Australian Curriculum Economics and Business

Draft shape paper - Consultation

August 2012

Learning areas

The Melbourne Declaration identifies eight learning areas including:

Humanities and social sciences: which includes history, geography economics, business and civics and citizenship

Curriculum development phasesCurriculum development phases

Consultation Timeline

Development of the Australian Curriculum

The Australian Curriculum developed by ACARA:

• is being written for F-10 and Years 11-12

• is described in Years not Stages

• has content descriptions not outcomes

General capabilities

Literacy

Numeracy

Information and communication

technology (ICT) capability

Intercultural

understandingPersonal and social

capability

Critical and creative thinking Ethical behaviour

Cross-curriculum priorities

Purpose of the Draft Shape Paper

The draft Shape of the Australian Curriculum: Economics and Business:

•provides broad direction on the purpose, structure and organisation of the Economics and Business curriculum

•will guide the writing of the Australian Curriculum: Economics and Business from Years 5 to 12

Guiding principles underpinning the Economics and Business curriculum

• Economics is the underpinning discipline and in Business, the economic concepts range across a range of concepts

• Distinctions can be made between Economics and Business

• Economics and Business are interrelated and an integrated approach should be adopted

Aims of the Economics and Business curriculum

Economics and Business aims address:I.Resource allocation and distributionII.Roles, rights and responsibilities of ethically participating in the economyIII.Developing and applying consumer and financial knowledge understanding, skills and valuesIV.Enterprising behaviours and capabilitiesV.The contemporary and future nature of work and business VI.The nature of economics and business decision-making in creating a prosperous, sustainable and equitable economyVII.The interactions of the Australian economy with the global economy, particularly Asia.

Curriculum Organisation

A formal curriculum for Economics and Business will be written for Years 5 – 8.

The curriculum for Years 9 and 10 will build on Years 5 – 8 and be available for schools to use appropriate to their needs.

Key ideas

Four overarching and interconnected key ideas are included based on the economics and business concepts for:

•Resource allocation and making choices•Consumer and financial literacy•Enterprising behaviours and capabilities•Work and business environments

The nature of Economics and Business

Provides opportunities to connect with and build on related content in History, Geography and Civics and Citizenship

Links to a range of student experiences outside the formal curriculum:•SRC initiatives•Service learning•Volunteer work•Enterprise / project based learning programs•Work experience, industry partnerships, vocational education and training in schools

Curriculum structure

The Economics and Business curriculum is organised into two interrelated strands for 5-10:

•Economics and Business knowledge and understanding

•Economics and Business skills

These 2 strands are consistent with other Humanities and Social Science curriculum developed by ACARA.

Economics and Business knowledge and understanding

Will be drawn from:•The nature of resource allocation•The role of production, distribution and exchange•Key elements of how economics and businesses operate•The effect of key economic and business on sustainable development, social justice and equity

• Consumer and financial literacy strategies• The importance of the role of enterprising

behaviours• Aspects of business management and

decision-making• How the changing nature of work affects

stake holders• The way in which technology has

transformed the business environment

Economics and Business skills

The set of skills required to be active and informed participants in the economy are described as:

• Application• Inquiry and research• Analysis and synthesis• Collaborative decision making• Communication, reflection and response

Scope and sequence of curriculum

• A description of learning prior to Year 5 is included.

• The 4 underpinning key ideas build in complexity and with skills development embedded in the knowledge and understanding in the two content strands.

• The Year 9-10 curriculum will build upon the formal curriculum developed for Years 5-8.

Early years to Year 4

The informal learning experiences related to student’s participation in family life, their community, and from activities within other learning areas related to the four key ideas e.g.Resource allocation – goods and services locally, meeting needs and wants, using resourcesConsumer and financial literacy - saving and spending decisions Enterprising behaviours and capabilities – participating in planning class or school eventsWork and business environments – the nature of paid and unpaid work, contribution of work to society, working collaboratively with others.

