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...
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 outcomes for the economy and the business sector. Students explore the relationship between economic performance and living standards as well as the reasons why these differ across regions within and between economies.
Students consider the performance of the Australian economy and the business sector and how these might be measured in different ways. They examine why and how Australian businesses seek competitive advantages in different markets. Students continue to develop their consumer and financial literacy knowledge and skills by identifying sources of finance for consumers, businesses and the government and explaining the role of financial institutions in their interactions with consumers, businesses and the government. They investigate the different strategies for managing financial risks and maximising rewards across an ever-changing financial landscape.
Students examine the role of innovation and its influence on business success. Students explore the way the work and business environment is changing in contemporary Australia and globally, and the implications this has for current and future work and the work of entrepreneurs. They investigate the ways that enterprising behaviours and capabilities can be used and developed to improve the work and business environments. The emphasis in Levels 9 and 10 is on contemporary issues and/or events in a personal, local, national, regional and global context.
Key questions:
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 the importance of managing consumer and business financial risks and rewards and analyse the different strategies that may be used when making decisions. They explain the nature of innovation and why businesses need to create a competitive advantage. Students discuss ways that this may be achieved and the enterprising behaviours and capabilities that could be developed by individuals to assist the work and business environments. Students analyse the reasons why and how the work environment is changing and discuss the implications this has for individuals, businesses and the economy. Students identify economics and business trends, explain relationships and make predictions. They generate alternative responses to familiar, unfamiliar and complex problems taking into account multiple perspectives, and using cost-benefit analysis and appropriate criteria to propose and justify a course of action. Students analyse the intended and unintended effects of economic and business decisions and the potential consequences of alternative actions.
