Draft Years 5-10 Australian...

Draft Years 5-10

Australian Curriculum:

Economics and Business

May 2013

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Draft Years 5–10 Australian Curriculum: Economics and Business – May 2013 3

Contents

Rationale and Aims .................................................................................................................... 5

Rationale ................................................................................................................................ 5

Aims ....................................................................................................................................... 6

Organisation............................................................................................................................... 7

Strands ................................................................................................................................... 7

Economics and Business Knowledge and Understanding ................................................... 7

Economics and Business Skills ........................................................................................... 8

Relationship between the strands ........................................................................................... 8

Year level descriptions............................................................................................................ 8

Key inquiry questions ............................................................................................................. 8

Content descriptions ............................................................................................................... 8

Content elaborations .............................................................................................................. 9

Achievement standards .......................................................................................................... 9

Glossary ................................................................................................................................. 9

Economics and Business curriculum across Years 5 – 10 .......................................................... 9

Economics and business learning prior to Year 5 ................................................................... 9

Years 5 – 6: Curriculum focus............................................................................................... 10

Years 7 –10: Curriculum focus .............................................................................................. 10

Student diversity ...................................................................................................................... 11

Students with disability ......................................................................................................... 11

English as an additional language or dialect ......................................................................... 11

Gifted and talented students ................................................................................................. 12

General capabilities .................................................................................................................. 12

Literacy ................................................................................................................................. 12

Numeracy ............................................................................................................................. 13

Information and communication technology (ICT) capability ................................................. 13

Critical and creative thinking ................................................................................................. 13

Personal and social capability ............................................................................................... 14

Ethical understanding ........................................................................................................... 14

Intercultural understanding ................................................................................................... 14

Cross-curriculum priorities ........................................................................................................ 15

Aboriginal and Torres Strait Islander histories and cultures .................................................. 15

Asia and Australia’s engagement with Asia .......................................................................... 15

Sustainability ........................................................................................................................ 16

Curriculum Content .................................................................................................................. 17

Year 5 – Choices and decisions ........................................................................................... 17

Year Level Description ...................................................................................................... 17


Key inquiry questions ........................................................................................................ 17

Economics and Business Knowledge and Understanding ................................................. 18

Economics and Business Skills ......................................................................................... 20

Achievement Standard ...................................................................................................... 22

Year 6 – Consumer and business motives............................................................................ 23






Year 7 – Participating in our economy .................................................................................. 30






Year 8 – Our dynamic market economy ................................................................................ 36






Year 9 – How do we improve our standard of living? ............................................................ 42






Year 10 – How is our economy performing? ......................................................................... 47







Rationale and Aims

Rationale

Economics and Business explores the way individuals, families, the community, businesses and

governments make decisions in relation to the allocation of resources and enables students to

consider the effects of alternative economic and business decisions on themselves and others

both now and in the future.

The study of Economics and Business develops the knowledge, understanding, and skills that

will inform and encourage students to participate in, and contribute to, the economy. It examines

the dimensions of economics and business that underpin decision-making at personal, local,

national, regional and global levels. Students learn to appreciate the interdependence of

decisions made, as well as the effects - both intended and unintended - of these decisions on

consumers, businesses, governments and other economies.

The Economics and Business curriculum is informed by four organising ideas: resource

allocation and making choices; the business environment; consumer and financial literacy, and

work and work futures. Enterprising behaviours and capabilities such as adaptability, creativity,

initiative, flexibility, leadership, innovation, perseverance, determination and intercultural

understanding are integral to the Economics and Business curriculum. This integrated approach

is vital to the development of students’ economic and business literacy.

In studying Economics and Business students will develop transferable skills that enable them

to identify contemporary economic and business issues or events; investigate these issues and

events by collecting and interpreting relevant information and data; apply economic and

business reasoning and concepts to make informed decisions; and reflect on, evaluate and

communicate their conclusions.

By developing Economics and Business knowledge and understanding and skills, students will

be better placed now and in their adult lives to actively and effectively participate in economic

and business activities. This will enable them to contribute to the development of prosperous,

sustainable and equitable Australian and global economies, and to secure their own financial

wellbeing.


Aims

The draft Years 5-10 Australian Curriculum: Economics and Business aims develop students’:

understanding of the ways society allocates scarce resources to satisfy needs and wants, and

how they participate in the economy as consumers, workers and producers

understanding of the way economic decision-making in sectors of the economy, including

governments and other policy-making institutions, influences economic and business activity

and affects the wellbeing of individuals, families, communities and the economy

understanding the benefits of being an informed consumer; of acting rationally and ethically

when making personal consumer and financial decisions; and an understanding of the effects

of decisions on individuals, families, the community and the economy

reasoning and interpretation skills to apply economic and business concepts to make informed

decisions

enterprising behaviours and capabilities to contribute to the development and prosperity of the

economy.


Organisation

Strands

The Australian Curriculum: Economics and Business, is organised in two related strands:

Economics and Business Knowledge and Understanding and Economics and Business Skills.

These strands of the Economics and Business curriculum are the foundation for developing and

applying enterprising behaviours and capabilities.

Economics and Business Knowledge and Understanding

Economics and Business Knowledge refers to the facts, principles, theories and models

developed in Economics and Business. These can be contested, and opinions and conclusions

formed need to be supported by evidence and logical argument.

Economics and Business Understanding is the ability to see the relationships between concepts

and the interdependence of sectors of the economy. It is also the ability to apply this knowledge

to real or hypothetical situations or situations not previously encountered.

The Australian Curriculum: Economics and Business is based on the following organising ideas:

Resource allocation and making choices

The process of using available, limited resources for competing alternative uses that satisfy our

society’s unlimited needs and wants is the focus of economic and business decision-making. 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, producers

and governments.

The business environment

The business environment is rapidly transforming owing to internal and external factors. An

understanding of the way businesses are structured and operate, how they respond to

challenges, and the role of interest groups in this sphere - including the role of governments,

along with the effect of legal and regulatory constraints - is necessary for developing students’

economic and business literacy.

Consumer and financial literacy

Consumer and financial literacy education develops students’ knowledge, skills, values and

behaviours to enable them to make responsible and informed decisions about consumer issues

and managing money and assets, to improve individual and community financial wellbeing.

Students understand that 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.

Work and work futures

The nature of work has changed significantly in the last generation and the nature and types of

jobs are changing faster than ever. An understanding of the factors affecting the workforce, now


and into the future, and rights and responsibilities in the workplace, enables engagement and

participation which in turn contributes to a prosperous society and affects individual and

community wellbeing.

Enterprising behaviours and capabilities

Enterprising behaviours and capabilities refer to the suite of skills, attributes and behaviours that

allow individuals to engage in and contribute to 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 the necessary skills to manage change. Students develop and practise skills and attributes

including critical and creative thinking, intercultural understanding, interpersonal communication,

ethical behaviour, curiosity, managing, goal setting, and negotiation; and use associated

behaviours such as teamwork, planning and organising, using resources effectively, analysing

issues, taking opportunities and managing identified risks.

