Module 2: Income - where does it come from?

Learning Outcomes

Students should be able to:

  • appreciate, identify and be aware of the impact of changes in income and net worth
  • recognise their own income potential
  • identify and evaluate alternative forms of income
  • calculate and analyse an individual’s net worth
  • recognise, prepare for and respond to income shocks
  • recognise the social value of working for an income

Enduring Understandings

  • Earning an income is one’s individual responsibility.
  • Income from work brings personal satisfaction.
  • Employment opportunities and income sources change over a lifetime.
  • All forms of government transfer payments are variable in amount and can alter with changing circumstances.
  • Government social and welfare payments have opportunity costs.

Power Words

Asset
Balance sheet
Capital
Capital gain
Commission
Continuum
Employee
Employer
Gender
Goal
HECS-HELP
Income
Intangible asset
Liability
Mortgage
Net worth
Newstart allowance
Opportunity cost
Overtime
Passive income
Post graduate
Priority
Redundancy
Retainer
Salary
Superannuation
Transfer payment
Wage

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All topics
Module Overview & Curriculum Mapping
Identifying Sources of Income
Exploring government social and welfare payments
Establishing how much income is needed
Investigating income and employment responsibilities
Opportunity Cost
Net worth
Recognising the volatility of asset values
Dealing with income shock
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