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• 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

• 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

• 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

• 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

• 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

• VCEBC013

  Investigate the rights and responsibilities of consumers and businesses in terms of financial and economic decision making

  Elaborations

  • creating a list of the rights of consumers and businesses to compare with the responsibilities of consumers and businesses
  • investigating the ways the rights of consumers are protected through the law, for example, warranties, cooling-off periods
  • identifying examples of how businesses are required by government to protect the safety of consumers, for example, mandatory and voluntary standards, product safety recalls

  VCEBC013 | The Humanities | Economics and Business | Levels 7 and 8 | Consumer and Financial Literacy

• 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

• 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