Economics and Business Skills

Economics and Business Skills are a unique set of skills which once developed, will enable

students to be engaged and informed participants in the economy. Contemporary issues and

events provide a context for learning and are investigated by posing questions and undertaking

research, using reasoning and interpretation skills and enterprising behaviours and capabilities,

applying economic and business concepts to develop possible alternative solutions, and

forming conclusions based on evidence.

Relationship between the strands

The two strands are integrated in the development of a teaching and learning program. The

Economics and Business Knowledge and Understanding strand is developed year by year and

provides the contexts through which particular skills are developed. The Economics and

Business Skills strand has common content descriptions for each two-year band of schooling,

but with elaborations specific to each year to support the changing content of the Economics

and Business Knowledge and Understanding strand.

Year level descriptions

Year level descriptions provide a focus of study at each year level. The descriptions identify the

key economic and business concepts that are to be the focus for understanding and articulate

how students’ economics and business knowledge and understanding, and skills will be

developed.

Key inquiry questions

Each year level from Year 5 to Year 10 includes key inquiry questions that provide a framework

for developing students’ economics and business knowledge and understanding, and skills.

Content descriptions

The Years 5 - 10 Australian Curriculum: Economics and Business includes content descriptions

at each year level. These set out the knowledge and understanding and skills that teachers are

expected to teach and students are expected to learn. However, they do not prescribe

approaches to teaching. The content descriptions have been written to ensure that learning is


appropriately ordered. Economic and business concepts and skills are introduced early in the

curriculum; their complexity increases as students move through the year levels.

Content elaborations

Content elaborations are provided for Year 5 to Year 10 to illustrate and exemplify content and

to assist teachers in developing a common understanding of the content descriptions. They are

not intended to be comprehensive content points that all students need to be taught.

Achievement standards

In the Australian Curriculum achievement standards describe what students are typically able to

understand and do. Achievement standards will describe the learning (understanding and skills)

expected of students at each year level from F-10.

Across F–10 the set of achievement standards describe a broad sequence of expected

learning. The sequence of achievement standards provides teachers with a framework of

growth and development in a curriculum area. This will assist teachers to plan and monitor

learning, and to make judgments about student achievement.

Achievement standards can support formative and summative assessment practices and aid

consistency of assessment and reporting across states and territories. For each subject the

achievement standards will be accompanied by portfolios of annotated work samples that

illustrate the expected learning.

Glossary

A glossary is provided to support a common understanding of key terms and concepts included

in the content descriptions.

Economics and Business curriculum across Years 5 – 10

Complementing the year-by-year description of the curriculum, this document provides advice

on the nature of learners and the relevant curriculum across the following groupings:

Prior to Year 5: typically students from 5 to 10 years of age

Years 5 – 6: typically students from 10 to 12 years of age

Years 7–10: typically students from 12 to 15 years of age.

Economics and business learning prior to Year 5

Although Economics and Business does not have a formal presence in the curriculum until Year

5, there may be learning experiences from across Foundation to Year 4 that the curriculum will

build on. For example, students will most likely have been exposed to simple economic and

business concepts and experiences that fit within the four organisingideas and with enterprising

behaviours and capabilities :

Resource allocation and making choices: identifying resources; the way local resources

are used to make goods and services that meet local people’s needs and wants as well

as the needs and wants of people in other places; making choices - such as how they

spend their money, or their time - that recognise the alternative ways of using

resources.

The business environment: recognising what a business does, different types of


businesses, how business people decide what to produce or sell, and what making a

profit means.

Consumer and financial literacy actions: such as saving and spending and why they

would choose to do either, and the effects of their decisions on themselves and others.

Work and work futures: the nature of work, for example, why people need to work, paid

and unpaid work such as volunteering, the contribution of work to society, working

collaboratively with others to achieve a common goal, work and leisure choices.

Enterprising behaviours and capabilities: students are encouraged to be adaptable to changing situations, both in and out of the classroom, demonstrate initiative, have a creative approach to problem solving and work with others in a variety of contexts.

Years 5 – 6: Curriculum focus

In Years 5–6 students often begin to question established conventions, practices and values.

Their interests extend beyond their own communities and they develop a broader awareness of

national and regional issues.

In these years students begin to understand and appreciate the concepts of making choices,

the difference between needs and wants, and the role and interdependence of consumers,

workers and producers within an economy. Students begin to appreciate the way decisions

about how resources are used influence the wellbeing of themselves, their family and others.

They begin to develop personal consumer and financial strategies, understand the importance

of making informed decisions, and the effects these decisions can have on individuals, others

and the environment. They develop an understanding of the changing nature of work and the

importance of participation in work. Students consider the roles and motives of businesses, and

the ways they are structured to provide goods and services to satisfy needs and wants.

Specific economic and business skills in Years 5-6 include determining questions related to

local economic and business issues or events; planning investigations and undertaking

research; using reasoning and interpretation skills to undertake simple analysis; applying

economic and business concepts and enterprising behaviours and capabilities to hypothetical

situations, or situations not previously encountered; and reflecting and communicating the

conclusions formed.

Years 7 –10: Curriculum focus

During these years, students begin to see themselves as active members in community,

business and economic life, and are often concerned about - and further develop their

awareness of - local, national, regional and global social and environmental issues.

In these years students develop their understanding of the market system of the Australian

economy and the role of government within the economy. They explore the rights and

responsibilities of consumers and businesses, and investigate the role that financial records and

managing and planning for the future by individuals and businesses play in meeting personal

and business goals and objectives. Students consider and understand the interdependence of

sectors of the economy and that decisions made in one sector affect other sectors. They

explore trade between Australia and other economies and the way that business opportunities

and operations are influenced by social, economic, environmental and political factors.


Specific economic and business skills in Years 7-10 emphasise economic reasoning,

interpretation and analysis of economic and business data and/or information; the application of

concepts and enterprising behaviours and capabilities to hypothetical situations, or situations

not previously encountered; the forming and drawing of conclusions based on evidence; and the

communication of these conclusions to a broad audience.

Student diversity

ACARA is committed to the development of a high-quality curriculum that promotes excellence

and equity in education for all Australian students.

All students are entitled to rigorous, relevant and engaging learning programs drawn from the

Australian Curriculum: Economics and Business. Teachers take account of the range of their

students’ current levels of learning, strengths, goals and interests and make adjustments where

necessary. The three-dimensional design of the Australian Curriculum, comprising learning

areas, general capabilities and cross-curriculum priorities, provides teachers with flexibility to

cater for the diverse needs of students across Australia and to personalise their learning.

More detailed advice for schools and teachers on using the Australian Curriculum to meet

diverse learning needs is available under Student Diversity on the Australian Curriculum

website.

Students with disability

The Disability Discrimination Act 1992 and the Disability Standards for Education 2005 require

education and training service providers to support the rights of students with disability to

access the curriculum on the same basis as students without disability.

Many students with disability are able to achieve educational standards commensurate with

their peers, as long as the necessary adjustments are made to the way in which they are taught

and to the means through which they demonstrate their learning.

