Content description VCEBE028

Economics and Business / Levels 9 and 10 / Economic and Business Reasoning and Interpretation

Content description

Generate a range of viable options, taking into account multiple perspectives, use simple cost-benefit analysis to recommend and justify a course of action, and predict the intended and unintended consequences of economic and business decisions

Elaborations

examining the trade-offs businesses may need to consider, including social consequences, when determining methods to improve their productivity, for example, when employing more staff compared with up-skilling existing staff or replacing staff with technology or outsourcing work to overseas countries
evaluating the costs and benefits of different alternatives
using a range of criteria (social, economic, environmental) to select and justify a preferred option
using a range of strategies to help decide on a potential major purchase, for example, a car, by investigating options, calculating the costs of different purchasing methods and estimating the long-term costs and benefits of owning the asset and repaying the debt
discussing the outcomes of a decision, identifying those that were intended and unintended, and reflecting on strategies that may address the unintended consequences

Code

VCEBE028

Curriculum resources and support

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