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• VCEBE010

  Make decisions, identify appropriate actions by considering the advantages and disadvantages, and form conclusions concerning an economics or business issue or event

  Elaborations

  • weighing up options involved in a decision, for example, purchasing a phone by comparing the advantages and disadvantages of each available option
  • making an individual purchasing decision based on an analysis of the trade-offs involved
  • identifying the effect of consumers purchasing items from a range of sources on local businesses, for example, ‘What is the effect on the local shopping centre if consumers purchase more goods online rather than in local shops?’
  • taking action to share their findings with audiences beyond the classroom, such as presenting at a school assembly, writing a letter to the editor of the local newspaper or their local member of parliament

  VCEBE010 | The Humanities | Economics and Business | Levels 5 and 6 | Economic and Business Reasoning and Interpretation

• VCEBE019

  Identify relationships and trends, and generate a range of alternatives for an economic or business issue or event, evaluating the potential costs and benefits of each alternative and the consequences of proposed actions

  Elaborations

  • interpreting tables, charts and graphs containing economic or business data to identify trends and using the data to make predictions about future trends, for example, trends in online shopping
  • examining the trade-offs involved in making choices
  • investigating how businesses identify opportunities in the market
  • undertaking a cost-benefit analysis of alternatives proposed and making a decision about which one to recommend
  • discussing the consequences of an economic or business decision, and reflecting on whether this was the ‘best’ decision and what might be the effect of alternative actions
  • developing skills to contest and debate ideas and to express opinions on economics and business issues that interest and/or affect them or society

  VCEBE019 | The Humanities | Economics and Business | Levels 7 and 8 | Economic and Business Reasoning and Interpretation

• VCEBN018

  Explain the role of enterprising behaviours and capabilities in the work environment and explore how individuals and businesses can use them

  Elaborations

  • exploring types of enterprising behaviours and capabilities and how they are used in businesses
  • recording the enterprising behaviours and capabilities used during the day and analysing how they might be improved
  • identifying the enterprising behaviours and capabilities used by entrepreneurs and successful businesses and comparing these to behaviours of ‘not so successful’ businesses

  VCEBN018 | The Humanities | Economics and Business | Levels 7 and 8 | Enterprising Behaviours and Capabilities

• VCEBN027

  Identify the ways enterprising behaviours and capabilities can be developed to improve the work and business environments

  Elaborations

  • identifying types of entrepreneurial behaviours and their importance for work, business and the economy
  • identifying within a specific business context, enterprising behaviours and capabilities that may need to be improved, and developing a plan to assist with this improvement
  • mindmapping the different ways particular behaviours and capabilities could be improved
  • exploring which particular behaviours and capabilities a business needs to encourage, and proposing strategies for their business to do this

  VCEBN027 | The Humanities | Economics and Business | Levels 9 and 10 | Enterprising Behaviours and Capabilities

• VCEBN009

  Investigate the nature and explain the importance of enterprising behaviours and capabilities

  Elaborations

  • investigating behaviours that are considered enterprising and why, for example, taking initiative in classroom activities to help propose actions to economics or business issues or events
  • brainstorming the reasons why enterprising behaviours and capabilities are important for individuals and businesses
  • using a mindmap to plan how they might use their enterprising behaviours and capabilities in classroom or school activities
  • developing an innovative response when faced with a challenge or problem
  • practising a range of enterprising behaviours in setting up a class activity, for example, the class running a lunchtime disco to raise money for their school

  VCEBN009 | The Humanities | Economics and Business | Levels 5 and 6 | Enterprising Behaviours and Capabilities

• VCEBR012

  Identify why and how markets may be influenced by government

  Elaborations

  • identifying different types of markets that operate in Australia such as retail markets, labour markets, financial markets, stock markets
  • identifying examples of government involvement in the market where some types of goods and services are not provided sufficiently, for example, healthcare and social security

  VCEBR012 | The Humanities | Economics and Business | Levels 7 and 8 | Resource Allocation and Making Choices