In some cases curriculum adjustments are necessary to provide equitable opportunities for

students to access age-equivalent content in the Australian Curriculum: Economics and

Business. Teachers can draw from content at different levels along the Year 5 to Year 10

sequence. Teachers can also use the extended general capabilities learning continua in

Literacy, Numeracy and Personal and social capability to adjust the focus of learning according

to individual student need.

English as an additional language or dialect

Students for whom English is an additional language or dialect (EAL/D) enter Australian schools

at different ages and at different stages of English language learning and have various

educational backgrounds in their first languages. Whilst many EAL/D students bring already

highly developed literacy (and numeracy) skills in their own language to their learning of

Standard Australian English, there are a significant number of students who are not literate in

their first language, and have had little or no formal schooling.

While the aims of the Australian Curriculum: Economics and Business are the same for all

students, EAL/D students must achieve these aims while simultaneously learning a new

language and learning content and skills through that new language. These students may

require extra time and support, along with teaching that explicitly addresses their language


needs. Students who have had no formal schooling will need extra time and support in order to

acquire skills for effective learning in formal settings.

A national English as an Additional Language or Dialect: Teacher Resource has been

developed to support teachers in making the Australian Curriculum: across Foundation to Year

10 in each learning area accessible to EAL/D students.

Gifted and talented students

Teachers can use the Australian Curriculum: Economics and Business flexibly to meet the

individual learning needs of gifted and talented students.

Teachers can enrich learning by providing students with opportunities to work with learning area

content in more depth or breadth; emphasising specific aspects of the general capabilities

learning continua (for example, the higher order cognitive skills of the Critical and creative

thinking capability); and/or focusing on cross-curriculum priorities. Teachers can also accelerate

student learning by drawing on content from later levels in the Australian Curriculum: Economics

and Business and/or from local state and territory teaching and learning materials.

General capabilities

In the Australian Curriculum, the general capabilities encompass the knowledge, skills,

behaviours and dispositions that together with curriculum content in each learning area and the

cross-curriculum priorities will assist students to live and work successfully in the twenty-first

century.

There are seven general capabilities:

Literacy

Numeracy

Information and communication technology (ICT) capability

Critical and creative thinking

Personal and social capability

Ethical understanding, and

Intercultural understanding.

In the Australian Curriculum: Economics and Business general capabilities are identified

wherever they are developed or applied in content descriptions. They are also identified where

they offer opportunities to add depth and richness to student learning through content

elaborations. Icons indicate where general capabilities have been identified in Economics and

Business content. Teachers may find further opportunities to incorporate explicit teaching of the

capabilities depending on their choice of activities.

Literacy

Across the Australian Curriculum, students become literate as they develop the knowledge,

skills and dispositions to interpret and use language confidently for learning and communicating

in and out of school and for participating effectively in society. Literacy involves students in

listening to, reading, viewing, speaking, writing and creating oral, print, visual and digital texts,

and using and modifying language for different purposes in a range of contexts.


In Economics and Business students learn to examine and interpret a variety of economics and

business data and/or information. They will learn to effectively use the specialised language and

terminology of economics and business when applying concepts to contemporary issues and

events, and communicating conclusions to a range of audiences using a range of multimodal

approaches. Students learn to make increasingly sophisticated language choices and consider

divergent approaches to economic and business issues and events when participating in

debates and arguments, and when communicating conclusions.

Numeracy

Across the Australian Curriculum, students become numerate as they develop the knowledge

and skills to use mathematics confidently across all learning areas at school and in their lives

more broadly. Numeracy involves students in recognising and understanding the role of

mathematics in the world and having the dispositions and capacities to use mathematical

knowledge and skills purposefully.

In Economics and Business, students apply relevant numeracy knowledge and skills when

creating and using charts, statistics, graphs and models that display economic and business

data. They use their numeracy knowledge and skills to display, interpret and analyse economic

and business data, draw conclusions and make predictions and forecasts. Through the study of

Economics and Business, students appreciate the way numeracy knowledge and skills are used

in society and apply these to hypothetical and/or real life experiences.

Information and communication technology (ICT) capability

Across the Australian Curriculum, students develop ICT capability as they learn to use ICT

effectively and appropriately to access, create and communicate information and ideas, solve

problems and work collaboratively in all learning areas at school and in their lives beyond

school. The capability involves students in learning to make the most of the technologies

available to them, adapting new ways of doing things as technologies evolve and limiting the

risks to themselves and others in a digital environment.

In Economics and Business, students develop ICT capability when they access and use ICT as

an investigative tool to locate, research, display data and/or information. They create,

communicate and present economic and business data and information using ICT to a variety of

audiences.

Critical and creative thinking

Across the Australian Curriculum, students develop capability in critical and creative thinking as

they learn to generate and evaluate knowledge, clarify concepts and ideas, seek possibilities,

consider alternatives and solve problems. Critical and creative thinking are integral to activities

that require students to think broadly and deeply using skills, behaviours and dispositions, such

as, reason, logic, resourcefulness, imagination and innovation in all learning areas at school

and in their lives beyond school.

In Economics and Business, students develop their critical and creative thinking as they identify,

explore and determine questions to clarify economic and business issues and/or events and

apply reasoning, interpretation and analytical skills to data and/or information. They develop

enterprising behaviours and capabilities to imagine possibilities, consider alternatives, test

hypotheses, seek and create innovative solutions to economic and business issues and/or

events.


Personal and social capability

Across the Australian Curriculum, students develop personal and social capability as they learn

to understand themselves and others, and manage their relationships, lives, work and learning

more effectively. The capability involves students in a range of practices including recognising

and regulating emotions, developing empathy for and understanding of others, establishing

positive relationships, making responsible decisions, working effectively in teams and handling

challenging situations constructively.

In Economics and Business, students learn to appreciate the interdependence of economic and

business decisions, and the effect of these on their lives and those of others. They develop and

use personal and social skills and enterprising behaviours and capabilities such as leadership

and initiative, developing and maintaining positive relationships, negotiating and resolving

conflict and making informed and responsible decisions, while working independently or

collaboratively to achieve desired outcomes.

Ethical understanding

Across the Australian Curriculum, students develop capability in ethical understanding as they

identify and investigate the nature of ethical concepts, values, character traits and principles,

and understand how reasoning can assist ethical judgment. Ethical understanding involves

students in building a strong personal and socially oriented ethical outlook that helps them to

manage context, conflict and uncertainty, and to develop an awareness of the influence that

their values and behaviour have on others.

In Economics and Business contemporary issues and/or events, students develop informed,

ethical values and attitudes and become aware of their own roles and responsibilities as

participants in the economy.

Intercultural understanding

Across the Australian Curriculum, students develop intercultural understanding as they learn to

value their own cultures, languages and beliefs, and those of others. They come to understand

how personal, group and national identities are shaped, and the variable and changing nature of

culture. The capability involves students in learning about and engaging with diverse cultures in

ways that recognise commonalities and differences, create connections with others and

cultivate mutual respect.

