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• Economics and Business: Levels 7 and 8 description

  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...

  Level description | The Humanities | Economics and Business

• 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

• 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

• 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

• VCEBC014

  Explain the reasons why and the ways in which individuals and businesses set, prioritise and plan to achieve financial and organisational goals

  Elaborations

  • prioritising short-term personal financial objectives and identifying how these objectives can be achieved, for example, through developing a budget and having a savings plan
  • explaining the need for setting long-term personal financial objectives and listing ways of achieving these objectives, for example, investment, superannuation or savings
  • explaining how financial records such as income statements, budgets and cash flow inform business decision-making

  VCEBC014 | The Humanities | Economics and Business | Levels 7 and 8 | Consumer and Financial Literacy