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Economics and Business

  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...

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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)
  2. Identify and explain the indicators of economic performance and examine how Australia’s economy is performing (VCEBR021)
  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)

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)

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)

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)
  2. Examine the roles and responsibilities of participants in the changing Australian or global workplace (VCEBW026)

Enterprising Behaviours and Capabilities

  1. Identify the ways enterprising behaviours and capabilities can be developed to improve the work and business environments (VCEBN027)

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)

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.

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