In Economics and Business, students develop an appreciation of the different ways other

countries respond to economic and business issues and events. They consider the effects of

decisions made by consumers, businesses and governments in Australia on other countries,

and the way decisions in other countries affect the Australian economy, reflecting on the

interconnections between cultures.


Cross-curriculum priorities

The Australian Curriculum is designed to meet the needs of students by delivering a relevant,

contemporary and engaging curriculum that builds on the educational goals of the Melbourne

Declaration. The Melbourne Declaration identified three key areas that need to be addressed for

the benefit of individuals and Australia as a whole. In the Australian Curriculum these have

become priorities that provide students with the tools and language to engage with and better

understand their world at a range of levels. The priorities provide dimensions which will enrich

the curriculum through development of considered and focused content that fits naturally within

learning areas. They enable the delivery of learning area content at the same time as

developing knowledge, understanding and skills relating to

Aboriginal and Torres Strait Islander histories and cultures

Asia and Australia’s engagement with Asia, and

Sustainability.

Cross-curriculum priorities are addressed through learning areas and are identified wherever

they are developed or applied in content descriptions. They are also identified where they offer

opportunities to add depth and richness to student learning in content elaborations. They will

have a strong but varying presence depending on their relevance to the learning area.

Aboriginal and Torres Strait Islander histories and cultures

Across the Australian Curriculum, the Aboriginal and Torres Strait Islander histories and cultures

priority provides opportunities for all learners to deepen their knowledge of Australia by

engaging with the world’s oldest continuous living cultures. Students will understand that

contemporary Aboriginal and Torres Strait Islander Communities are strong, resilient, rich and

diverse. The knowledge and understanding gained through this priority will enhance the ability

of all young people to participate positively in the ongoing development of Australia.

The Australian Curriculum: Economics and Business values Aboriginal and Torres Strait

Islander histories, cultures and perspectives.

In the Economics and Business curriculum the Aboriginal and Torres Strait Islander histories

and cultures priority is recognised through investigating the past, present and continuous

nature of trade relationships and exchanges within and between Aboriginal and Torres Strait

Islander Communities, and between these communities and others. It enables students to

understand that resource allocation and choices about consumption and production have

always been an innate part of all cultures and that trading and exchange was, and is, for

community benefit and wellbeing. A futures focus enables students to consider past

enterprising behaviours and the development of possible activities in supporting the growth of

Aboriginal and Torres Strait Islander business and economic activity.

Asia and Australia’s engagement with Asia

Across the Australian curriculum, this priority will ensure that students learn about and

recognise the diversity within and between the countries of the Asia region. They will develop

knowledge and understanding of Asian societies, cultures, beliefs and environments, and the

connections between the peoples of Asia, Australia, and the rest of the world. Asia literacy

provides students with the skills to communicate and engage with the peoples of Asia so they

can effectively live, work and learn in the region.


In the Australian Curriculum: Economics and Business, the Asia and Australia’s engagement

with Asia priority provides rich and engaging content and contexts for developing students’

Economics and Business knowledge, understanding and skills. This priority is recognised

through consideration of current trade relationships, the significant role that Australia plays in

economic developments in the Asia region, the contribution of Asian economies to economic

activity in Australia, and how business collaboration and economic engagement in the region

contribute to effective regional and global citizenship

Sustainability

Across the Australian Curriculum, ssustainability will allow all young Australians to develop the

knowledge, skills, values and world views necessary for them to act in ways that contribute to

more sustainable patterns of living. It will enable individuals and communities to reflect on ways

of interpreting and engaging with the world. The Sustainability priority is futures-oriented,

focusing on protecting environments and creating a more ecologically and socially just world

through informed action. Actions that support more sustainable patterns of living require

consideration of environmental, social, cultural and economic systems and their

interdependence.

In the Australian Curriculum: Economics and Business, the sustainability priority provides a

context for developing students’ Economics and Business knowledge, understanding and skills.

This priority is addressed through considering the economic, social and environmental

sustainability of decisions made by sectors of the economy in the context of contemporary

economic and business issues and events.


Curriculum Content

Year 5 – Choices and decisions

Year Level Description

The Year 5 curriculum provides students with the opportunity to focus on the individual and the role they play in society, both now and in the

future. Students are introduced to the concept of opportunity cost through an exploration of the choices and decisions that need to be made

about the allocation of resources. Students begin to understand that these decisions, made by individuals, families, communities and

businesses, often occur simultaneously and that decisions made by one group affect other groups. The concept of cost-benefit analysis is

introduced through an examination of the consumer and financial decisions of individuals and decisions that businesses make about what

goods and services they need to provide to consumers. Students explore the nature of work and why it is important to participate in the

workforce for both the individual and society.


Key inquiry questions providing a framework for developing students’ Economic and Business knowledge, understanding and skills at this year

level include:

Why do decisions need to be made about resource allocation?

What influences consumer and business decisions?

Why do individuals participate in work?



Content descriptions Elaborations

The nature of limited resources and unlimited

needs and wants, and the choices and decisions

that need to be made

● investigating the nature of needs and wants and the nature of natural, human and

capital resources

● explaining reasons for the relative scarcity of resources compared to personal and

community needs and wants

The motivation for and influences on personal

consumer choices and the strategies that may be

used to make informed consumer and financial

decisions

● investigating the possible consumer and financial strategies that can be used to make

decisions, for example, personal budgeting to determine how much discretionary

spending money is available

● describing the types of consumer and financial decisions people make to satisfy their

individual needs and wants, for example, deciding which brands of product to buy,

choosing holidays or selecting a bank account

● explaining how price can influence consumer choice and why businesses such as

department stores have sales

The role and motives of businesses/producers in

providing goods and services to satisfy needs

and wants

● explaining why businesses provide goods and services to society

● investigating how businesses decide what goods and services to produce, for example,

by weighing up the costs and benefits of producing the goods and services

● exploring the ways businesses interact or work with businesses in other regions such

as the Asia region in order to meet needs and wants of consumers, for example, the

provision of a wider variety of clothing or technological goods

● investigating the past and present nature of trade relationships and exchanges within

and between Aboriginal and Torres Strait Islander communities, and between these

communities and others.

The nature of work and why individuals choose to ● exploring types of work, for example, full-time, part-time, at home, casual, paid, unpaid,


participate in work, including the responsibilities

to extended family and broader community

volunteer

● investigating the reasons people work


Year 5




Develop and apply enterprising behaviours and capabilities

to real or hypothetical situations or situations not previously

encountered

● identifying enterprising behaviours and capabilities such as being flexible, asking

questions and managing themselves, that will assist in solving problems or

investigating an issue or event

● using enterprising behaviours and capabilities such as initiative, creativity and

teamwork when considering personal choices and making decisions

Economics and Business questions and research

Pose questions and plan an investigation of an economic or

business issue or event at a local level

● asking questions related to an economic or business issue or event at a personal level,

for example, ‘What will be the effects of the building of a new supermarket in my small

town?’