• VCEBR021

  Identify and explain the indicators of economic performance and examine how Australia’s economy is performing

  Elaborations

  • identifying and explaining indicators of economic performance such as economic growth rates, unemployment rates, inflation rates, sustainability indexes, business confidence, human development index, liveability, and the world happiness report
  • investigating the performance of the Australian economy using key indicators to form a conclusion

  VCEBR021 | The Humanities | Economics and Business | Levels 9 and 10 | Resource Allocation and Making Choices

• VCEBR003

  Identify types of resources (natural, human, capital) and explore the ways societies use them in order to satisfy the needs and wants of present and future generations

  Elaborations

  • brainstorming resources that are used in their school and categorising them as natural (water, coal, oil), human (workers, business owners, designing, making, thinking) and capital (tools, machines, technologies)
  • listing the needs and wants of a local community and exploring the ways resources are allocated to meet these needs and wants

  VCEBR003 | The Humanities | Economics and Business | Levels 5 and 6 | Resource Allocation and Making Choices

• VCEBR020

  Investigate Australia as a trading nation and its place within Asia and the global economy

  Elaborations

  • describing the characteristics of the Australian economy such as its participants and resource base
  • identifying economic objectives of the Australian economy from the point of view of consumers, businesses, workers and governments and explain how these may be used as indicators of economic performance

  VCEBR020 | The Humanities | Economics and Business | Levels 9 and 10 | Resource Allocation and Making Choices

• VCEBR011

  Examine the ways consumers and producers respond to and influence each other in the market, particularly through price mechanism

  Elaborations

  • investigating how consumers rely on businesses to meet their needs and wants
  • identifying and creating a list of who is involved in the market system in Australia
  • explaining the influence of buyers and sellers on prices and how markets enable the distribution and allocation of resources, including examining how businesses answer questions of what to produce, how to produce and for whom to produce
  • examining how businesses respond to the demands of consumers, such as preferences for healthy options, environmentally friendly packaging or organic food
  • considering how consumers might influence producers in other countries to provide goods and services, such as those in the Asia region
  • describing how goods and services are produced

  VCEBR011 | The Humanities | Economics and Business | Levels 7 and 8 | Resource Allocation and Making Choices

• VCEBR001

  Describe the difference between needs and wants and explain why choices need to be made

  Elaborations

  • listing all the items individuals would like to have and categorising these items as a need or a want
  • explaining why individuals cannot have all the items they want and therefore must make a choice (scarcity)
  • discussing whether one person’s need is another person’s need or want

  VCEBR001 | The Humanities | Economics and Business | Levels 5 and 6 | Resource Allocation and Making Choices

• VCEBR002

  Explore the concept of opportunity cost and explain how it involves choices about the alternative use of limited resources and the need to consider trade-offs

  Elaborations

  • explaining why when one choice is made about how to use a resource, the next best alternative is not available (trade-off). For example, if a student chooses to spend their time (resource) riding their bike after school, they cannot go for a swim (trade-off)

  VCEBR002 | The Humanities | Economics and Business | Levels 5 and 6 | Resource Allocation and Making Choices

• VCEBR022

  Explain the links between economic performance and living standards, including the variations that exist within and between economies, and give reasons for the possible causes of variations

  Elaborations

  • comparing Australia’s resource base with another economy and exploring how this may influence trading relationships, for example, why does a particular economy manufacture electronic goods, while another focuses on mining?
  • locating a range of products in the local shopping centre that were produced overseas, and proposing reasons why they were not produced in Australia
  • mapping the global supply chain for a product to identify the participants in the chain
  • defining ‘living standards’, discussing why it is considered the ultimate goal for economic activity and explaining its relationship to economic performance
  • investigating economic performance and living standards and discussing how they can mean different things to different people and countries
  • investigating the ways living standards can be measured, for example, gross domestic product (GDP), Human Development Index (HDI) or total quality of life index
  • identifying policy options designed to improve living standards, such as education, training and workforce development, taxation, migration, government spending on health and infrastructure, environmental policies

