Economics in Action: Year 11 Take on the Adelaide Central Market

Year 11 Economics students, accompanied by Mr. Swart and Ms. Maywald, took their learning beyond the classroom for an interactive excursion to the Adelaide Central Market.

The visit brought to life their recent unit, Thinking Like an Economist, challenging students to apply economic theory to the decisions, challenges and opportunities faced by real businesses. Understanding the language of economics, business and finance provides valuable skills for life beyond school, and the students embraced the opportunity to put their knowledge into practice.

Their investigations explored a broad range of concepts, including:

• Cost-benefit analysis, trade-offs and budgeting

• Supply, demand, pricing and competition

• Quality control, safety and reputational risk

• Imports, exports, globalisation and multiculturalism

• Sustainability, waste management and the circular economy

• Entrepreneurship, innovation and competitive advantage

• Stakeholder engagement, planning and business performance.

Why might two neighbouring stalls sell the same product at different prices? How can a business’s reputation influence consumer behaviour? What happens when consumer confidence in a product falls? These were just some of the real-world questions students were encouraged to investigate.

Armed with their devices, students competed in teams Emis Team, Gangsters Hood, Goldfish, Weersasinghes Hotties and ChelsyAntara using the interactive GooseChase platform to complete challenges, interview stallholders and business owners, gather evidence, and submit photographs and videos for points. The activity encouraged teamwork, curiosity and a healthy dose of competition.

Not every challenge was about economics. Students were also tasked with performing an act of kindness, capturing a fun team photo and connecting with fellow school students visiting the market.

Of course, there was food to enjoy along the way! More importantly, the day was filled with laughter, discovery and plenty of practical learning. Students represented Norwood International High School exceptionally well, with numerous stallholders praising their politeness, courtesy, enthusiasm and professionalism during interviews.

The excursion concluded with a reflective exit ticket, giving students the opportunity to consider what they had observed and learnt about the economy in action. After a well-earned Portuguese tart, the group headed off, having connected classroom theory with the realities of a busy marketplace.

Well done, Year 11 Economics! You demonstrated that economics is far more than graphs and textbooks, it is happening all around us, every day. Best of luck with the remainder of your studies and, for those who choose that path, your future careers in economics and business.