● developing steps to help investigation of the issue and/or event

Research and gather data and/or information about the

selected issue or event

● collecting a range of information to respond to the question asked, for example

surveying other students and families

Reasoning, interpretation and analysis

Organise data and/or information into a useful form to

enable decision-making

● creating categories to organise the information obtained from different sources into a

useful format, for example drawing up a table with columns listing how different types of

jobs would be categorised (part time,casual)


Use economic reasoning to undertake simple analysis and

interpretation of the data and/or information collected

● identifying trends, translating information from a graph to form a decision about what

the data shows

Application

Apply economic and business concepts to real or

hypothetical situations or situations not previously

encountered

● using economic and business concepts, such as opportunity cost, to solve problems in

the context of a selected personal or local issue and/or event

Decision-making

Identify problems, develop possible solutions and use

decision-making processes to reach a decision taking into

account different alternatives

● identifying the costs and benefits associated with particular actions

● identifying problems and developing possible solutions, for example, the way the needs

and wants of individuals and groups are met by a roadside stall vs a community market

vs high street shops vs a shopping mall

Reflection and communication

Reflect on the decisions made regarding the local issue or

event and form conclusions based on evidence

● reflecting on personal decisions made with regard to the issue and/or event, for

example, financial decisions and the consequences for individuals, family and the

community

Present conclusions in an appropriate or prescribed format ● using a variety of forms of communication to present conclusions, based on evidence,

formed during the investigation


Year 5

Achievement Standard

By the end of Year 5, students explain the need for individuals and groups to make informed choices about resource allocation. They describe

the influences on consumer choice, and the effects of consumer and financial decisions on themselves, families and the community. Students

explain the role and motives of businesses and why people work.

Students develop questions to investigate an economics and business issue or event of personal interest. When researching and gathering

data they demonstrate enterprising behaviours and capabilities, and organise data and information into a useful form to enable problem-solving

and decision-making, taking account of different alternatives. Students reflect upon the questions asked and present their conclusion in an

appropriate format.


Year 6 – Consumer and business motives


The Year 6 curriculum provides students with the opportunity to further develop their knowledge and understanding of their role in society by

investigating economics and business issues and events in a personal and local context, and in the broader national and global sphere where

appropriate. They will establish the importance of being an informed consumer and how the choices and trade-offs made influence not only

their wellbeing but that of the broader community. Students will build on their knowledge of the roles and motives of businesses by

investigating the ways businesses are structured and they make choices to meet their objectives. As the economy and the businesses that

operate within it are subject to constant change, so too is the nature of work that individuals undertake. Students explore the factors that

influence work now and into the future.



level include:

Why do consumers and businesses need to be informed to make decisions about the way they use scarce resources?

What are the roles and motives of consumers and businesses in participating in economic and business activities?

What factors affect, and are likely to affect, work and workplaces?




The nature of choices and trade-offs

involved in the decisions made by

consumers, businesses, workers and

governments

● investigating reasons why personal economic and business choices result in trade-offs, for

example spending birthday money on ice-cream means there won’t be money to take away

on holidays in three months, or choosing to go swimming with a group of friends means not

riding a bike with another friend

● explaining the nature of opportunity cost, for example recognising that the opportunity cost

is the best alternative foregone from a number of trade-offs

● investigating the role of resource allocation and choices about consumption and production

in different contexts, including for Aboriginal and Torres Strait Islander Peoples

The importance of being an informed

consumer and the effect of individuals’

consumer and financial decisions on

themselves, families, the broader community

and/or the environment

● identifying sources of information that will assist in making consumer and financial

decisions, for example, comparing price by weight information to help choose a brand of

breakfast cereal, and investigating the way businesses attempt to influence consumer

decisions

● examining how consumer decisions send signals to the market and businesses, for

example, the way preference for particular styles and colours of clothing will influence what

businesses produce, or consumer preference for environmentally friendly packaging

● identifying and explaining the way a decision can affect others, for example deciding to

spend money on ‘treats’ instead of saving for a holiday, means that you have no holiday

money, the family may have to provide more and forego another activity, and the business

where you may have spent your money will not be able to sell goods or services to you,

therefore representing a potential loss of income

The way businesses are structured and the

choices they make to produce goods and

services using resources most efficiently,

including interconnections with the Asia

● exploring the ways businesses may be structured, for example sole trader, partnership,

company or franchise, and how their operations enable them to efficiently produce goods

and services


region ● investigating trends and practices that businesses may introduce to be more productive, for

example, outsourcing parts of the production process to Asia, and the trade-offs associated

with this

● explaining why businesses should act in socially and ethically responsible ways to meet

society’s changing expectations, for example, using Australian ingredients, reducing the

level of waste in production processes, discouraging the use of plastic bags, businesses

supporting the community by through the sponsoring local sports teams

● investigating the ways businesses can and do use enterprising behaviours and capabilities

to help make decisions, for example by using critical and creative thinking skills and

problem-solving skills to operate more efficiently

● investigating the continuous nature of trade relationships and exchanges within and

between Aboriginal and Torres Strait Islander communities, and between these

communities and others.

The factors, influences and trends affecting

work now and into the future

● investigating current and predicted changes and trends, for example, an ageing population,

work-life balance, the increasing use of outsourcing by business, the shortage of skilled

labour in some industries, or the way we pay for goods and services


Year 6




Develop and apply enterprising behaviours and capabilities

to real or hypothetical situations or situations not previously

encountered

● developing and practising a range of enterprising behaviours and capabilities, such as

building interpersonal skills, using new technologies and planning, when investigating

issues and/or events such as changes and trends in the work environment


Pose questions and plan an investigation of an economic or

business issue or event at a local level

● determining questions related to an economic or business issue and/or event, for

example, ‘How viable is a new eco-tourism business in the local district?’, or ‘How do

decisions about products supplied by businesses (local or global) affect individuals and

families as consumers and/or workers, the environment and the economy?’, or ‘How

are advertising, marketing and social media used to influence consumer decision-

making?’

Research and gather data and/or information about the

selected issue or event

● collecting a range of information to respond to the question posed, for example what

products does the business sell? Is this the same in other towns, cities, countries? How

many workers does the business employ? Is there an impact on the environment due to

the products sold (e.g. packaging)? What is the contribution of the business to the

local/national/global economy? Are consumer ‘deals’ (two for one, rewards points)

beneficial?


