Joel spoke to the boys about basic economics. He teaches in the Senior School and the boys found it very interesting to share what they already knew about economics. Next was an exciting opportunity for the boys to be immersed in the world of buyers and sellers. The learnt that the market has some basic elements but that it can also be a complicated place. There are fixed prices in some economies, in places like Coles. We are not limited to shop at one store though so can purchase something like chocolate at a cheaper cost from a competitor like Aldi. There are some opportunities for bargaining, like when purchasing a car or buying white goods from the Good Guys. The boys were given necklaces and 'cash' to role play buying and selling and this interaction taught the boys about how the market finds an average price, one that satisfies the buyer and seller.
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AuthorsY5 students at Scotch College, Perth Archives
November 2020
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Photo used under Creative Commons from joshtasman