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• VCEBB024

  Explore the nature of innovation and discuss how businesses seek to create and maintain a competitive advantage in the market, including the global market

  Elaborations

  • identifying a variety of innovations in business and discussing how this has benefited the particular business
  • exploring emerging techniques businesses can use to gain an advantage, such as blended marketing, open innovation, use of digital technologies and social media and the adoption of sustainable production practices
  • identifying the reasons businesses seek to build or create a competitive advantage, for example, to stay in business, meet the changing demands of a competitive global market, achieve efficiencies, lower costs and improve their profit margins
  • investigating the different strategies businesses use to create competitive advantage, for example, improving productivity, undertaking research and development, adopting innovative and efficient practices, advertising and marketing, offering a lower-cost product, innovative ways of managing the workforce, or by implementing efficient internal operations strategies
  • discussing whether the adoption of strategies based around corporate social responsibility can increase the competitive advantage of businesses

  VCEBB024 | The Humanities | Economics and Business | Levels 9 and 10 | The Business Environment

• 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

• VCEBC023

  Explain why and describe how people manage financial risks and rewards in the current Australian and global financial landscape

  Elaborations

  • identifying financial risks such as scams and identity theft and considering strategies to avoid these
  • explaining the role of banks and other deposit-taking institutions, such as credit unions or building societies, in collecting deposits, pooling savings and lending them to individuals and business
  • debating the difference between good and bad debt, how to manage debt, the risks of over-indebtedness, and the importance of having a savings buffer
  • identifying ways consumers can protect themselves from risks, for example, through insurances, savings and superannuation

  VCEBC023 | The Humanities | Economics and Business | Levels 9 and 10 | Consumer and Financial Literacy

• Economics and Business: Levels 9 and 10 description

  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...

  Level description | The Humanities | Economics and Business

• VCEBE028

  Generate a range of viable options, taking into account multiple perspectives, use simple cost-benefit analysis to recommend and justify a course of action, and predict the intended and unintended consequences of economic and business decisions

  Elaborations

  • examining the trade-offs businesses may need to consider, including social consequences, when determining methods to improve their productivity, for example, when employing more staff compared with up-skilling existing staff or replacing staff with technology or outsourcing work to overseas countries
  • evaluating the costs and benefits of different alternatives
  • using a range of criteria (social, economic, environmental) to select and justify a preferred option
  • using a range of strategies to help decide on a potential major purchase, for example, a car, by investigating options, calculating the costs of different purchasing methods and estimating the long-term costs and benefits of owning the asset and repaying the debt
  • discussing the outcomes of a decision, identifying those that were intended and unintended, and reflecting on strategies that may address the unintended consequences

  VCEBE028 | The Humanities | Economics and Business | Levels 9 and 10 | Economic and Business Reasoning and Interpretation