Organise data and/or information into a useful form to ● creating categories to organise the information obtained from different sources into a


enable decision-making useful format, for example drawing up a table of costs and benefits about business

decisions or organising data collected from surveys of local people about an event or

issue, or analysing the types of jobs listed in the credits of a movie

Use economic reasoning to undertake simple analysis and

interpretation of the data and/or information collected

● identifying trends, translating information from a graph to form a decision about what

the data shows, and providing supporting evidence/argument for the decision

Application

Apply economics and business concepts to real or


encountered

using a range of economic and business concepts, such as opportunity cost, incentives

and globalisation, to address a selected personal or local issue and/or event, for

example when investigating the extent of socially and ethically responsible behaviours

in business

Decision-making

Identify problems, develop possible solutions and use

decision-making processes to reach a decision taking into

account different alternatives

● identifying problems and developing possible solutions, for example possible business

ventures requiring the weighing up the cost vs benefits of various fund raising options or

the design and development of a prototype for a product that fulfils an identified need

● identifying the costs and benefits associated with particular actions

● using decision-making processes to respond to economics and business issues and/or

events to reach a conclusion or decision, for example the opportunity cost of spending

money on print, radio, television or internet advertising


Reflect on the decision made regarding the local issue and

form conclusions based on evidence

● reflecting on personal decisions with regards to the issue and/or event such as financial

decisions made and the consequences for individuals, workers, businesses and the

community, for example, costing the various alternative options proposed when

considering a fundraising activity or business venture

● evaluating the local (national/global) effects of decisions made by a group in an


economics and/or business context, for example when a bank (or other business)

makes a decision to relocate or close a branch

Present conclusions in an appropriate or prescribed format ● using a variety of forms of communication to present conclusions


Year 6


By the end of Year 6, students discuss the nature of choices and trade-offs, and the importance of being an informed consumer. They explain

the ways businesses are structured and the choices they make to produce goods and services most efficiently. They discuss the changing

nature of work and how work contributes to the economy and the wellbeing of society.

Students develop questions to investigate an economics and business issue or event of local interest. When researching and gathering data,

they demonstrate enterprising behaviours and capabilities, and organise data and information into a useful form that enables problem-solving

and decision-making, taking account of different alternatives and perspectives. Students reflect upon the questions asked, form a conclusion

based on evidence and present information in an appropriate or prescribed format.


Year 7 – Participating in our economy


The Year 7 curriculum provides students with the opportunity to further develop the key ideas surrounding scarcity and choice, and explores

how markets coordinate the independent actions of consumers and producers, including the way businesses may respond to signals from

consumers. Students develop an understanding of the significance of planning and managing finances for individuals, and the ways businesses

use financial records and planning to meet their objectives while operating in the Australian market-system. Students investigate the ways in

which work provides for personal needs, such as income and self-esteem, and also contributes to the wellbeing of others.



level include:

Who is involved in the market system, and what role do they play?

How do consumers and businesses manage their finances and plan for the future?

In what way does work contribute to society and the economy?




The market system in the Australian economy, and

the interdependence of consumers and producers

● examining the market system in Australia and identifying who is involved and what role

they play

● investigating why Australia developed a market system and considering possible

alternatives, for example, barter or government directed, and including Aboriginal and

Torres Strait Islanders Peoples’ traditional economies

● explaining the relationship between consumers and producers, for example, the way

consumers rely on producers to fulfil their needs and wants, and producers rely on

consumers to purchase their goods and services

The way that individuals manage their finances and

plan for the future in order to meet personal goals

and objectives

● explaining why it is important to set and maintain financial goals and objectives in the

short-term and long-term

● explaining procedures for safe and secure online banking and shopping including the

need for financial records as part of the process

● recognising that sacrificing short term expenditure and income can bring long term

benefits when planning for the future

The ways that businesses use financial records,

manage their finances and plan for the future in

order to meet their goals and objectives

● explaining the need to set goals and establish plans to meet these goals, for example a

business plan

● identifying types of financial records that inform business decision-making, for example

income statement, budget, cash flow

The ways in which work can contribute to individual

and societal wellbeing, and alternative ways of

generating income

● exploring ways that work can affect an individual’s self-esteem, material and non-

material living standards and happiness

● investigating the ways work affects the economy such as avoiding relative and

absolute poverty, generating output/income, productivity


● investigating alternative ways individuals can generate income, for example, owning a

business, being a shareholder, providing a rental service


Year 7




Apply enterprising behaviours and capabilities to real or


encountered

● using a variety enterprising behaviours and capabilities such as initiative, critical

thinking, planning, organising, interpersonal skills and dealing with change, when

exploring an issue and/or event, for example when investigating who is involved in

Australia’s market system and the role they play


Develop targeted questions and plan an investigation of an

economic and business issue and/or event

● developing questions to form the basis of an economic or business investigation

around local issues or events or national/regional where appropriate

Collect relevant data and/or information from a range of

sources to respond to an issue and/or event

● collecting data to support the questions developed, for example Australian Bureau of

Statistics information


Evaluate reliability of data and/or information sources

including media

● using strategies to determine which of the material collected could be considered

reliable, for example information contained in a business’ annual report or information

reported in the media

Organise data and/or information from a range of sources,

into useful forms to enable investigation of alternative

outcomes

● examining the material collected and sorting it into primary and secondary categories,

for example government data or information obtained from an internet commentary site

Use economic reasoning to interpret and analyse the data ● identifying trends from graphs or tables and using supporting information to explain


and/or information collected what the data shows

● making simple predictions about future trends

Application

Apply economic and business concepts to provide possible

alternatives to solve a problem and meet desired outcomes,

in a local, national, or regional context

● applying economic and business concepts to identify possible alternative outcomes and

achieve specified goals

Decision-making

Use cost-benefit analysis to select a preferred solution to the

issue and/or event

● identifying the costs and benefits of a proposed solution and determining the best

course of action to achieve the desired outcome

Form conclusions based on evidence ● using the evidence gathered during the investigation to form a valid conclusion


Reflect on the process followed, and the outcome of the

investigation

● identifying whether the question posed addressed the issue and/or event being

investigated

● discussing how the investigation process assisted in determining a preferred solution to

the issue and/or event

Communicate proposals, findings and the recommended

solution in an appropriate format

● communicating the preferred solution to the issue being investigated using an

appropriate format

Year 7



By the end of Year 7, students identify the role of the market system in the Australian economy, and explain the interdependence of consumers

and producers. They discuss how individuals and businesses manage finances to achieve future goals. Students explain how work contributes

to societal wellbeing and a prosperous Australian economy.

Students develop questions and plan an investigation to address an economic or business issue of local, national or regional significance. They

collect primary and secondary source material appropriate to the issue, evaluate the reliability of data sources and organise data from a range

of sources to enable investigation of alternative outcomes. Students apply economic and business concepts to inform their decision-making

and propose solutions taking into account possible alternatives and desired outcomes. They reflect on the process and the outcome of the

investigation and communicate this to a specific audience.


Year 8 – Our dynamic market economy


The Year 8 curriculum provides students with the opportunity to develop an understanding of the role of government in the market. They

explore the rights and responsibilities of consumers and businesses within the market system. They explain the interdependence between

sectors of the economy by examining the effect of decisions made by businesses on consumers, the economy as a whole and other economies

including the Asia region, and the way this affects society’s wellbeing. Students recognise that some enterprising behaviours and capabilities of

individuals and businesses, such as risk taking, can lead to contested outcomes.



level include:

Why is government involved in Australia’s market system?

What are the rights and responsibilities of consumers and producers in Australia’s market system?




