Consumer Stuff for kids (PDF, 6.2 MB) - Consumer Affairs Victoria

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VELS Humanities - Economics The key elements of the Economics knowledge and understanding standard addressed by this unit are: "Students demonstrate a basic understanding of personal money management and the role of banking, budgeting and saving." Refer to the Level 4 Humanities - Economics Domain Learning Focus statement on page vii to provide a context for the standards. • Unit 4 Consumer and Financial Literacy Framework This unit addresses the following outcomes: KU 1 See page viii for more information. ACTIVITY 1 - Have an Interest in Banking Learning Objectives • Students will be introduced to the barter system and identify some features of the monetary system. • Students will identify the two main services banks provide • consumers. This is to deposit savings and to borrow money. • Students will differentiate between interest from savings and interest from borrowings. Lesson Duration » 60 minutes Preparation » draw Figure 1 Saver and Borrower on the board » copy Which Interest is Which? activity sheet Key Terms • barter • interest • deposit • transaction • withdrawal • bank account • currency Teacher Notes Students will have been exposed to many advertisements from banks on TV, newspaper, internet and radio. During this unit encourage students to collect advertising material from banks. Discuss with students why interest rates are used by banks to persuade consumers to use their services. Samples of early finisher/extension tasks for this unit of work are included on page 31. Barter: Exchanging goods or services for other goods or services. Introduction Money, Money, Money, KU 4 KU 2 C2 KU 3 Students individually brainstorm the topic 'Money' for one minute. Individuals then make pairs and combine lists without repeating common ideas. Pairs join fours to create larger lists or compile to form a class list. This list can be added to throughout the Money, Money, Money Unit. The “History of Money” A long time ago, people didn’t use money to buy goods and services. They would trade something they owned for something they needed. If the shoemaker needed some bread, she would give the baker some shoes, and the baker would give her some bread. This was called “bartering.” Ask the students: "What would a fair exchange be for two kilograms of rice?" "Are there any problems with bartering?" R1 CONSUMER AFFAIRS VICTORIA NEED CONSUMER HELP? 1300 55 81 81 www.consumer.vic.gov.au 35
Bartering worked fine for a while...until the baker had too many shoes, but the shoemaker needed more bread. The solution to this problem was money. Buyers and sellers agreed to accept money to buy and sell things. For money to be used it needed to have some characteristics. These are: portable divisible hard to copy/forge scarce acceptable All students begin the game by standing up. The teacher makes a statement about the monetary system. If students think the statement is: • true they will place their hands on their head false they will place their hands on their hips Students with the correct answer continue in the game. Those who are incorrect sit down. •Australia’s currency is the pound. True or False? False Currency like notes and coins need to be hard to forge so consumers • Provide opportunities for students to justify their responses to each statement. On the board draw a simple circular diagram similar to Figure 1 below. The diagram features: a bank • a consumer who deposits savings (SAVER) in a bank and earns interest from their savings • a consumer who borrows money (BORROWER) from the bank and pays interest on the borrowings. • can’t make their own. True or False? True •Australia was one of the first countries in the world to use plastic notes. True or False? True, introduced in 1998. Many years ago, leaves from trees were a good substitute for money because • they are scarce (which means hard to find). True or False? False •The English were the first to have paper currency. True or False? False, it was the Chinese. A consumer cannot borrow money from banks. True or False? False • Task - Play “True or False” If you deposit your money with a bank, you will earn extra money from the bank called interest. True or False? True •When a consumer borrows money from a bank, for example $100, the consumer must pay back more than $100 to the bank. True or False? True, you do have to pay back extra. This extra payment is also called interest. Figure 1 - Saver and Borrower I will put money in the bank. The bank will then give me extra money called interest. I want to buy a house and don't have the money. I will borrow money from the bank and repay the bank their money + extra money called interest. Saver Borrower 36 CONSUMER AFFAIRS VICTORIA NEED CONSUMER HELP? 1300 55 81 81 www.consumer.vic.gov.au
Page 1 and 2: A teaching & learning resource •
Page 3 and 4: A teaching & learning resource •
Page 5 and 6: Introduction to Consumer Stuff for
Page 7 and 8: Victorian Essential Learning Standa
Page 9 and 10: National Consumer and Financial Lit
Page 11 and 12: VELS Humanities - Economics The key
Page 13 and 14: Conclusion Play “The Goods ‘n S
Page 15 and 16: Group Person (list 3 NEEDS and 3 WA
Page 17 and 18: Take Home Activity I am a Consumer
Page 19 and 20: Introduction Create a KWL chart on
Page 21 and 22: Consumer Match-up Cards Q Do consum
Page 23 and 24: CAMP CHAOS! Anna couldn’t believe
Page 25 and 26: Consumer Power - Advice Line 1. Lee
Page 27 and 28: Fish Shop 1. Read the following let
Page 29 and 30: Role-play Scenarios A salesperson i
Page 31 and 32: Scams Task Distribute the Scams act
Page 33 and 34: Take Home Activity An Informed Cons
Page 35 and 36: Unit VELS Humanities - Economics Th
Page 37 and 38: Which Industry? Computer or IT Indu
Page 39 and 40: Fishbone Chart Model a fishbone cha
Page 41: Take Home Activity Let's Work YOUR
Page 45 and 46: Design your own money. You are work
Page 47 and 48: ACTIVITY 2 - Different Ways to Buy
Page 49 and 50: The "How to Pay" Role-play NAME . .
Page 51 and 52: 46 45 28 27 10 9 Snakes and Ladders
Page 53 and 54: ACTIVITY 4 - Budgeting Learning Obj
Page 55 and 56: $ in Budget Activity Sheet $ out NA
Page 57 and 58: OPPORTUNITY COST Shoppers make lots
Page 59 and 60: 1. What job did you select as No. 1
Page 61 and 62: Ask the students: • “Why are th
Page 63 and 64: CUT Information Cards for Buyers an
Page 65 and 66: Skeleton Island - Water, Fishing Ro
Page 67 and 68: Resources Activity Sheet There are
Page 69 and 70: Pre-task Discussion Sam's Soccer Ba
Page 71: Sam’s Soccer Ball Factory Look at
Page 74 and 75: Type of Brand Name Neologisms Forei
Page 76 and 77: • "Australians use around 6.4 bil
Page 78 and 79: Help on the Web www.sustainability.
Page 80 and 81: Take Home Activity Consuming Planet
Page 82 and 83: VELS Managing Personal Learning The
Page 84 and 85: Wacky went out to visit the On his
Page 86 and 87: Task - Using the DVD clip The Scree
Page 88 and 89: Your Network of Support YOU CONSUME
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Task - Individual or group goals S
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Task - Six Thinking Hats The class
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Learning Objectives • Students de
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Task - The tower Students work in s
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Task - Hands Each student places th
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Unit VELS Humanities - Economics Th
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Finding Out Ongoing Assessment and
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Going Further Ongoing Assessment an
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Take Home Activity How Can We Make
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Unit VELS Humanities - Economics Gu
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Sorting out • Locate special lang
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• In pairs role-play strategies u
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Take Home Activity Is Advertising C
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CONSUMER AFFAIRS VICTORIA NEED CONS
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Consumer Stuff for kids (PDF, 6.2 MB) - Consumer Affairs Victoria

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