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• 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

• 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

• 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

• 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

• 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

• 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

• 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