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• 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

• 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

• 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

• 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

• 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

• 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