Description of Lesson:

• Orientation [5 mins] - As a class, spend time going through the price lists that students collected for homework. What are the trends/what is the relationship between the price of popular brands and brands that were presented as the best value?
• Launch [10 mins] - Plus, Minus and Interesting (PMI) chart for the question: "Is the cheapest option always the 'best buy'?"

Discuss:

Students to define new terminology in their workbooks (LIT) :

• Bulk purchasing is the purchase of much larger quantities than the usual, for a unit price that is lower than the usual.
• Wholesaling is selling goods in large quantities at a low unit price to retail merchants. The wholesaler will accept a slightly lower sales price for each unit, if the retailer will agree to purchase a much greater quantity of units, so the wholesaler can maximise profit. A wholesaler usually represents a factory where goods are produced. The factory owners can use economy of scale to increase profit as quantities sold soars.
• Retailing is buying goods in a wholesale market to sell them in small quantities at higher prices to consumers. Part of this profit is justified by logistics, the useful distribution function of the retailer, who delivers the goods to consumers and divides those large quantities of goods into many smaller units suitable for many transactions with many small parties of consumers. Retailers can also benefit from economy of scale to increase profit, just like a wholesaler does.
• Explore
  • Activity 1 [35 mins] - Students to navigate Price Comparison Websites including; Google Shopping, EBay, Coscto, Woolworths, Aldi, Coles, Yahoo Shopping, BizRate, Amazon, NexTag. [See Worksheet 5 for direct links to these online sites]. (ICT)
  • Teacher may provide students with a scenario of their choice (e.g. Throwing a birthday party and purchases need to be made for decorations, tables, chairs, gazebos, food, drink etc.), and students are required to use the digital tools to provide for the party essentials. *Challenge* Spend under a set limit OR Spend the LEAST amount of money OR Purchase items to ensure you have the least amount of wastage. (LIT)
    1. Compare the unit price of different sizes of the same brand’s product, as well as products from different brands of the same product.
    2. Look out for special offers which might temporarily have the lowest unit price – but not always.
    3. The unit price of large packs is often lower than small or medium size packs. But avoid buying a bigger pack if it is likely to go to waste.
    4. If a product is available loose or pre-packaged, check the unit price of both.
    5. Compare unit prices in different parts of the supermarket. The same product may be sold in different sections, for example, cheese, meats, seafood, nuts, fruit and vegetables.
  • Students are to enter their results on the Google Sheet: Value for Money items [See Worksheet 5]
• Summarise [10 mins] - Choose a few students to present their party plans (this will be dependent on the chosen scenario). Proposal questions for discussion and copying into student workbooks:
  • Why did you decide to buy "x" instead of "y"?
  • What was the most 'worthwhile' product?
  • What factors did you have to consider when comparing different products? (LIT)