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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

• 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

• 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

• 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

• VCEBW026

  Examine the roles and responsibilities of participants in the changing Australian or global workplace

  Elaborations

  • exploring emerging global needs and related opportunities in the workplace
  • identifying the responsibilities of various participants in a particular workplace, for example, employers, employees, industrial organisations or state, territory and the Commonwealth government
  • examining changes to the roles of employees in the workplace, for example, the increasing encouragement for workers to show initiative or act as intrapreneurs
  • identifying employer responsibilities to workers and the government, for example, superannuation, paid parental leave, income tax, company tax or the Goods and Services Tax (GST)
  • discussing the responsibilities of government in improving the conditions of workers, for example, occupational health and safety, and anti-discrimination laws

  VCEBW026 | The Humanities | Economics and Business | Levels 9 and 10 | Work and Work Futures

• VCEBW025

  Research the way the work environment is changing in contemporary Australia and analyse the implications for current and future work

  Elaborations

  • researching current trends in the types of work available, the changes occurring, and the implications for future employment
  • analysing how technology, globalisation and sustainability have affected the way we work
  • investigating a range of occupations and the skills and dispositions required in different fields

  VCEBW025 | The Humanities | Economics and Business | Levels 9 and 10 | Work and Work Futures

• 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

• 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

• 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

• VCEBN027

  Identify the ways enterprising behaviours and capabilities can be developed to improve the work and business environments

  Elaborations

  • identifying types of entrepreneurial behaviours and their importance for work, business and the economy
  • identifying within a specific business context, enterprising behaviours and capabilities that may need to be improved, and developing a plan to assist with this improvement
  • mindmapping the different ways particular behaviours and capabilities could be improved
  • exploring which particular behaviours and capabilities a business needs to encourage, and proposing strategies for their business to do this

  VCEBN027 | The Humanities | Economics and Business | Levels 9 and 10 | Enterprising Behaviours and Capabilities

• 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

• 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

• 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

• 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

• Economics and Business: Levels 7 and 8 achievement standards

  By the end of Level 8, students describe the interdependence of consumers and producers in the market and explain how markets operate to set prices and why governments may influence the market’s operation. They explain the rights and responsibilities of consumers and businesses when making...

  Level description | The Humanities | Economics and Business | Levels 7 and 8

• Economics and Business: Levels 9 and 10 achievement standards

  By the end of Level 10, students describe how resources are allocated and distributed in the Australian economy and the way economic performance is measured. They provide explanations for variations in economic performance and standards of living within and between economies. Students explain...

  Level description | The Humanities | Economics and Business | Levels 9 and 10

• 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

• 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

• 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

• 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