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• The Humanities | Economics and Business: Structure

  Economics and Business is organised by six strands. Throughout these strands the study of economics and business issues, events and business case studies form an integral component of the curriculum. The content is intended to be taught through relevant contexts, which will help students make...

  Overview material | Economics and Business

• The Humanities | Economics and Business: Rationale and Aims

  The VCAA has published the Victorian Curriculum F–10 Version 2.0. To view the curriculum, familiarisation resources and support material, go to the Victorian Curriculum F–10 Version 2.0 website.
  
  Go to the VCAA website to explore the timeline for familiarisation and implementation of...

  Overview material | Economics and Business

• The Humanities | Economics and Business: Learning in Economics and Business

  Foundation to Level 4 – Laying the foundations

  While there is no formal economics and business curriculum prior to Level 5, students may have developed relevant knowledge and capabilities through other curriculum areas and interactions in everyday life.

  Students may develop a basic understanding...

  Overview material | Economics and Business

• 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

• 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

• 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

• 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

• 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

• The Humanities | Economics and Business: Scope and Sequence

  The curriculum sets out what students are expected to learn and is designed as a continuum of learning. The curriculum is being presented in a scope and sequence chart to support teachers to easily see the progression and assist in planning teaching and learning programs to meet the diverse needs...

  Overview material | Economics and Business

• 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

• The Humanities | Economics and Business: Resources

  A range of resources to assist with implementing the Victorian Curriculum F – 10 are available. Please visit the following websites to access these resources (links open in a new window):

  • Victorian Curriculum F – 10 Resources and Support (VCAA)

  Includes general advice and information...

  Overview material | Economics and Business

• 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

• 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

• 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