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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

• 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 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

• 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

• 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

• 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

• VCEBR020

  Investigate Australia as a trading nation and its place within Asia and the global economy

  Elaborations

  • describing the characteristics of the Australian economy such as its participants and resource base
  • identifying economic objectives of the Australian economy from the point of view of consumers, businesses, workers and governments and explain how these may be used as indicators of economic performance

  VCEBR020 | The Humanities | Economics and Business | Levels 9 and 10 | Resource Allocation and Making Choices

• 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

• 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

• 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

• 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