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• Economics and Business: Levels 9 and 10 achievement standards

  By the end of Level 10, students describe how resources are allocated and distributed in the Australian economy and the way economic performance is measured. They provide explanations for variations in economic performance and standards of living within and between economies. Students explain...

  Level description | The Humanities | Economics and Business | Levels 9 and 10

• Economics and Business: Levels 7 and 8 achievement standards

  By the end of Level 8, students describe the interdependence of consumers and producers in the market and explain how markets operate to set prices and why governments may influence the market’s operation. They explain the rights and responsibilities of consumers and businesses when making...

  Level description | The Humanities | Economics and Business | Levels 7 and 8

• Economics and Business: Levels 5 and 6 achievement standards

  By the end of Level 6, students distinguish between needs and wants and recognise that choices need to be made when allocating resources. They recognise that consumer choices and financial decisions are influenced by a range of factors and describe the effects of these choices and decisions on...

  Level description | The Humanities | Economics and Business | Levels 5 and 6

• Economics and Business: Levels 7 and 8 description

  In Levels 7 and 8, students consider what it means to be a consumer, a worker and a producer in the market and the relationships between, and interdependence of, these groups. The ways markets work within Australia to set prices, the participants in the market system and the ways these participants...

  Level description | The Humanities | Economics and Business

• Economics and Business: Levels 5 and 6 description

  In Levels 5 and 6, students explore the importance of economic and financial decision-making in everyday life. They consider the concept of opportunity cost and examine why decisions about the ways resources are allocated to meet needs and wants in their community involve trade-offs.

  Students examine...

  Level description | The Humanities | Economics and Business

• Economics and Business: Levels 9 and 10 description

  In Levels 9 and 10, students consider how the Australian economy is performing and the importance of its interactions and relationships with the Asia region and the global economy in achieving growth and prosperity. This includes the significance of trading relationships in supporting prosperous...

  Level description | The Humanities | Economics and Business

• The Humanities | Economics and Business: Learning in Economics and Business

  Foundation to Level 4 – Laying the foundations

  While there is no formal economics and business curriculum prior to Level 5, students may have developed relevant knowledge and capabilities through other curriculum areas and interactions in everyday life.

  Students may develop a basic understanding...

  Overview material | Economics and Business

• The Humanities | Economics and Business: Rationale and Aims

  The VCAA has published the Victorian Curriculum F–10 Version 2.0. To view the curriculum, familiarisation resources and support material, go to the Victorian Curriculum F–10 Version 2.0 website.
  
  Go to the VCAA website to explore the timeline for familiarisation and implementation of...

  Overview material | Economics and Business

• The Humanities | Economics and Business: Resources

  A range of resources to assist with implementing the Victorian Curriculum F – 10 are available. Please visit the following websites to access these resources (links open in a new window):

  • Victorian Curriculum F – 10 Resources and Support (VCAA)

  Includes general advice and information...

  Overview material | Economics and Business

• The Humanities | Economics and Business: Scope and Sequence

  The curriculum sets out what students are expected to learn and is designed as a continuum of learning. The curriculum is being presented in a scope and sequence chart to support teachers to easily see the progression and assist in planning teaching and learning programs to meet the diverse needs...

  Overview material | Economics and Business

• The Humanities | Economics and Business: Structure

  Economics and Business is organised by six strands. Throughout these strands the study of economics and business issues, events and business case studies form an integral component of the curriculum. The content is intended to be taught through relevant contexts, which will help students make...

  Overview material | Economics and Business

• VCEBB015

  Explore and observe the characteristics of entrepreneurs and successful businesses

  Elaborations

  • investigating well-known entrepreneurs and identifying the behaviours and skills that they bring to their business, for example, establishing a shared vision, demonstrating initiative, innovation and enterprise
  • observing local businesses to identify factors that contribute to their success, for example, location, quality of service, a high-quality product, sound management practices

  VCEBB015 | The Humanities | Economics and Business | Levels 7 and 8 | The Business Environment

• VCEBB006

  Identify the reasons businesses exist and investigate the different ways they produce and distribute goods and services

  Elaborations

  • identifying why businesses exist and investigating the different ways that goods and services are produced, for example, hand-crafted, large and small scale businesses, and distributed, for example, through shopping centres, local markets, online, small independent stores, remote community stores
  • explaining the difference between not-for-profit and for-profit businesses
  • identifying different industry sectors, such as agriculture, information, tourism, telecommunications, and discussing what they produce or provide