The role of government in the Australian economy

and why it intervenes in the market

● explaining reasons for government intervention

● identifying examples of government intervention that aim to redistribute income in order to

improve equity and wellbeing, such as some types of goods and services not being provided

by the market, or not being provided in sufficient amounts or reasonable prices, for example,

healthcare and education

The importance of rights and responsibilities of

consumers and businesses in the Australian

economy and the way these influence consumer

and business behaviour

● identifying and explaining the implications of terms and conditions for some goods and

services, for example, fees, penalties, warranties

● identifying where to access reliable information and advice about the rights and responsibilities

of consumers and business, for example departments of fair trading in each state and territory

● investigating the legal protection available to consumers and businesses in Australia, for

example, statutory warranties, the Australian Consumer Law, the Australian Competition &

Consumer Commission

The effects of business decisions on consumers,

the economy and the environment, including how

businesses in Australia and the Asia region,

practise ethically and socially responsible

behaviour

● discussing the ways business decisions can influence consumer choice, for example

innovative safety features in motor vehicles, ‘home brand’ supermarket products, establishing

brand loyalty, packaging/marketing/petrol discounts

● exploring the ways business decisions affect the economy, for example, when a mining

company expands and creates employment, or the unintended consequences of decisions

such as higher unemployment in Australia when production is moved offshore

● exploring the ethical and social implications of business decisions, for example supermarkets

not providing plastic bags

● examining how the enterprising behaviours and capabilities of individuals and businesses can

create potential conflicts with other individuals and sectors, for example taking risks when

developing new business approaches


Influences on the work environment and the way

individuals work

● considering the ways interest groups such as trade unions and employer groups, and

government may influence the conditions in which individuals work


Year 8






encountered

● demonstrating a variety enterprising behaviours and capabilities such as critical

thinking, planning, interpersonal skills, working with others and seeking feedback, when

exploring a selected issue and/or event, for example when exploring and

communicating the unintended consequences of business decisions


Develop targeted questions and plan an investigation of

an economic and business issue and/or event

● developing targeted questions to form the basis of an investigation around local,

national or regional economic and business issues or events.



● using a variety of sources to collect relevant data and/or information, for example

Australian Bureau of Statistics information


Evaluate reliability of data and/or information sources

including media

● using strategies to determine which of the material collected could be considered

reliable

Organise data and/or information from a range of sources,

into useful forms to enable investigation of alternative

outcomes

● organising and categorising data and/or information to reflect different perspectives

Use economic reasoning to interpret and analyse the data

and/or information collected

● identifying trends from graphs or tables and using supporting information to explain

what the data shows


● bringing together information from a variety of sources to create a cohesive, valid

argument

● making predictions about future trends

Application

Apply economic and business concepts to provide possible

alternatives to solve a problem and meet desired outcomes,

in a local, national or regional context

● applying economic and business concepts, to identify possible relationships, and the

different effects of the alternative outcomes

Decision-making

Use cost-benefit analysis to select a preferred solution to the

issue and/or event

● using decision-making tools to compare possible alternatives and identify a preferred

solution

● weighing up the costs and benefits to reach a decision

Form conclusions based on evidence ● using the information gathered throughout the investigation to form a valid conclusion


Reflect on the process followed, and the outcome of the

investigation

● identifying whether the question developed addressed the issue and/or event being

investigated

● discussing how the investigation process assisted in determining a preferred solution to

the issue and/or event

Communicate proposals, findings and the recommended

solution in an appropriate format

● communicating the preferred solution to the issue being investigated using an

appropriate format


Year 8


By the end of Year 8, students explain the role of government in the Australian economy and the way the rights and responsibilities of

consumers and businesses influence behaviour in the market. They explain the effect of business decisions on consumers and the economy,

particularly in regard to ethical and socially responsible practices. Students discuss the ways interest groups and government can influence the

work environment.

Students develop questions and plan an investigation to address an economic or business issue and/or event of local, national or regional

significance. Students evaluate the reliability of data and/or information sources and organise data from a range of sources to enable the

investigation of alternative outcomes. Students apply economic and business concepts to inform their decision-making and propose solutions

taking into account possible alternatives and desired outcomes. They reflect on the process and the outcome of the investigation and

communicate this to a specific audience using an appropriate form.


Year 9 – How do we improve our standard of living?


The Year 9 curriculum provides students with the opportunity to further develop their understanding of, and engage in, the economy through an

investigation of contemporary economics and business issues and/or events at the personal/local level or in the broader national/global sphere.

Students explore the standard of living in the economy; the ways it can be measured and compared with other economies. They investigate the

risks to consumers in the financial landscape and strategies that can be used to manage these risks. They explore the implications of changes

in the work environment on themselves and society. Students investigate why being competitive is important for businesses and the ways

businesses use leadership and collaborative effort.

By using a contemporary economics and business issue and/or event to form the context for learning, students will use their knowledge,

understanding and skills developed in Years 5-8 to further their capacity and ability to apply economic and business concepts and skills to real

world issues and events.



level include:

What is meant by ‘standard of living’ and how is it measured?

Why is being competitive in the market important to businesses?

How is the work environment influenced?




Ways of measuring standard of living within

an economy and between economies

defining standard of living

exploring alternative ways of measuring standard of living such as gross domestic product

(GDP), total quality of life index, happiness index

comparing the standard of living in Australia with a country/countries in the Asia region

Reasons why standards of living vary within

an economy

identifying and explaining factors that can affect the standard of living of individuals, for

example, occupation, inheritance

exploring influences on an economy’s standard of living, for example, natural resources,

economic development, entrepreneurship, political stability

Ways of managing consumer and financial

risks to individuals and the community

investigating and identifying financial risks such as scams, identity theft

exploring ways that consumers can secure their personal financial information, such as

checking bank/credit card statements, using credible secure websites

The ways businesses seek to be

competitive in the market

exploring the innovative ways businesses seek to be competitive

evaluating whether social and ethically responsible behaviour by a business, for example

sourcing raw materials from a sustainable source, increases their competitive advantage

The effect of changes in the work

environment on individuals and the

community

discussing the changing nature of work such as casualisation, new technologies, working

remotely

analysing the effects of unions and employer groups, and government, on the work

environment

exploring the impact of an ageing population on the work environment and government

initiatives or responses


Year 9






encountered

● demonstrating a wide range of enterprising behaviours and capabilities such as

teamwork, developing subject specific vocabulary, embracing change and

communication skills, when investigating an issue and/or event, making decisions,

proposing solutions and communicating conclusions


Establish research questions and plan the investigation to

address an economic or business issue and/or event

● defining the nature of the issue or event

● explaining why the issue or event has been chosen and why it is significant

● establishing questions to form the basis of an economic or business investigation into

the selected issue or event



● collecting data and/or information from a variety of sources relevant to the issue and/or

event being investigated


Evaluate reliability of data and/or information obtained from

a variety of sources including media

● investigating information collected to determine its source and reliability, for example

identifying quotes or references to government reports in an article

Organise and represent data and/or information that support

a range of perspectives from a variety of sources, , into a

usable format to allow for interpretation

● categorising the material collected into a form that will allow for multiple perspectives

