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Economics and Business

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Economics and Business is organised by six strands. Throughout these strands the study of economics and business issues, events and business case studies form an integral component of the curriculum. The content is intended to be taught through relevant contexts, which will help students make connections between what they are learning in class and events or issues that are happening in their local area, Australia and the world.

The Economics and Business curriculum considers the facts, principles, theories and models developed in economics and business. These are dynamic and their interpretation can be contested, with opinions and conclusions supported by evidence and logical argument. The relationships between these aspects are considered and applied to familiar, new or hypothetical situations.

The Economics and Business strands:

Resource allocation and making choices Focuses on the process of using available, limited resources for competing alternative uses to satisfy society’s unlimited needs and wants. As every need and want cannot be satisfied with available resources, choices must be made about how resources are allocated most effectively, based on the actions of consumers, workers, producers and governments.
The business environment Examines the ways businesses operate at many levels, and the ways they respond to opportunities and changing circumstances and conditions. As businesses operate in markets, the decisions they make have social, economic and environmental consequences.
Consumer and financial literacy Explores the role and importance of making responsible and informed decisions about consumer issues and managing money and assets. How these decisions affect the individual’s and the community’s quality of life, sense of security and awareness of future options and the overall economic wellbeing of society is considered.
Work and work futures Focuses on the nature of work, the work environment and the contribution of work to individual and collective wellbeing. It explores the factors that influence the work environment now and into the future and the rights and responsibilities of participants in the work environment.
Enterprising behaviours and capabilities Focuses on the importance and role of enterprising behaviours and capabilities at an individual and business level as well as developing in students the behaviours and capabilities that will enable them to participate actively in the economy, now and in the future.
Reasoning and interpretation Focuses on the nature of economic and business decision-making and thinking. Students collect, process, interpret and evaluate the economics and business information they encounter and use and practise rational, objective decision-making by applying economic and business reasoning to solve problems. They learn to clarify and justify personal values and attitudes about issues within business, the economy, society and the environment, and account for different perspectives. Students develop an understanding of the strengths and limitations of economics and business reasoning and develop evidence-based arguments and conclusions, reflecting on intended and unintended consequences of decisions.

Achievement standards

In Economics and Business, students progress along a curriculum continuum that provides the first achievement standard at Level 6, and then at Levels 8 and 10.

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