Earning an income
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Introduction
In this activity, students investigate how people earn an income, why people work and the different types of work that exist. They also learn that people who earn money may be liable to pay tax and the difference between gross and net income. As part of this activity, students are required to construct a questionnaire and survey members of the school and if possible, the broader community.
Achievement standard
By the end of Year 7, students describe the interdependence of consumers and producers in the market. They explain the importance of short- and long-term planning to individual and business success and identify different strategies that may be used. They describe the characteristics of successful businesses and explain how entrepreneurial capabilities contribute to this success. Students identify the reasons individuals choose to work and describe the various sources of income that exist.
When researching, students develop questions and gather data and information from different sources to investigate an economic or business issue. They interpret data to identify trends. They propose alternative responses to an issue and assess the costs and benefits of each alternative. They apply economics and business knowledge, skills and concepts to familiar problems. Students develop and present conclusions using appropriate texts, terms and concepts. They identify the effects of their decisions and the possible effects of alternative actions.
Content descriptions
Economics and Business Knowledge and Understanding
Why individuals work, types of work and how people derive an income (ACHEK020).
Economics and Business Skills
Develop questions about an economic or business issue or event, and plan and conduct an investigation or project (ACHES021).
Gather relevant data and information from a range of digital, online and print sources (ACHES022).
Interpret data and information displayed in different formats to identify relationships and trends (ACHES023).
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).
Teacher resources
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Earning an income
Student learning resources
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How and why people earn money
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Suggested activity sequence
This sequence is intended as a framework to be modified and adapted by teachers to suit the needs of a class group.
- Display and explain information on the visualiser.
- Use a grouping strategy to organise students into groups of 4.
- Groups begin their investigations.
- Groups survey members of the school, home and/or local community.
- Groups collate and report their findings to the class.
- Students learn to collate the results of the survey into tables and graphs.
- Groups analyse this information, writing short descriptions as to what they see in the data.
- As a class, discuss student findings and summarise answers to the inquiry questions.
- How do people derive an income?
- Why do people work?
- How do people work?