Skip to main content Skip to navigation

Victorian Curriculum and Assessment Authority

Economics and Business

  1. Introduction
  2. Curriculum
Filter
Filter
View
  1. View levels consecutively down the page
  2. View levels in columns across the page
  3. View one level per page with elaborations
Show
Print this page
  1. 9-10

Levels 9 and 10

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 outcomes for the economy and the business sector. Students explore the relationship between economic...

Show more

Levels 9 and 10 Content Descriptions

Resource Allocation and Making Choices

  1. Investigate Australia as a trading nation and its place within Asia and the global economy (VCEBR020)
    Elaborations
    1. describing the characteristics of the Australian economy such as its participants and resource base
    2. 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
  2. Identify and explain the indicators of economic performance and examine how Australia’s economy is performing (VCEBR021)
    Elaborations
    1. identifying and explaining indicators of economic performance such as economic growth rates, unemployment rates, inflation rates, sustainability indexes, business confidence, human development index, liveability, and the world happiness report
    2. investigating the performance of the Australian economy using key indicators to form a conclusion
  3. 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 (VCEBR022)
    Elaborations
    1. 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?
    2. locating a range of products in the local shopping centre that were produced overseas, and proposing reasons why they were not produced in Australia
    3. mapping the global supply chain for a product to identify the participants in the chain
    4. defining ‘living standards’, discussing why it is considered the ultimate goal for economic activity and explaining its relationship to economic performance
    5. investigating economic performance and living standards and discussing how they can mean different things to different people and countries
    6. investigating the ways living standards can be measured, for example, gross domestic product (GDP), Human Development Index (HDI) or total quality of life index
    7. 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

Consumer and Financial Literacy

  1. Explain why and describe how people manage financial risks and rewards in the current Australian and global financial landscape (VCEBC023)
    Elaborations
    1. identifying financial risks such as scams and identity theft and considering strategies to avoid these
    2. 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
    3. 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
    4. identifying ways consumers can protect themselves from risks, for example, through insurances, savings and superannuation

The Business Environment

  1. Explore the nature of innovation and discuss how businesses seek to create and maintain a competitive advantage in the market, including the global market (VCEBB024)
    Elaborations
    1. identifying a variety of innovations in business and discussing how this has benefited the particular business
    2. 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
    3. 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
    4. 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
    5. discussing whether the adoption of strategies based around corporate social responsibility can increase the competitive advantage of businesses

Work and Work Futures

  1. Research the way the work environment is changing in contemporary Australia and analyse the implications for current and future work (VCEBW025)
    Elaborations
    1. researching current trends in the types of work available, the changes occurring, and the implications for future employment
    2. analysing how technology, globalisation and sustainability have affected the way we work
    3. investigating a range of occupations and the skills and dispositions required in different fields
  2. Examine the roles and responsibilities of participants in the changing Australian or global workplace (VCEBW026)
    Elaborations
    1. exploring emerging global needs and related opportunities in the workplace
    2. identifying the responsibilities of various participants in a particular workplace, for example, employers, employees, industrial organisations or state, territory and the Commonwealth government
    3. examining changes to the roles of employees in the workplace, for example, the increasing encouragement for workers to show initiative or act as intrapreneurs
    4. 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)
    5. discussing the responsibilities of government in improving the conditions of workers, for example, occupational health and safety, and anti-discrimination laws

Enterprising Behaviours and Capabilities

  1. Identify the ways enterprising behaviours and capabilities can be developed to improve the work and business environments (VCEBN027)
    Elaborations
    1. identifying types of entrepreneurial behaviours and their importance for work, business and the economy
    2. 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
    3. mindmapping the different ways particular behaviours and capabilities could be improved
    4. exploring which particular behaviours and capabilities a business needs to encourage, and proposing strategies for their business to do this

Economic and Business Reasoning and Interpretation

  1. Generate a range of viable options, taking into account multiple perspectives, use simple cost-benefit analysis to recommend and justify a course of action, and predict the intended and unintended consequences of economic and business decisions (VCEBE028)
    Elaborations
    1. examining the trade-offs businesses may need to consider, including social consequences, when determining methods to improve their productivity, for example, when employing more staff compared with up-skilling existing staff or replacing staff with technology or outsourcing work to overseas countries
    2. evaluating the costs and benefits of different alternatives
    3. using a range of criteria (social, economic, environmental) to select and justify a preferred option
    4. using a range of strategies to help decide on a potential major purchase, for example, a car, by investigating options, calculating the costs of different purchasing methods and estimating the long-term costs and benefits of owning the asset and repaying the debt
    5. discussing the outcomes of a decision, identifying those that were intended and unintended, and reflecting on strategies that may address the unintended consequences

Levels 9 and 10 Achievement Standard

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.

Scroll to the top of the page