Year 7 – Economics and Business

Learning to manage money and understand the impact of financial decisions is a vital life skill. Equip your students with relevant and practical lessons mapped to curriculum goals.

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What is the basic economic problem? The fundamental economic problem is the issue of scarcity and how best to produce…

Directions: read each scenario and decide what you would choose. Identify the trade-off(s) and opportunity cost(s) of…

Linked activity: Who provides the goods and services I need and want

If you’re in the market for a new phone, you can buy it outright or on a plan. Buy outright – You pay the full cost…

Luna’s phone is broken, so she’s in the market for a new one. She currently owns her own phone and has 2 options to…

Linked activity: Strategic thinking skills of entrepreneurs – SWOT analysis

Government service Decision number Cost or benefit to welfare Running total (starting score…

Follow these instructions to play the game. Each group is the government of a nation and must decide on how to spend…

Linked activities: How to choose what to buy

Part 1: Making a purchasing decision Scenario You need a new mobile phone plan that includes a phone. Search the…

One of the first things you do when you start a business is decide on how it will be structured. Businesses are set up…

There are advantages and disadvantages associated with different business structures. Read Business structures –…