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...
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 the choices made by consumers and businesses arising from the concept of scarcity. The limited resources available means that unlimited needs and wants cannot be met, so choices about what to purchase and how goods and services are produced and distributed must be made. Students consider factors influencing these choices and the strategies that help with these decisions, as well as the effect of consumer and financial decisions on individuals, families, the community and the environment.
Work is an essential part of society. Students consider the nature of work, and the influences on the way people work in today’s society, and potential influences in the future. Students identify particular enterprising behaviours and capabilities and why they are important in everyday life. The emphasis in Levels 5 and 6 is on personal, community or regional issues or events, with opportunities for concepts to be considered in national, regional or global contexts where appropriate.
Key questions:
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 themselves, their family, others, the economy and the natural, economic and business environments. Students identify strategies that will assist in making informed consumer and financial decisions. They explain the purpose of business and recognise the different ways that businesses choose to provide goods and services. Students outline the many reasons why people work and describe the changing nature of work. They describe the nature of enterprising behaviours and capabilities and explain why these behaviours are important for individuals and businesses. Students outline the advantages and disadvantages of proposed actions in response to an economics and/or business issue or event and identify the possible effects of their decisions on themselves and others.
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...
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 may influence the market’s operation are explored.
Students investigate how businesses and individuals use enterprising behaviours and capabilities and how entrepreneurial capabilities contribute to business success and help businesses create and respond to opportunities in the market. Setting goals and planning is a vital skill for both individuals and businesses and students identify and practise methods to achieve these goals in different contexts. The rights, responsibilities and opportunities that arise for businesses and consumers are considered along with the ways work contributes to individual and societal wellbeing. The emphasis in Levels 7 and 8 is on personal, community, national and regional issues, with opportunities for the concepts to be considered in relation to global issues where appropriate.
Key questions:
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 economics and business decisions. Students explain why and how individuals and businesses set, prioritise and plan for financial and organisational goals. They describe the characteristics of successful businesses, the way these businesses use enterprising behaviours and capabilities, and explain how entrepreneurial individuals can contribute to this success. Students discuss how work contributes to societal wellbeing and describe the influences on the work environment. They identify trends and relationships and propose alternative responses to an economics and/or business issue or event. They evaluate the costs and benefits of each alternative response and identify the effects and potential consequences of these actions.
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...
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 outcomes for the economy and the business sector. Students explore the relationship between economic performance and living standards as well as the reasons why these differ across regions within and between economies.
Students consider the performance of the Australian economy and the business sector and how these might be measured in different ways. They examine why and how Australian businesses seek competitive advantages in different markets. Students continue to develop their consumer and financial literacy knowledge and skills by identifying sources of finance for consumers, businesses and the government and explaining the role of financial institutions in their interactions with consumers, businesses and the government. They investigate the different strategies for managing financial risks and maximising rewards across an ever-changing financial landscape.
Students examine the role of innovation and its influence on business success. Students explore the way the work and business environment is changing in contemporary Australia and globally, and the implications this has for current and future work and the work of entrepreneurs. They investigate the ways that enterprising behaviours and capabilities can be used and developed to improve the work and business environments. The emphasis in Levels 9 and 10 is on contemporary issues and/or events in a personal, local, national, regional and global context.
Key questions:
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 the importance of managing consumer and business financial risks and rewards and analyse the different strategies that may be used when making decisions. They explain the nature of innovation and why businesses need to create a competitive advantage. Students discuss ways that this may be achieved and the enterprising behaviours and capabilities that could be developed by individuals to assist the work and business environments. Students analyse the reasons why and how the work environment is changing and discuss the implications this has for individuals, businesses and the economy. Students identify economics and business trends, explain relationships and make predictions. They generate alternative responses to familiar, unfamiliar and complex problems taking into account multiple perspectives, and using cost-benefit analysis and appropriate criteria to propose and justify a course of action. Students analyse the intended and unintended effects of economic and business decisions and the potential consequences of alternative actions.