  VCEBR022 | The Humanities | Economics and Business | Levels 9 and 10 | Resource Allocation and Making Choices

• VCEBW026

  Examine the roles and responsibilities of participants in the changing Australian or global workplace

  Elaborations

  • exploring emerging global needs and related opportunities in the workplace
  • identifying the responsibilities of various participants in a particular workplace, for example, employers, employees, industrial organisations or state, territory and the Commonwealth government
  • examining changes to the roles of employees in the workplace, for example, the increasing encouragement for workers to show initiative or act as intrapreneurs
  • identifying employer responsibilities to workers and the government, for example, superannuation, paid parental leave, income tax, company tax or the Goods and Services Tax (GST)
  • discussing the responsibilities of government in improving the conditions of workers, for example, occupational health and safety, and anti-discrimination laws

  VCEBW026 | The Humanities | Economics and Business | Levels 9 and 10 | Work and Work Futures

• VCEBW017

  Describe the nature and investigate the influences on the work environment

  Elaborations

  • investigating present influences on the ways people work, such as technological change, outsourced labour in the global economy, rapid communication changes
  • identifying changes to the workforce over time, such as the jobs available, the way individuals or communities value particular work, career length and human resource development
  • predicting changes to work in the future and possible outcomes, for example, ‘What could be the effect of a changing attitude to work–life balance or the decline of some industries?’

  VCEBW017 | The Humanities | Economics and Business | Levels 7 and 8 | Work and Work Futures

• VCEBW007

  Explore the nature and meaning of work and why individuals choose to participate in work

  Elaborations

  • exploring types of work, for example, full-time, part-time, casual, paid, unpaid, volunteer
  • investigating the reasons people work, for example, by conducting a class survey of parents’ and/or friends’ reasons for working

  VCEBW007 | The Humanities | Economics and Business | Levels 5 and 6 | Work and Work Futures

• VCEBW016

  Consider the ways in which work can contribute to individual and societal wellbeing

  Elaborations

  • exploring ways that work can affect an individual’s self-esteem, material and non-material living standards and happiness
  • investigating the ways work affects the economy such as avoiding poverty (relative and absolute), productivity, and generating income

  VCEBW016 | The Humanities | Economics and Business | Levels 7 and 8 | Work and Work Futures

• VCEBW025

  Research the way the work environment is changing in contemporary Australia and analyse the implications for current and future work

  Elaborations

  • researching current trends in the types of work available, the changes occurring, and the implications for future employment
  • analysing how technology, globalisation and sustainability have affected the way we work
  • investigating a range of occupations and the skills and dispositions required in different fields

  VCEBW025 | The Humanities | Economics and Business | Levels 9 and 10 | Work and Work Futures

• VCEBW008

  Investigate the influences on the ways people work and explore factors affecting work now and into the future

  Elaborations

  • investigating the effect factors such as online shopping, technological change or outsourcing of labour, have on the way work is conducted
  • mapping the trend of the ageing population and predicting possible future effects on the workforce
  • exploring changing societal values on work and the work environment such as work-life balance and working from home

  VCEBW008 | The Humanities | Economics and Business | Levels 5 and 6 | Work and Work Futures

• VCECD003

  Explore the effects that personal feelings can have on how people behave in situations where ethical issues are involved

  Elaborations

  • comparing the deliberations and actions of people who share a problem but experience different feelings, and reflecting on the influence feelings have on the outcome, for example, conflict over the sharing of a reward for a group effort
  • examining a range of issues to determine if feelings are important in reaching the best decision and why, for example, reaching a decision on who to invite to a party, or what jail sentence a judge should hand down
  • discussing whether a machine or robot would be able to make the best decisions in particular situations without being able to feel

  VCECD003 | Capabilities | Ethical Capability | Foundation to Level 2 | Decision Making and Actions