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.
