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Year 5

Year 5 Level Description

The Year 5 curriculum gives students the opportunity to develop their understanding of economics and business concepts by exploring the importance of decision-making in everyday life.

Students develop an understanding of why decisions need to be made when allocating resources and the various factors that may influence them when making decisions. Methods that help with these decisions, particularly...

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The Year 5 curriculum gives students the opportunity to develop their understanding of economics and business concepts by exploring the importance of decision-making in everyday life.

Students develop an understanding of why decisions need to be made when allocating resources and the various factors that may influence them when making decisions. Methods that help with these decisions, particularly for consumer and financial decisions are considered. The emphasis in Year 5 is on personal or community issues or events, including decisions relating to economic matters, with opportunities for concepts to also be considered in broader contexts where appropriate.

The economics and business content at this year level involves two strands: Economics and Business Knowledge and Understanding, and Economics and Business Skills. These strands are interrelated and should be taught in an integrated way; they may be integrated across learning areas and in ways that are appropriate to specific local contexts. The order and detail in which they are taught are programming decisions.

Key questions

A framework for developing students’ economics and business knowledge, understanding and skills at this year level is provided by the following key questions:

  • Why do I have to make choices as a consumer?
  • What influences the decisions I make?
  • What can I do to make informed decisions?

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Year 5 Content Descriptions

Economics and Business Knowledge and Understanding

The difference between needs and wants and why choices need to be made about how limited resources are used (ACHEK001)

Types of resources (natural, human, capital) and the ways societies use them in order to satisfy the needs and wants of present and future generations (ACHEK002)

Economics and Business Skills
Questioning and research
Interpretation and analysis
Economic reasoning, decision-making and application

Identify alternative responses to an issue or event, and consider the advantages and disadvantages of preferring one to others (ACHES006)

Apply economics and business knowledge and skills in familiar situations (ACHES007)

Communication and reflection

Present findings in an appropriate format using economics and business terms, and reflect on the possible effects of decisions (ACHES008)

Year 5 Achievement Standard

By the end of Year 5, students distinguish between needs and wants and recognise that choices need to be made when allocating resources. They recognise that consumer choices are influenced by a range of factors. Students identify individual strategies that can be used to make informed consumer and financial choices.

Students develop questions about an economics or business issue or event, and use data and information from different sources to answer them. They identify a response to an issue and apply economics and business skills to everyday problems. Students present their findings using economics and business terms.

 

Year 6

Year 6 Level Description

The Year 6 curriculum gives students the opportunity to further develop their understanding of economics and business concepts by introducing the concept of opportunity cost and why decisions about the ways resources are allocated to meet needs and wants in their community involve trade-offs.

The limited nature of resources means that businesses and consumers make choices. This involves consumers...

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The Year 6 curriculum gives students the opportunity to further develop their understanding of economics and business concepts by introducing the concept of opportunity cost and why decisions about the ways resources are allocated to meet needs and wants in their community involve trade-offs.

The limited nature of resources means that businesses and consumers make choices. This involves consumers choosing what to purchase and businesses choosing the way they provide goods and services. Students consider the effect of consumer and financial decisions on individuals, the community and the environment. The emphasis in Year 6 is on community or regional issues, with opportunities for concepts to also be considered in national, regional or global contexts where appropriate.

The economics and business content at this year level involves two strands: Economics and Business Knowledge and Understanding, and Economics and Business Skills. These strands are interrelated and should be taught in an integrated way; they may be integrated across learning areas and in ways that are appropriate to specific local contexts. The order and detail in which they are taught are programming decisions.

Key questions

A framework for developing students’ economics and business knowledge, understanding and skills at this year level is provided by the following key questions:

  • Why are there trade-offs associated with making decisions?
  • What are the possible effects of my consumer and financial choices?
  • Why do businesses exist and what are the different ways they provide goods and services?

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Year 6 Content Descriptions

Economics and Business Knowledge and Understanding

How the concept of opportunity cost involves choices about the alternative use of resources and the need to consider trade-offs (ACHEK009)

Economics and Business Skills
Questioning and research
Interpretation and analysis
Economic reasoning, decision-making and application

Identify alternative responses to an issue or event, and consider the advantages and disadvantages of preferring one to others (ACHES014)

Apply economics and business knowledge and skills in familiar situations (ACHES015)

Communication and reflection

Present findings in an appropriate format using economics and business terms, and reflect on the possible effects of decisions (ACHES016)

Year 6 Achievement Standard

By the end of Year 6, students recognise why choices about the allocation of resources involve trade-offs. They describe the effects of consumer and financial decisions on themselves, others and the environment. Students identify the purpose of business and recognise the different ways that businesses choose to provide goods and services.

