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 may influence the market’s operation are explored.
Students investigate how businesses and...
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 may influence the market’s operation are explored.
Students investigate how businesses and individuals use enterprising behaviours and capabilities and how entrepreneurial capabilities contribute to business success and help businesses create and respond to opportunities in the market. Setting goals and planning is a vital skill for both individuals and businesses and students identify and practise methods to achieve these goals in different contexts. The rights, responsibilities and opportunities that arise for businesses and consumers are considered along with the ways work contributes to individual and societal wellbeing. The emphasis in Levels 7 and 8 is on personal, community, national and regional issues, with opportunities for the concepts to be considered in relation to global issues where appropriate.
Key questions:
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 economics and business decisions. Students explain why and how individuals and businesses set, prioritise and plan for financial and organisational goals. They describe the characteristics of successful businesses, the way these businesses use enterprising behaviours and capabilities, and explain how entrepreneurial individuals can contribute to this success. Students discuss how work contributes to societal wellbeing and describe the influences on the work environment. They identify trends and relationships and propose alternative responses to an economics and/or business issue or event. They evaluate the costs and benefits of each alternative response and identify the effects and potential consequences of these actions.
