future and the rights and responsibilities of participants in the work environment.

Economics and Business Skills

The Economics and Business Skills strand focuses on the skills of questioning and research; interpretation and analysis; economic reasoning, decision-making and application; and communication and reflection.

Questioning and research involves students asking questions about a contemporary issue or event and planning and conducting investigations. Students gather information and data from a range of sources to investigate the issue or event.

Interpretation and analysis engages students in transforming and critically examining information and data and accounting for different perspectives.

Economic reasoning, decision-making and application involves students making informed decisions using economic reasoning and applying economics and business knowledge, skills and concepts to familiar and new situations.

In Communication and reflection students present findings, arguments and evidence-based conclusions using subject-specific language, concepts and conventions and reflect on the intended and unintended consequences of decisions.

Economics and Business Skills are described in bands of schooling at two-year intervals.

Relationship between the strands

The two strands are integral to the development of a teaching and learning program. The Economics and Business Knowledge and Understanding strand provides the content focus through which particular skills are to be developed. It is developed year by year. The sequencing and description of the Economics and Business Skills in two-year bands (5–6, 7–8, 9–10) may help in multi-age programming by providing a common skills focus for the teaching and learning of the knowledge and understanding content.

Contemporary economic and/or business events, issues and case studies are used to provide the context for learning knowledge and understanding and the development of skills.

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Year-level descriptions

Year-level descriptions provide an overview of the content that is being studied at each year level. The descriptions identify the key economics and business concepts that are to be the focus for teaching and articulate how students’ economics and business knowledge, understanding and skills will be developed. They also emphasise the interrelated nature of the two strands and the expectation that planning will involve integration of content from across the strands.

Key questions

Each year level includes key questions which provide a guiding framework for developing students’ economics and business knowledge, understanding and skills of inquiry.

Content descriptions

The Years 5–10 Australian Curriculum: Economics and Business includes content descriptions at each year level. These set out the knowledge, understanding and skills that teachers are expected to teach and students are expected to learn. However, they do not prescribe approaches to teaching. The content descriptions have been written to ensure that learning is appropriately ordered. Economics and business concepts and skills are introduced early in the curriculum; their complexity increases as students move through the year levels.

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Economics and Business strands - ASIC's MoneySmart · Web viewInfluences on consumer choices and...

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Transcript of Economics and Business strands - ASIC's MoneySmart · Web viewInfluences on consumer choices and...