When researching, students develop questions and gather and sort data and information from different sources to investigate an economic or business issue. They identify the advantages and disadvantages of a proposed response to an issue and apply economics and business knowledge and skills to everyday problems. Students present their findings using appropriate texts and economics and business terms and identify the possible effects of their decisions.

 

Year 7

Year 7 Level Description

The Year 7 curriculum gives students the opportunity to further develop their understanding of economics and business concepts by exploring what it means to be a consumer, a worker and a producer in the market and the relationships between these groups. Students explore the characteristics of successful businesses and consider how entrepreneurial behaviour contributes to business success. Setting...

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The Year 7 curriculum gives students the opportunity to further develop their understanding of economics and business concepts by exploring what it means to be a consumer, a worker and a producer in the market and the relationships between these groups. Students explore the characteristics of successful businesses and consider how entrepreneurial behaviour contributes to business success. Setting goals and planning to achieve these goals are vital for individual and business success, and students consider approaches to planning in different contexts, while also considering different ways to derive an income. The emphasis in Year 7 is on personal, community, national or regional issues or events, with opportunities for concepts to also be considered in the global context where appropriate.

The economics and business content at this year level involves two strands: Economics and Business Knowledge and Understanding, and Economics and Business Skills. These strands are interrelated and should be taught in an integrated way; they may be integrated across learning areas and in ways that are appropriate to specific local contexts. The order and detail in which they are taught are programming decisions.

Key questions

A framework for developing students’ economics and business knowledge, understanding and skills at this year level is provided by the following key questions:

  • Why is there a relationship between consumers and producers in the market?
  • Why is personal, organisational and financial planning for the future important for both consumers and businesses?
  • How does entrepreneurial behaviour contribute to a successful business?
  • What types of work exist and in what other ways can people derive an income?

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Year 7 Content Descriptions

Economics and Business Skills
Interpretation and analysis
Economic reasoning, decision-making and application

Generate a range of alternatives in response to an observed economic or business issue or event, and evaluate the potential costs and benefits of each alternative (ACHES024)

Apply economics and business knowledge, skills and concepts in familiar and new situations (ACHES025)

Communication and reflection

Present evidence-based conclusions using economics and business language and concepts in a range of appropriate formats, and reflect on the consequences of alternative actions (ACHES026)

Year 7 Achievement Standard

By the end of Year 7, students describe the interdependence of consumers and producers in the market. They explain the importance of short- and long-term planning to individual and business success and identify different strategies that may be used. They describe the characteristics of successful businesses and explain how entrepreneurial capabilities contribute to this success. Students identify the reasons individuals choose to work and describe the various sources of income that exist.

When researching, students develop questions and gather data and information from different sources to investigate an economic or business issue. They interpret data to identify trends. They propose alternative responses to an issue and assess the costs and benefits of each alternative. They apply economics and business knowledge, skills and concepts to familiar problems. Students develop and present conclusions using appropriate texts, terms and concepts. They identify the effects of their decisions and the possible effects of alternative actions.

 

Year 8

Year 8 Level Description

The Year 8 curriculum gives students the opportunity to further develop their understanding of economics and business concepts by exploring the ways markets – including traditional Aboriginal and Torres Strait Islander markets – work within Australia, the participants in the market system and the ways they may influence the market’s operation. The rights, responsibilities and...

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The Year 8 curriculum gives students the opportunity to further develop their understanding of economics and business concepts by exploring the ways markets – including traditional Aboriginal and Torres Strait Islander markets – work within Australia, the participants in the market system and the ways they may influence the market’s operation. The rights, responsibilities and opportunities that arise for businesses, consumers and governments are considered along with the influences on the ways individuals work now and into the future. The emphasis in Year 8 is on national and regional issues, with opportunities for the concepts to also be considered in relation to local community or global issues where appropriate.

The economics and business content at this year level involves two strands: Economics and Business Knowledge and Understanding, and Economics and Business Skills. These strands are interrelated and should be taught in an integrated way; they may be integrated across learning areas and in ways that are appropriate to specific local contexts. The order and detail in which they are taught are programming decisions.

