Understanding Markets

Lesson Details

Subject: Business
Year Level: Year 10
Lesson Duration: 50 minutes
Class Size: 20 students
Australian Curriculum Reference:

• AC9HE10K03 – Factors that influence major consumer and financial decisions and the short and long-term consequences of these decisions.
• AC9HE10K01 – The nature and importance of markets, and the role of supply and demand in determining prices and allocating resources in Australia.

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Lesson Objectives

By the end of the lesson, students will be able to:

• Define what a market is and describe different types of markets in Australia.
• Explain the role of supply and demand in determining prices.
• Analyse real-world Australian market examples and how they operate.
• Apply market concepts to a group activity simulating a business scenario.

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Lesson Structure

1. Warm-Up Activity – Market Brainstorm (10 Minutes)

Objective: Get students thinking about markets they interact with daily.

• Write "Market" on the board and ask students:
  • "What is the first thing that comes to mind when you hear the word ‘market’?"
  • "Can you name different types of markets that exist in Australia?"
• Encourage responses covering:
  • Physical markets (e.g., farmer’s markets, shopping centres)
  • Digital markets (e.g., eBay, Amazon Australia, Facebook Marketplace)
  • Labour market
  • Financial market
• Summarise student contributions into categories and introduce the formal definition of a market.

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2. Explicit Teaching – Understanding Markets (10 Minutes)

Objective: Provide clear and structured information on market types and how they work.

• Define a market as any structure where buyers and sellers interact to exchange goods and services.
• Explain key market types:
  • Retail Markets: Shopping centres, supermarkets (e.g., Coles, Woolworths)
  • Online Markets: eBay Australia, local e-commerce businesses
  • Labour Markets: Importance of wages and unemployment rates in Australia
  • Financial Markets: ASX and cryptocurrency trading in Australia
• Discuss supply and demand with real Australian examples:
  • Why concert tickets sell out quickly and prices rise (e.g., Taylor Swift's Eras Tour in Australia)
  • How weather events impact fruit and vegetable prices in supermarkets

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3. Group Activity – Build a Market (15 Minutes)

Objective: Allow students to apply their knowledge in a practical and interactive way.

• Scenario: Each group of 4 students will create a small business that operates within a chosen Australian market type.
• Instructions:
  1. Choose a product or service to sell (e.g., handmade jewellery, a tutoring service, a food delivery app).
  2. Identify their target customers.
  3. Determine pricing based on supply and demand.
  4. Consider factors like competitors and location.
• Each group will have 7 minutes to create a simple business plan and then present their key points to the class.

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4. Class Discussion – Market Challenges (10 Minutes)

Objective: Encourage students to think critically about real-world market issues.

• Pose discussion questions:
  • How do businesses determine the right price for their products?
  • What challenges might businesses face in different Australian markets?
  • How do government policies (e.g., minimum wage, GST) affect markets?
• Lead discussion using current Australian examples, such as rising housing prices and the impact of inflation.

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5. Exit Ticket – One-Minute Reflection (5 Minutes)

Objective: Reinforce key concepts and gather student insights.

• Each student writes a quick response to one of the following prompts:
  • One key thing they learned about markets today.
  • One question they still have about how markets work.
  • One real-world market they now find more interesting and why.

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Assessment & Differentiation

Formative Assessment:

✔️ Teacher observation during the group activity
✔️ Class discussion participation
✔️ Exit ticket reflections

Differentiation Strategies:

• For advanced students: Encourage them to analyse complex market forces, such as global influences on Australian markets.
• For students needing support: Provide structured prompts and examples during the group activity.

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Reflection & Next Steps

• Review exit tickets to gauge student understanding and adjust future lessons accordingly.
• Next lesson: Exploring Competition in Markets – Monopoly vs. Perfect Competition!

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Teacher's Wow Factor! 🎉

🔥 Real-World Relevance: References to current Australian businesses and market trends.
🔥 Hands-On Learning: Engaging group activity instead of passive lectures.
🔥 Student-Driven Discussions: Encourages critical thinking with open-ended questions.

This lesson plan ensures a dynamic, engaging, and curriculum-aligned approach to teaching markets in an Australian Year 10 Business classroom. 🚀