Consumers and Producers
Tuning in: Becoming familiar with key terms through literature
Click on the graphic to read the online story or watch the video Umps Fwat. This story could be used as a springboard to introduce the key concept: characteristics of entrepreneurs and successful businesses (ACHEK019)
Students can begin to list the characteristics of entrepreneurs and businesses in readiness for the BUZZ group research task.
The story is published by the Powell Economic Education Foundation, this is a cute book about cavemen playing baseball and how one man, Ump, perfected the bat that he turned into a business success.
The story begins:
“In the beginning… the club was one of man’s most useful tools. He used it to settle arguments, to hunt the short- tempered woolly mammoth… and, most importantly, to play fwap.”
And continues, once other cavemen start wanting Ump's fwat to play fwap:
“Ump realized he had a MARKETABLE PRODUCT in his hands. For if he were to make fwats for fwap players all over the world, he would get, in return, many flinks.” The story delves into investors,profits, employees, dividends and shareholders.
Students can begin to list the characteristics of entrepreneurs and businesses in readiness for the BUZZ group research task.
The story is published by the Powell Economic Education Foundation, this is a cute book about cavemen playing baseball and how one man, Ump, perfected the bat that he turned into a business success.
The story begins:
“In the beginning… the club was one of man’s most useful tools. He used it to settle arguments, to hunt the short- tempered woolly mammoth… and, most importantly, to play fwap.”
And continues, once other cavemen start wanting Ump's fwat to play fwap:
“Ump realized he had a MARKETABLE PRODUCT in his hands. For if he were to make fwats for fwap players all over the world, he would get, in return, many flinks.” The story delves into investors,profits, employees, dividends and shareholders.
Establishing prior knowledge: Explore types of work
Involve students in a CAROUSEL brainstorm. Assign the following issues to each group. Each group records their issue as a heading on their sheet. For 5 minutes, each group brainstorms responses and ideas for their issue. The sheets rotate around the groups allowing every group to read and contribute to the responses of their peers.
Why individuals work, types of work and how people derive an income (ACHEK020)
QUESTIONS
Why do people work?
List types of work available now
List types of work that are no longer available
What are the hours people might work?
Predict types of work available in the future
Is work always something you are paid to do?
Why individuals work, types of work and how people derive an income (ACHEK020)
QUESTIONS
Why do people work?
List types of work available now
List types of work that are no longer available
What are the hours people might work?
Predict types of work available in the future
Is work always something you are paid to do?
Needs and Wants
Students work in pairs to create 10-20 cards depicting images and words for things that they believe children may either need or want in order to be happy. Students divide the cards under the following headings:
• things you need to live
• things you don’t necessarily need, but you would like to have.
Discuss "needs" and "wants." Which pile is bigger? What do you notice?
Shuffle the cards and divide the cards into these groups:
• things that are not sustainable - thrown away
• things that are sustainable - don't create waste
Brainstorm products and services which are in high demand. Are the products/services a need or a want. Discuss the key questions entrepreneurs pose when creating a new product or service.
As a group, discuss how the cards were sorted. Consider how different people define their "needs" or "wants." What factors might influence and individual's opinion?
View the clip below and individually students reflect in their journals about their understanding of needs and wants.
Students should make the connection that: Human needs and wants can never be satisfied because resources are limited.
• things you need to live
• things you don’t necessarily need, but you would like to have.
Discuss "needs" and "wants." Which pile is bigger? What do you notice?
Shuffle the cards and divide the cards into these groups:
• things that are not sustainable - thrown away
• things that are sustainable - don't create waste
Brainstorm products and services which are in high demand. Are the products/services a need or a want. Discuss the key questions entrepreneurs pose when creating a new product or service.
As a group, discuss how the cards were sorted. Consider how different people define their "needs" or "wants." What factors might influence and individual's opinion?
View the clip below and individually students reflect in their journals about their understanding of needs and wants.
Students should make the connection that: Human needs and wants can never be satisfied because resources are limited.
Producing a recipe that people will want to eat (procedural text)
Students could research a recipe involving chocolate. This task is related to the characters in the novel Bootleg; Smudger and Huntley are also researching chocolate recipes in order to make and sell bootleg chocolate on the black market. Students use the BAR method to make their recipe bigger (or smaller), add something to it and replace something. Students could give their product a name and illustrate what it might look like if the recipe was followed. As an extension task students could also prepare their recipes at home to photograph and/or share with their classmates. Students could then assess the work of their peers with a tasting afternoon.
Higher order thinking:Product/Service development
Assessment for Learning
Below are some ideas to engage students in authentic learning whereby students consider making a contribution to the community in some way.
Review the Needs and Wants lesson - particularly the key questions entrepreneurs pose when deciding if a product or service is worth investing time, effort and money. Students work through the NEEDS ANALYSIS to identify a product or service for the future. From the NEEDS ANALYSIS and PMI (adjacent) students devise inquiry question(s) to help them decide whether their idea is marketable. The presentation of work could be negotiated by encouraging a range of multi-modal formats. The KEY QUESTIONS below could be a starting point to support students in designing inquiry questions.
Students are encouraged to pursue innovative economic and business ideas. View the young entrepreneurs youtube clip for some inspiration. Students work in small groups to develop a business plan and have the opportunity to implement it. It is important that the learning be as authentic as possible. Bizkids.com has a useful template that students could use in developing their business plan. Present evidence based conclusions using economics and business language and concepts in a range of appropriate formats, and reflect on the consequences of alternative actions (ACHES026) The enterprises that the students work on could culminate in a market day, culture cafe or fun day. Students can then interpret their data and display information about profit and loss and identify trends in the form of a spread sheet at the end of the unit. Interpret data and information displayed in different formats to identify relationships and trends (ACHES023) What will the students do with the profits of the business? Some schools have a particular charity that they are aligned to, otherwise students could donate their profits to an organisation that they are passionate about. Apply economics and business knowledge, skills and concepts in familiar and new situations (ACHES025) Kiva loans is a good website that students could visit. It is a non-profit organization with a mission to connect people through lending to alleviate poverty. Leveraging the internet and a worldwide network of micro-finance institutions, Kiva lets individuals lend as little as $25 to help create opportunity around the world. |
4. Use a PMI chart for supporting students in thinking about their product more deeply. Encourage students to think about the resources needed and the impact on the work force and types of work available.
The ways consumers and producers respond to and influence each other in the market (ACHEK017) |