● representing the data and/or information in a format in order to aid interpretation and

analysis, for example providing a timeline of events, providing a graph showing


changes in data over a number of years


and/or information collected taken into account a range of

perspectives

● recognising trends and/or relationships within the data and/or information

● using these trends and/or relationships to develop possible explanations about why

these are evident

Application

Apply economic and business concepts to provide authentic

alternatives to solve a problem and meet desired outcomes

● using appropriate economic and business concepts to ensure the alternatives

considered are valid and supported by theory, principles and models

Decision-making

Use cost-benefit analysis to select a preferred solution that

meets desired outcomes, for the local, national, regional or

global issue and/or event

● using decision-making tools to select a preferred solution, taking into account all the

costs and benefits and the desired outcomes

Form valid conclusions based on evidence ● drawing conclusions that are valid and take account of the consequences


Reflect on and communicate intended and unintended

consequences of economic and business decisions

● identifying whether the question posed addressed the issue and/or event being

investigated and what alternative questions may have been better

● discussing how the investigation process assisted in determining the intended and

unintended consequences of the issue and/or event

Present information and use arguments to justify the

conclusion, using appropriate communication forms

● using an appropriate set of communication forms to present the findings of the

investigation including reasons for selecting a preferred solution to the issues and/or

event


Year 9


By the end of Year 9, students explain how the standard of living can be measured and are able to make comparisons with other economies.

They demonstrate the ability to use strategies to manage consumer and financial risks and are able to discuss the implications of changes in

the work environment on themselves and others. Students identify the ways, and discuss the implications of, businesses being competitive in

the market.

Students demonstrate their ability to plan and undertake an investigation, using a range of reliable data and/or information gathered to provide

a range of perspectives. They propose reasoned arguments for alternative solutions to achieve desired outcomes. They reflect on the process

of undertaking an economic and business investigation, and also on the decision they came to, recognising the contestable nature of decisions

which involve many stakeholders. They communicate their knowledge and understanding using appropriate formats to a broad audience.


Year 10 – How is our economy performing?


The Year 10 curriculum provides students with the opportunity to further develop their understanding of, and engagement with economic and

business activity in the economy. They undertake investigations of economics and business issues and/or events in a personal/local context

and in the broader national/global sphere. Students consider the ways the performance of economies can be measured and make comparisons

between Australia’s economy and other economies, as well as discussing the effect of the economy’s performance on sectors of the economy.

They explore the factors that influence consumer choice globally, the interconnections between businesses in the global economy, and the

nature of work environment in a global context.

By using a contemporary economics and business issue and/or event to form the context for learning, students will use their knowledge,

understanding and skills developed in Years 5-8 to further their capacity and ability to apply economic and business concepts and skills to real

world issues and events.



level include:

How does the performance of the Australian economy compare to the performance of other economies?

How does participating in the global economy affect consumers and businesses?




The ways the performance of the economy can be

measured

● investigating the indicators for measuring the performance of the economy such

as gross domestic product (GDP), unemployment trends, inflation rates

The effect of the economy’s performance on the sectors

of the economy

● exploring how a recession or boom in the economy and government responses

may affect the sectors

● identifying government responses and analysing their effect, for example

capping self-education expenses, taxes on superannuation

The range of factors influencing consumer choice

including marketing by financial institutions

● analysing trends in the ways consumers spend, for example, an overreliance on

credit

● investigating marketing tactics by financial institutions, for example no yearly

fees on credit cards, reduced interest rates for the first six months

The interconnections between businesses in a global

economy

● exploring the ways businesses respond to changes in the global economy, for

example, opportunities for expansion, new markets opening up, overseas

production processes

● investigating the ways businesses respond to overseas competitors in the

Australian economy

The nature of work in a global economy ● exploring opportunities for new employment and working styles, for example,

virtual commuters

● identifying risks to workers, such as, isolation

● discussing different viewpoints on outsourcing processes


Year 10






encountered

● demonstrating and expanding skills in a range of enterprising behaviours and

capabilities such as identifying opportunities, managing risk, being socially responsible,

being proactive and accepting challenges, when exploring a contemporary issue and/or

event, proposing alternative solutions, and communicating conclusions


Establish research questions and plan the investigation of an

economic or business issue and/or event

● defining the nature of the issue or event

● explaining why the issue or event has been chosen and why it is contestable

● establishing questions to form the basis of an economic or business investigation into

the selected issue or event that allows for different perspectives to be viewed



● collecting data and/or information from a variety of sources relevant to the issue and/or

event being investigated to allow for a diversity of opinion to be gathered


Evaluate reliability of data and/or information obtained from

various sources including media

● evaluating information collected to determine its source and reliability, for example

identifying quotes or references to government reports in an article

Organise and represent data and/or information that support

a range of perspectives, from a variety of sources, into a

usable format to allow for interpretation

● categorising the material collected into a form that will allow for multiple perspectives

● representing the data and/or information in a format to help interpretation and analysis,

for example, highlighting the contestable nature of the issue and/or event



and/or information collected taking into account a range of

perspectives

● recognising and explaining trends and/or relationships within the data and/or

information

● using these trends and/or relationships to develop possible explanations about why

these are evident

Application

Apply economic and business concepts to provide authentic

alternatives to solve a problem and meet desired outcomes

using relevant economic and business concepts when exploring issues and/or events to

assist in proposing valid alternatives that are supported by theory, principles and

models

Decision-making

Use cost-benefit analysis to select a preferred solution that

meets desired outcomes, for the local, national, regional or

global issue and/or event

● using decision-making tools select and justify a preferred solution, taking into account

all the costs and benefits and the desired outcomes

Form valid conclusions based on evidence ● taking into account preferred solutions and desired outcomes to form valid conclusions

based on the evidence


Reflect on and communicate intended and unintended

consequences of economic and business decisions

● determining whether the question posed addressed the issue and/or event being

investigated and what alternative questions may have been better

● assessing how the investigation process assisted in determining the intended and

unintended consequences of the issue and/or event

Present information and use arguments to justify the

conclusion using appropriate communication forms

● using an appropriate set of communication formats to present the findings of the

investigation including reasons for selecting a preferred solution to the issues and/or

event, highlighting the contestability of the issue


Year 10


By the end of Year 10, students explain the ways that economies can be measured and discuss the performance of the Australian economy in

comparison to other economies. They explain the way the performance of the economy affects the sectors and the different ways consumer

choice is influenced in the economy. Students identify and discuss the interconnections of businesses in the global economy and the effects of

this economy on the work environment. By analysing problems and issues students clearly demonstrate relevant economic and business

concepts, knowledge and understanding.

Students demonstrate their ability to plan and develop the parameters surrounding an in-depth investigation. They apply their reasoning and

interpretation skills to a range of relevant data and/or information to inform potential decisions. They propose and justify reasoned arguments

for alternative solutions to achieve desired outcomes. They reflect on the process of undertaking an economic and business investigation, and

also on the decision they came to, recognising the contestable nature of decisions which involve many stakeholders. They communicate their

knowledge and understanding using appropriate formats to a broad audience.

Draft Years 5-10 Australian...

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