Work and the Australian Economy

1. Work and the Australian
Economy
Year 9 - Humanities

2. From last lesson
 What is opportunity cost?
 The cost of undertaking one economic activity instead of its best alternative.

3. Learning Intentions
 All students will be able to describe the different roles of the key participants
of the Australian economy – consumers, workers (employees), producers/
businesses and governments.
 Most students will understand the types of economic decisions that are made
by governments, businesses, employees and individuals, and how these
decisions impact upon the workings of the Australian economy and the other
participants within it.
 Some students will be able to describe, analyse and evaluate key initiatives of
the current Australian budget and predict possible outcomes/ consequences
of these outcomes for the participants in the Australian economy.

4. Key Terms
 employees, businesses, consumers and the government

5. Workers (Employees) in the Australian
Economy
 There are a number of participants in the Australian economy. All of these
participants – workers (employees), businesses, consumers and the
government – have a role to play and can influence the way the economy
operates.

6. Participants in the Australian economy
 Worker (employee): A person who works for themselves or a business to
produce a product or service
 Consumer: A customer or shopper who purchases goods or services

7. Industry sectors
 Workers can work in the following sectors
 Primary Sectors
 Secondary Sectors
 Tertiary Sectors

8. Primary Sectors
 These industries produce raw materials like wheat, wool and meat and make
use of natural resources such as minerals and forests.

9. Secondary Sectors
 This is the manufacturing industry, where basic materials are turned into sale-able
products, such as the production of clothing from cotton or wool or the
manufacture of electronics or machines.

10. Tertiary Sectors
 This industry is concerned with the framework and foundations of business
and the provision of services. It includes such things as banking and transport
as well as the direct marketing or selling of products.