Income Sources Explored

Year Level

Year 7 (Australia)

Duration

50 minutes

Class Size

22 students

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Curriculum Alignment

Learning Area: Humanities and Social Sciences - Economics and Business
Australian Curriculum (v9) Content Descriptors:

• AC9HE7S05: Create descriptions and explanations using economic and business knowledge, concepts, and terms, referencing information and data from sources.

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Learning Objectives

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

1. Identify and describe five different ways individuals can earn income other than through traditional employment.
2. Explain how these income streams contribute to personal financial decisions.
3. Use economic and business vocabulary accurately in discussion and written form.

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Resources

• Whiteboard and markers
• Projector or interactive digital tool for displaying examples and visuals
• Handouts with scenarios/examples of different income types
• Sticky notes or index cards
• Income source examples chart (prepared by teacher)

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Lesson Structure

1. Introduction (10 minutes)

Objective: Engage students and activate prior knowledge.

• Begin with a quick question: "How do people earn money?" List responses on the board.
• Introduce the lesson's goal: to discover other ways people can earn income beyond a traditional job or employment.
• Briefly introduce the term "income streams" and explain its relevance to personal finance.

Teaching Tip: Use a short relatable story or example (e.g., a YouTuber, a person renting out a room, or a small business owner) to illustrate non-employment income.

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2. Direct Instruction (10 minutes)

Objective: Present five specific ways to earn income beyond employment.

Use slides or a chart to introduce five key income sources:

1. Investments – interest from savings, dividends from shares
2. Business ownership – profits from a small business or enterprise
3. Rental income – earning money by renting out property or possessions
4. Royalties – earnings from creative works (books, music, inventions)
5. Government payments – such as pensions, allowances (some may be considered income support)

Use simple Australian examples to illustrate each.

Encourage students to ask questions for clarity.

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3. Group Activity - Income Source Exploration (15 minutes)

Objective: Students identify and explain income types in context.

• Divide the class into 5 groups (4-5 students each). Assign each group one income type.
• Provide each group with a handout featuring a short scenario or case study about their assigned income source.
• Groups discuss and prepare a brief explanation to share:
  • What is this income source?
  • How does a person earn money from it?
  • Why might this be a good or challenging way to earn income?

Teacher circulates to support.

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4. Class Sharing and Discussion (10 minutes)

Objective: Consolidate learning and apply terminology.

• Each group presents their income source explanation (2 minutes per group).
• Teacher writes core points on the board using economic/business vocabulary like "income," "investment," "profit," "royalty."
• Facilitate a class discussion on which income sources might suit different people and why diversification of income can be important.

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5. Formative Assessment & Reflection (5 minutes)

Objective: Assess understanding and reinforce learning.

• Distribute sticky notes or index cards.
• Ask students to write down one new fact they learned about earning income other than employment and one question they still have.
• Collect responses for review.
• Briefly address some common questions or clarify misconceptions.

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Differentiation & Extension

• Provide vocabulary support for EAL/D students with a glossary handout.
• Challenge advanced students to consider online income sources or emerging income trends (e.g., influencer marketing, cryptocurrency earning).
• Use interactive digital tools (e.g., polling or quiz apps) for review if technology is available.

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Australian Curriculum General Capabilities Connections

• Literacy: Using and explaining economic terminology appropriate to Year 7.
• Critical and Creative Thinking: Analysing different income sources and their benefits/risks.
• ICT Capability: Using digital tools to explore and present information (optional based on resources).

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Teacher Notes

• Emphasise real-life relevance by using local Australian examples and encouraging students to think of people they know or see in the community who earn income in different ways.
• Encourage respectful listening during group presentations to build communication skills.
• Link to later lessons on budgeting, saving, and financial decision-making to build a coherent Economics and Business learning progression.

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This lesson plan directly supports AC9HE7S05 where students create explanations using economic concepts such as "income" and "business" supported by data or case study scenarios.