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

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Unit 5 VELS Humanities - Economics The key elements of the Economics knowledge and understanding standard addressed by this unit are: • "Students describe the nature of the economic problem (scarcity) and explain how selected goods and services are produced and distributed. Students describe the difference between ... their own What is an Economy? roles as producers and consumers of goods and services." The key elements of the Economics reasoning and interpretation standard addressed by this unit are: • "... students use the inquiry process to plan economic investigations about economic issues in the home, school or local community and form conclusions supported by evidence." Refer to the Level 4 Humanities - Economics Domain Learning Focus statement on page vii to provide a context for the standards. Consumer and Financial Literacy Framework This unit addresses the following outcomes: R2 R3 See page viii for more information. ACTIVITY 1 - Scarce as Hen's Teeth Learning Objectives • Students experience the nature of the economic problem (scarcity) and describe how supply and demand of goods can affect their price. Lesson Duration » 45 minutes Teacher Notes Consider any current or topical example of supply and demand which students may personally relate to. For example: • the price of a particular food can fluctuate if production has been affected by drought, bushfire or cyclones. • the price of memorabilia autographed by well-known celebrities can increase dramatically once the celebrity dies because supply of autographed items stops. Play Item and Price Match on the board. Ask students to match each item. Item Price Diamond $ Litre of milk $$$$$ Pair of shoes $$$$$$$$$$$$$$$ Trampoline $$ Key Terms • scarce • scarcity • demand • supply Preparation » copy Information Cards for Buyers and Sellers » copy Skeleton Island - $100 for each Buyer » copy Skeleton Island - Water, Fishing Rod and Insect Repellent for Sellers Note The Skeleton Island game requires Buyers and Sellers at a ratio of 1 seller : 4 buyers. For example: in a class of 25 students you will have 5 sellers and 20 buyers. Introduction CONSUMER AFFAIRS VICTORIA NEED CONSUMER HELP? 1300 55 81 81 www.consumer.vic.gov.au 53
Ask the students: • “Why are these items priced differently?” • “Which item here is most rare (scarce)?” • “How has this affected the cost of the diamond?” The class will play a game which shows how sellers (like supermarkets, shopkeepers etc) set prices. The game also explains why scarce goods and services cost more money. The term scarce may need to be defined first. (Scarce means difficult to locate or rare.) Task - Buying and Selling On Skeleton Island The Buying and Selling game needs students taking on the role of buyers or sellers. There needs to be a ratio of approximately 1 seller: 4 buyers. For example, in a class of 25 students you will have 5 sellers and 20 buyers. The buyers are each given $100. This is found on Skeleton Island- $100 for each Buyer sheet. Buyers need to cut up their sheet to separate the dollars. The objective for buyers is to survive as many days as possible. Each buyer needs: • 1 litre of water each day • 1 fishing rod • 1 bottle of insect repellent. The winning buyer will have at the end of the game a fishing rod, insect repellent and the most water. The game is played over “days”. A “day” on Skeleton Island passes every 2 minutes. At the end of each day, buyers are out of the game if they: • Have not bought a new bottle of water • Have no more money. The sellers are given 3 products to sell in this desert island survival game: • 20 bottles of water • 3 fishing rods • 1 bottle of insect repellent. The objective for sellers is to sell all of their stock and make the most money. Before starting the Game The Sellers need to cut up their water bottles, insect repellent and fishing rods. The Buyers need to cut up their money. The Teacher will signal the start and end of each day by blowing a whistle or ringing a bell. The Sellers need to position themselves in different parts of the room. The Sellers need to work out what price they are going to sell each item for. This price can be negotiated because bargaining is allowed. The Sellers and Buyers need to be clear on their role. Each Buyer and Seller needs their information card. 54 CONSUMER AFFAIRS VICTORIA NEED CONSUMER HELP? 1300 55 81 81 www.consumer.vic.gov.au
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A teaching & learning resource •
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A teaching & learning resource •
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Introduction to Consumer Stuff for
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Victorian Essential Learning Standa
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Sorting out • Locate special lang
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Consumer Stuff for kids (PDF, 6.2 MB) - Consumer Affairs Victoria

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