  VCEBB006 | The Humanities | Economics and Business | Levels 5 and 6 | The Business Environment

• VCEBB024

  Explore the nature of innovation and discuss how businesses seek to create and maintain a competitive advantage in the market, including the global market

  Elaborations

  • identifying a variety of innovations in business and discussing how this has benefited the particular business
  • exploring emerging techniques businesses can use to gain an advantage, such as blended marketing, open innovation, use of digital technologies and social media and the adoption of sustainable production practices
  • identifying the reasons businesses seek to build or create a competitive advantage, for example, to stay in business, meet the changing demands of a competitive global market, achieve efficiencies, lower costs and improve their profit margins
  • investigating the different strategies businesses use to create competitive advantage, for example, improving productivity, undertaking research and development, adopting innovative and efficient practices, advertising and marketing, offering a lower-cost product, innovative ways of managing the workforce, or by implementing efficient internal operations strategies
  • discussing whether the adoption of strategies based around corporate social responsibility can increase the competitive advantage of businesses

  VCEBB024 | The Humanities | Economics and Business | Levels 9 and 10 | The Business Environment

• VCEBC005

  Consider the effect that the consumer and financial decisions of individuals may have on themselves, their family, the broader community and the natural, economic and business environment

  Elaborations

  • exploring how a decision to buy an item affects the family, for example, ‘Did the family have to put off buying another item to have this one?’ or 'Does what my family buys in the supermarket affect what businesses might sell or produce?'
  • explaining the benefits to themselves and their family of having savings and/or a strategy for saving
  • investigating whether buying at the local supermarket helps the local community
  • considering if their actions have an effect on the environment, for example, does choosing to use recycling shopping bags have an effect on the natural environment?

  VCEBC005 | The Humanities | Economics and Business | Levels 5 and 6 | Consumer and Financial Literacy

• VCEBC023

  Explain why and describe how people manage financial risks and rewards in the current Australian and global financial landscape

  Elaborations

  • identifying financial risks such as scams and identity theft and considering strategies to avoid these
  • explaining the role of banks and other deposit-taking institutions, such as credit unions or building societies, in collecting deposits, pooling savings and lending them to individuals and business
  • debating the difference between good and bad debt, how to manage debt, the risks of over-indebtedness, and the importance of having a savings buffer
  • identifying ways consumers can protect themselves from risks, for example, through insurances, savings and superannuation

  VCEBC023 | The Humanities | Economics and Business | Levels 9 and 10 | Consumer and Financial Literacy

• VCEBC014

  Explain the reasons why and the ways in which individuals and businesses set, prioritise and plan to achieve financial and organisational goals

  Elaborations

  • prioritising short-term personal financial objectives and identifying how these objectives can be achieved, for example, through developing a budget and having a savings plan
  • explaining the need for setting long-term personal financial objectives and listing ways of achieving these objectives, for example, investment, superannuation or savings
  • explaining how financial records such as income statements, budgets and cash flow inform business decision-making

  VCEBC014 | The Humanities | Economics and Business | Levels 7 and 8 | Consumer and Financial Literacy

• VCEBC013

  Investigate the rights and responsibilities of consumers and businesses in terms of financial and economic decision making

  Elaborations

  • creating a list of the rights of consumers and businesses to compare with the responsibilities of consumers and businesses
  • investigating the ways the rights of consumers are protected through the law, for example, warranties, cooling-off periods
  • identifying examples of how businesses are required by government to protect the safety of consumers, for example, mandatory and voluntary standards, product safety recalls

  VCEBC013 | The Humanities | Economics and Business | Levels 7 and 8 | Consumer and Financial Literacy

• VCEBC004

  Identify influences on consumer choices and explore strategies that can be used to help make informed personal consumer and financial choices

  Elaborations

  • identifying examples of goods and services purchased and listing and explaining the factors that influenced their decision, for example, price, fashion, peer pressure, advertising, taste
  • identifying the variety of selling and advertising strategies used by businesses, for example, television and internet advertising and email promotions
  • exploring the strategies that can be used when making consumer and financial decisions, for example, comparing prices, keeping a record of money spent, saving for the future

  VCEBC004 | The Humanities | Economics and Business | Levels 5 and 6 | Consumer and Financial Literacy

• VCEBE028

  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

  VCEBE028 | The Humanities | Economics and Business | Levels 9 and 10 | Economic and Business Reasoning and Interpretation