Years 5-6 (10-12 years of age)

Students will use the inquiry process to plan investigations about contemporary economic and business issues of personal or local interest and form and communicate conclusions based on evidence. Through knowledge and understanding about:Resource allocation and making choicesAllocation and use, opportunity cost, needs and wants, role of consumers, workers and producers in the economy and influence on wellbeing of self, others and the communityConsumer and financial literacyMaking informed decisionsEnterprising behaviours and capabilitiesThe application of initiative and problem solving in various settingsWork and business environmentsCharacteristics of work in a changing business environment.

Years 7-8 (12-14 years of age)

Students use the inquiry process to plan economic and business investigations on contemporary issues at local, national, regional and global level. They analyse and interpret economic and business data, form and express opinions, and communicate conclusions based on evidence. About:Consumer and Financial literacy•develop personal financial literacy skills and understand the importance of being an informed consumer

Years 7-8 (12-14 years of age)

Work and business environments•the nature of business, business •ownership and operation, the legal and regulatory settings, and the nature of work in these environmentsResource allocation and making choices•markets, how buyers and sellers affect price, competition and the role of government in influencing economic activity and wellbeing and living standardsEnterprising behaviours and capabilities•the role and importance that enterprising behaviours and capabilities play in a market based economy.

Years 9-10 (14-16 years of age)

The curriculum for Years 9 and 10 will provide students with a richer and more applied context.

•Each year’s course will comprise a number of topics to be studied across the year.

•These topics bring together the four key ideas of the Economics and Business curriculum in an integrated manner while studying a contemporary issue or event.

•The topics will be developed so that schools have the flexibility to study them in the sequence that best meets the learning needs of their students.

Years 9-10 (14-16 years of age)

The topics will be based on an inquiry approach model. Students will •investigate an event or issue of interest related to economics and business, to develop their knowledge and skills in analysis, synthesis and evaluation of economic and business information and data•use relevant economic and business concepts and relationships•develop their skills of economic and business reasoning •the costs and benefits related to the issue or event, including cost benefit analysis

Topics for Years 9-10 (14-16 years of age)

Topics, while taking account of local and national perspectives, should also have a regional and global relevance e.g.

•Topics could focus on events, issues or areas such as the sports industry; managing mobile phones, apps and games; moving out of home: understanding budgeting, renting and buying a house; managing natural resources; or an enterprise activity.

Structure of the Senior Curriculum

It is proposed the senior secondary Economics and Business curriculum will include development of curriculum for three subjects:

•Economics•Business•Accounting

Additional elective opportunities that are currently offered by states and territories in the senior secondary years will continue to be available within the secondary curriculum.

The focus of the courses proposed for the Economics and Business senior secondary curriculum will be subject to the development of a shape paper that will provide the scope and detail for the curriculum in the senior years.

Economics senior course

• The Economics course should provide students with a study of microeconomics (a focus on the actions of individuals and industries) and macroeconomics (a focus on a much broader analysis of the economic activity of a country within the global economy) using contemporary economic events and issues, across local, national, regional and global contexts.

Business senior course

• The Business course should provide students with a study that considers the various dimensions of business that affect daily life. These areas could include operations systems, human resources, theories of management, basic financial operations, business plans and marketing.

Accounting senior course

• The Accounting course should enable students to undertake the recording, reporting and analysing of the financial transactions of a business; the making of informed decisions, based on financial data, concerning the future operations of the business; and the reporting of financial information to stakeholders.

Key questions for evaluating the draft shape of the Australian Curriculum: Economics and Business

ACARA Online survey

ACARA online survey

Consultation on the draftShape of the Australian Curriculum:Economics and Business

• Provide feedback to DEC via email to brian.elliott@det.nsw.edu.au by Friday 7 September

• Access a printable version of the draft shape paper

• Complete the ACARA online survey

• Email feedback to ACARA at: economicsandbusiness@acara.edu.au