Life Skills Money & Financeusually ages 9–11

How the Economy Works

What an economy is; producers and consumers; supply and demand; why prices change; the basics of how markets work

How to tell they’ve got it

Tick these off as you see them — no test required.

Explain what 'supply and demand' means using a simple example (ice cream on a hot day)
Describe the difference between a producer and a consumer
Give a reason why the price of something might go up or down

🖨 Print this page to keep the checklist — it prints beautifully.

Try this together

Could your child explain why ice cream might cost more at the beach in summer than at a supermarket in winter?

Where this sits on the map

Stuck here? Check the skills it builds on first. Confident? Here’s what it unlocks.

Builds on

Buying Thingsages 5–7Must understand buying/selling before grasping supply and demand

Jobs People Doages 5–7Must know about jobs/work before understanding producers and consumers in an economy

Advertising & Spendingages 7–9Advertising knowledge helps understand how markets influence behaviour

How the Economy Worksthis skill · ages 9–11

Unlocks

Global Tradeages 9–11Must understand basic economics (supply/demand, producers/consumers) before exploring international trade

Taxes & Public Servicesages 9–11Understanding the economy provides context for how taxes fit into public finance

solid = must come firstdashed = helps

Curriculum alignment

Candidate matches to official curriculum codes — machine-suggested, unreviewed (v0.1).

Show candidate curriculum codes · 1 VIC

Australian Curriculum v9 candidate

This skill sits outside the F–6 Australian Curriculum — no candidate code matched (v0.1).

Victorian Curriculum 2.0 codes & levels only

VC2HE6S07low confidenceEconomics and Business · Levels 5 and 6 · Skills strand

These are candidate alignments generated by semantic matching — machine-suggested and unreviewed (v0.1), not official or verified mappings. For official curriculum content see australiancurriculum.edu.au, curriculum.nsw.edu.au and f10.vcaa.vic.edu.au. Don’t rely on them for registration or compliance purposes.

Nearby on the map

Borrowing & Debtages 9–11 Financial Planningages 9–11 Global Tradeages 9–11 Scams & Online Safetyages 9–11

All Money & Finance skills →