Economic Impacts and Perspectives

Overview

Lesson 8 of 10 in Economic Choices and Change. Students examine how an economic decision or industry change affects consumers, workers, businesses, governments and communities, then use evidence to prepare a claim for their group presentation.

Learning intentions

Students will:

• Identify stakeholders affected by an economic decision or industry change.
• Explain different economic, social and environmental impacts.
• Use evidence to distinguish fact from opinion.
• Develop a supported claim from a stakeholder perspective.

Success criteria

• I can identify at least three stakeholders in an economic situation.
• I can explain how the situation affects different groups.
• I can use specific evidence to support an interpretation.
• I can write a clear claim that acknowledges another perspective.

Curriculum links

• Understand how economic decisions and resource use affect individuals, communities and regions.
• Explore multiple perspectives and assess the consequences of decisions.
• Use evidence from sources to support conclusions and communicate ideas.
• Develop inquiry, critical-thinking, decision-making and citizenship skills.

Lesson structure (30 minutes)

1. 0–4 minutes – Hook and retrieval

Open with the opening scenario and visual. Display the question: “A factory closes because production moves overseas. Who is affected, and in what ways?” Students silently list two possible effects, then share with a partner. Briefly connect responses to the previous lesson’s work on economic choices and change.

2. 4–8 minutes – Build the stakeholder lens

Use the stakeholder overview to introduce five stakeholder groups: consumers, workers, businesses, governments and communities. Explain that one decision can create benefits for one group while creating costs or risks for another. Students copy the five headings onto the stakeholder impact and claim organiser.

3. 8–11 minutes – Model evidence-based thinking

Present the sample change: “A town approves a large lithium-mining project.” Think aloud using the structure: stakeholder, impact, evidence, judgement. For example: “Workers may benefit because the mine could create jobs; the evidence is the projected employment increase. However, the community may be concerned about water use.” Emphasise that a claim must be more than “I think.”

4. 11–20 minutes – Group stakeholder investigation

Arrange students in six groups of five. Give each group one economic change scenario from the slide deck, such as a mine opening, a local plant closing, increased automation, a new trade agreement, or a shift to renewable energy. Provide the Economics Circular Flow Mat as a reference for connections among households, firms, markets and the movement of money and resources. Students complete the stakeholder sections of the stakeholder impact and claim organiser, identifying at least two impacts and one piece of evidence for each relevant stakeholder.

5. 20–25 minutes – Prepare the presentation claim

Return to the claim-building instructions. Each group selects one stakeholder perspective and completes: “From the perspective of ___, this change is mainly beneficial/harmful/mixed because ___. Evidence includes ___. However, ___ may experience a different impact.” Circulate, question unsupported assumptions and help groups make their evidence specific.

6. 25–29 minutes – Rapid group sharing

Each group gives a 30-second report using its claim. While listening, students note one benefit and one concern raised by another group on the back of the stakeholder impact and claim organiser. Invite one or two students to explain how the same decision produced different outcomes.

7. 29–30 minutes – Exit check

Display the final reflection prompt: “Why should decision-makers consider more than one stakeholder perspective?” Students submit a one-sentence response naming a stakeholder and supporting it with evidence. Collect worksheets to support the next lesson’s group presentations.

Resources

• Economic impacts and perspectives slide deck
• Stakeholder impact and claim organiser
• Economics Circular Flow Mat
• Projector or interactive display
• Pens or pencils
• Six short economic-change scenarios, included in the slide deck
• Group tables or desks arranged for six groups

Assessment

• Monitor group discussion and worksheet responses for accurate identification of stakeholders and consequences.
• Assess each group’s claim for a clear perspective, relevant evidence and recognition of another impact.
• Use the exit response to check whether students understand why economic decisions require consideration of multiple perspectives.

Differentiation

• Provide sentence starters on the worksheet: “This affects ___ because…”, “The evidence suggests…”, and “A different perspective is…”.
• Give students who need support a pre-selected stakeholder and a short evidence statement; allow them to complete one detailed impact rather than several brief ones.
• Support EAL learners with the labelled stakeholder categories, visual examples and a partner rehearsal before reporting.
• Extend confident students by asking them to rank impacts, distinguish short-term from long-term effects, or explain what additional evidence a decision-maker would need.