2040 - Comparing Economic Models

2040 - Comparing Economic Models

Lesson 1 of 2 in this unit

  • Secondary
  • Year 9 - 10
  • Humanities and Social Sciences
  • Business and Economics
  • Environmental
  • Climate Change
  • Sustainability
  • ...

Lesson summary

In this lesson, students will explore the traditional circular flow economic model and evaluate the factors of the economy that are not considered. They will share their own views about the circular flow economic model. Students will then explore an alternative framework, as examined in the film, 2040 – ‘Doughnut Economics’. They will evaluate the similarities and differences between the two models.

Learning intentions:

Students will...

  • understand the limitations of the circular flow economic model
  • understand the principles of the ‘doughnut’ economic model
  • understand the difference between both circular flow and ‘doughnut’ economic models

Success criteria:

Students can...

  • identify the principles of the circular flow economic model
  • identify the importance of environmental and social wellbeing in an economic model
  • ideate features of an ideal economic model
  • compare two economic models (circular flow and ‘doughnut’)

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Curriculum links

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Lesson details

Curriculum mapping

Australian Curriculum content description:

Year 9 Economics and Business

  • Why and how participants in the global economy are dependent on each other (ACHEK039)
  • Analyse data and information in different formats to explain cause-and-effect relationships, make predictions and illustrate alternative perspectives (ACHES045)
  • Reflect on the intended and unintended consequences of economic and business decisions (ACHES049)

Year 10 Economics and Business

  • The links between economic performance and living standards, and how and why variations exist within and between economies (ACHEK051
  • Analyse data and information in different formats to explain cause-and-effect relationships, make predictions and illustrate alternative perspectives (ACHES057
  • Reflect on the intended and unintended consequences of economic and business decisions (ACHES061)

Relevant parts of Year 9 achievement standards: Students explain the role of the Australian economy in allocating and distributing resources. Students develop and present evidence-based conclusions and reasoned arguments using appropriate texts, subject-specific language and concepts. They analyse the effects of economic and business decisions and the potential consequences of alternative actions.

Relevant parts of Year 10 achievement standards: Students give explanations for variations in economic performance and standards of living within and between economies. Students develop and present evidence-based conclusions and reasoned arguments incorporating different points of view. They analyse the intended and unintended effects of economic and business decisions and the potential consequences of alternative actions.

Syllabus outcomes: C5.2, C5.3, C5.4, C5.5, C5.7

General capabilities: LiteracyCritical and creative thinkingEthical understanding

Cross-curriculum priority: Sustainability.

Unit of work: 2040 – Economics and Business – Years 7 to 10

Time required: 60 mins

Level of teacher scaffolding:  Medium – facilitate class discussion

To view our NZ Curriculum alignment, click here.

Resources required

Additional info

2040 is an innovative feature documentary that looks to the future, but is vitally important NOW! Director Damon Gameau embarks on a journey to explore what the future could look like by the year 2040 if we simply embraced the best solutions already available to us to improve our planet and shifted them rapidly into the mainstream. 

In Australia: Order the Schools Version of the 2040 DVD. The Schools Version includes an educational license and is for Australian primary and secondary schools that wish to utilise the film as a learning tool or host free on-site screenings for the school community.

In New Zealand: Order the Schools Version of the 2040 DVD. The Schools Version includes an educational license and is for New Zealand primary and secondary schools that wish to utilise the film as a learning tool or host free on-site screenings for the school community.

If you are teaching in either New Zealand or Australia, you can now organise a virtual screening of the film for your class. To enquire about this option, simply email schools@whatsyour2040.com and the 2040 team will help you set this up! If you have already bought a DVD of the film and you have a ClickView account, you can email the team for permission to upload the film to your account to make it more easily accessible for your teachers and students.

Cool.org, GoodThing Productions and Regen Pictures would like to acknowledge the generous contributions of Good Pitch AustraliaShark Island InstituteDocumentary Australia FoundationThe Caledonia Foundation and our philanthropic partners in the development of these teaching resources.

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  • Lesson 2 of 2
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2040 - Doughnut Economics Case Studies

  • Secondary
  • Year 9 - 10
  • Humanities and Social Sciences
  • Business and Economics
  • Environmental
  • Climate Change
  • Sustainability
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