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 of economic and business concepts, and the nature of economic thinking, by making observations about their world and their interactions with it. They will be able to identify their needs (for example, food, clothing or shelter) and wants (for example, games, skateboard or holidays) through family discussions and spending.
Students may develop an understanding of resource allocation (scarcity) through their experience of choosing between alternatives when making everyday decisions about spending money or how they use their time. They may have explored the reasons why people work, what jobs are available in their local community and the types of work undertaken by their family members and friends.
Students will also have used some Economics and Business vocabulary in their everyday life and in school situations. Terminology such as money, banking, choice, buying, selling, goods, services and work will have meaning for students in F–4.
Across the curriculum prior to Level 5, students have opportunities to develop their decision-making skills, basic money and financial skills, and to work collaboratively in group situations. Students will, therefore, have begun developing some basic enterprising behaviours and capabilities such as demonstrating initiative, solving problems and dealing with change.
Students will build on their experience, knowledge and skills as they commence Economics and Business in Level 5.
Enterprising behaviours and capabilities refer to the suite of skills, attributes and behaviours that allow individuals to engage in and contribute to the economic well-being of society. Broadly, they encourage students to be adaptable, demonstrate initiative, solve problems and take on leadership roles in all aspects of life. In a constantly changing world, enterprising behaviours and capabilities provide individuals with skills to manage change. Students develop and practise skills and attributes in the context of economics and business, including facing challenges, showing initiative, accepting responsibility, developing economic and business vocabulary, working sustainably, setting goals, and negotiating solutions. They develop associated behaviours such as working with others, planning and organising, reflecting and reviewing performance, analysing economic and business issues, taking advantage of opportunities and making decisions.
Students learn about the importance and role enterprising behaviours and capabilities, and entrepreneurship, play in resource allocation, the production process and in the construction, development and prosperity of an economy. By practising these enterprising behaviours and capabilities, students will be better equipped to be innovative, to work independently and in teams, and to identify, create, initiate, and successfully manage personal, community, business and work opportunities, including working for themselves. This approach to learning allows students to take more responsibility for their learning and be active learners rather than passive learners.
Practising enterprising behaviours and capabilities also encourages students to be adaptable and versatile so that they will be more able to successfully manage change now and in the future. It assists students to see how they make things happen, be creative and find opportunities for themselves.
Information Communication Technologies (ICT) are powerful tools that can support student learning. Students can develop and demonstrate their understanding of concepts and content in Economics and Business through using a range of ICT tools. It is also important that students know how to use these ICT efficiently and responsibly, as well as learning how to protect themselves and secure their data.
Details of how ICT can support student learning in Economics and Business is set out in the attached Information Communication Technologies and Economics and Business pdf.
