Role of Money

Year Level

Year 6

Duration

45 minutes

Class Size

25 students

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Lesson Overview

In this lesson, students will explore the role of money in business transactions. They will learn how money functions as a medium of exchange, replacing barter, and why currency is important in business. Through explicit teaching and a collaborative role-play activity, students will experience first-hand how money facilitates buying and selling.

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Australian Curriculum Links

• Group: Humanities and Social Sciences (HASS) - Economics and Business

• Year 6 Content Description:
  ACHASSK141: Investigate the role that money plays in making choices and exchanging goods and services.
  Elaborations include understanding the use of currency and recognising the benefits of using money for exchanges over barter.

• General Capabilities:

  • Numeracy: Using money in practical contexts
  • Critical and Creative Thinking: Solving problems in buying/selling scenarios
  • Personal and Social Capability: Collaborating effectively in groups

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Learning Intention

• Students will explain how money is used in business, particularly in buying and selling goods and services.
• Students will understand the concept of currency and exchange.
• Students will apply these concepts through a role-play activity simulating business transactions.

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Success Criteria

Students can:

• Describe the function of money in business transactions.
• Identify the role currency plays as a medium of exchange.
• Demonstrate buying and selling using money in a role-play scenario.

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Resources Needed

• Play money (Australian currency notes and coins)
• Simple product cards or pictures (e.g., fruits, toys, stationery)
• Role-play scenario instruction cards
• Whiteboard and markers

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Lesson Structure

1. Introduction (10 minutes)

• Begin with a quick class discussion: "What is money?" and "Why do people use money when buying things?"
• Use examples students relate to (e.g., buying snacks, toys).
• Explain key terms: Currency, Exchange, Barter. Demonstrate barter briefly (e.g., swapping pencils for erasers).
• Introduce currency as a recognised form of money that everyone agrees to use for buying and selling.
• Highlight why money is a better medium than barter (easier, standardised, portable).

2. Explicit Teaching: The Role of Money (10 minutes)

• Show images of Australian currency and talk about coins and notes.
• Explain that money is used by businesses and customers to exchange goods and services fairly and efficiently.
• Discuss the role money plays in business: measuring value, facilitating trade, and encouraging production and consumption.
• Use a simple flow diagram on the whiteboard: Business sells goods → Customer pays money → Business earns income → Business can buy more materials.

3. Guided Practice: Role-play Preparation (5 minutes)

• Divide the class into groups of 5 (5 groups total).
• Give each group product cards and a set amount of play money.
• Explain their roles: some students will be sellers (business owners), others will be buyers (customers).
• Distribute simple scenario cards (e.g., school canteen, toy shop, fruit stall).
• Explain the goal: Buyers want to purchase items using money; sellers will receive money and give items in exchange.

4. Main Task: Role-Play Buying and Selling (15 minutes)

• Students conduct their buying and selling transactions within their groups, practising using money in exchanges.
• Encourage students to ask questions: "How much does it cost?", "Can I buy this?", "Here is the money."
• Circulate and support groups, prompting reflection on the role of money in their transactions.
• Ask guiding questions like "What would happen if there was no money?" or "How does money make it easier to buy things?".

5. Plenary and Reflection (5 minutes)

• Regroup and debrief the experience.
• Ask questions such as:
  • "What did you learn about the role of money today?"
  • "Why is money important in business?"
  • "What was easier about using money than bartering?"
• Record key points on the whiteboard.
• Reinforce the importance of currency as a standardised medium to facilitate fair trade in business.

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Assessment

• Formative:
  Observation during role-play to assess students' understanding of money use in transactions. Are students applying the concept correctly?
• Summative/Informal:
  Students complete a quick exit ticket: Write or draw one way money helps in business or one reason we use money instead of barter.

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Differentiation and Extension

• For students needing support:
  Provide clear, simple instructions and visual aids during role-play. Pair with supportive peers.
• For advanced students:
  Challenge them to create a price list, calculate total costs, and give correct change during the role-play activity.

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Teacher Notes

• Ensure the role-play scenarios are relatable and simple for Year 6 students.
• Highlight Australian money to familiarise students with currency features and values.
• Use this lesson as a stepping stone for future lessons in the unit "Business Basics: Shark Tank!", building towards understanding business planning and pitching.
• Relate the importance of money to real-world business examples to enhance engagement.

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This lesson closely follows the Australian Curriculum v9 HASS Economics and Business standards for Year 6 particularly learning about money’s role in exchange and economic choices, fulfilling the requirement for explicit teaching about currency and exchange as directed in the unit outline "Business Basics: Shark Tank!" Lesson 3 of 20.