Economics and Business

Rationale and Aims

The VCAA has published the Victorian Curriculum F–10 Version 2.0. To view the curriculum, familiarisation resources and support material, go to the Victorian Curriculum F–10 Version 2.0 website.

Go to the VCAA website to explore the timeline for familiarisation and implementation of the Victorian Curriculum Version 2.0 (including upcoming dates for curriculum areas still being reviewed) and register for professional learning webinars.

Rationale

The Economics and Business curriculum explores the ways in which individuals, families, the community, workers, businesses and governments make decisions in relation to the allocation of resources. It enables students to understand the process of economic and business decision-making at the personal, local, national, regional and global levels and the effects of these decisions on themselves and others, now and in the future. Students learn to appreciate the interdependence of decisions made and develop the knowledge, understanding and skills that will inform and encourage them to participate in, and contribute to, the economy.

In studying economics and business students will develop transferable skills that enable them to identify and investigate contemporary economic and business issues or events. They will apply economic and business reasoning and interpretation to solve problems and interpret issues and events. This will assist them to understand the behaviour of participants in the economy, business, society and the environment. Students will then be better placed, now and in their adult lives, to participate in economic and business activities actively and effectively. They learn how current decisions and actions will shape future consequences and are encouraged to think critically about probable and preferred futures. This will enable them to contribute to the development of prosperous, sustainable and equitable Australian and global economies, to secure their own financial wellbeing, and to face the future with optimism and confidence.

Aims

The Economics and Business curriculum aims to develop students’:

• enterprising behaviours and capabilities that are transferable into life, work and business opportunities and contribute to the development and prosperity of individuals and society
• understanding of the ways society allocates limited resources to satisfy needs and wants, and how they participate in the economy as consumers, workers and producers
• understanding of the work and business environments within the Australian economy and its interactions and relationships with the global economy, in particular the Asia region
• reasoning and interpretation skills to apply economics and business concepts and theories to evaluate information they encounter, make informed decisions and use problem-solving skills to respond to economics and business issues and events
• understanding of economics and business decision-making and its role in creating a prosperous, sustainable and equitable economy for all Australians
• knowledge, understandings and skills that will enable them to participate actively and ethically in the local, national, regional and global economy as economically, financially and business-literate citizens.