Key questions

A framework for developing students’ economics and business knowledge, understanding and skills at this year level is provided by the following key questions:

  • Why are markets needed, and why are governments involved?
  • Why do consumers and businesses have both rights and responsibilities?
  • What may affect the ways people work now and in the future?
  • How do different businesses respond to opportunities in the market?

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Year 8 Content Descriptions

Economics and Business Knowledge and Understanding

The traditional markets of Aboriginal and Torres Strait Islander communities and their participation in contemporary markets (ACHEK028)

Types of businesses and the ways that businesses respond to opportunities in Australia (ACHEK030)

Influences on the ways people work and factors that might affect work in the future (ACHEK031)

Economics and Business Skills
Interpretation and analysis
Economic reasoning, decision-making and application

Generate a range of alternatives in response to an observed economic or business issue or event, and evaluate the potential costs and benefits of each alternative (ACHES035)

Apply economics and business knowledge, skills and concepts in familiar and new situations (ACHES036)

Communication and reflection

Present evidence-based conclusions using economics and business language and concepts in a range of appropriate formats, and reflect on the consequences of alternative actions (ACHES037)

Year 8 Achievement Standard

By the end of Year 8, students explain how markets operate and recognise why governments may influence the market’s operation. They explain the rights and responsibilities of consumers and businesses. They explain why different types of businesses exist and describe the different ways businesses can respond to opportunities in the market. Students describe influences on the way people work, and factors that may affect work in the future.

When researching, students develop questions and gather relevant data and information from different sources to investigate an economic or business issue. They interpret data to identify trends and relationships. They propose a range of alternative responses to an issue and evaluate the costs and benefits of each alternative. They apply economics and business knowledge, skills and concepts to familiar and unfamiliar problems. Students develop and present evidence-based conclusions using appropriate texts, subject-specific language and concepts. They identify the effects of an economic or business decision and the potential consequences of alternative actions.

 

Year 9

Year 9 Level Description

In Year 9 students are expected to be taught the content through contemporary issues, events and/or case studies. Teachers will design programs that cover different contexts (personal, local, national, regional, global), and meet the needs and requirements of their students.

The Year 9 curriculum gives students the opportunity to further develop their understanding of economics and business...

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In Year 9 students are expected to be taught the content through contemporary issues, events and/or case studies. Teachers will design programs that cover different contexts (personal, local, national, regional, global), and meet the needs and requirements of their students.

The Year 9 curriculum gives students the opportunity to further develop their understanding of economics and business concepts by exploring the interactions within the global economy. Students are introduced to the concept of an ‘economy’ and explore what it means for Australia to be part of the Asia region and the global economy. They consider the interdependence of participants in the global economy, including the implications of decisions made by individuals, businesses and governments. The responsibilities of participants operating in a global workplace are also considered.

The economics and business content at this year level involves two strands: Economics and Business Knowledge and Understanding, and Economics and Business Skills. These strands are interrelated and should be taught in an integrated way; they may be integrated across learning areas and in ways that are appropriate to specific local contexts. The order and detail in which they are taught are programming decisions.

Key questions

A framework for developing students’ economics and business knowledge, understanding and skills at this year level is provided by the following key questions:

  • How do participants in the global economy interact?
  • What strategies can be used to manage financial risks and rewards?
  • How does creating a competitive advantage benefit business?
  • What are the responsibilities of participants in the workplace and why are these important?

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Year 9 Content Descriptions

Economics and Business Knowledge and Understanding

Australia as an ‘economy’ and its place within the broader Asia and global economy (ACHEK038)

View additional details about Intercultural understanding Asia and Australia´s engagement with Asia

The roles and responsibilities of participants in the changing Australian or global workplace (ACHEK042)

Economics and Business Skills
Interpretation and analysis

Analyse data and information in different formats to explain cause and effect relationships, make predictions and illustrate alternative perspectives (ACHES045)

Economic reasoning, decision-making and application

Generate a range of viable options in response to an economic or business issue or event, use cost-benefit analysis and appropriate criteria to recommend and justify a course of action and predict the potential consequences of the proposed action (ACHES046)

Apply economics and business knowledge, skills and concepts in familiar, new and hypothetical situations (ACHES047)

Communication and reflection

Present reasoned arguments and evidence-based conclusions in a range of appropriate formats using economics and business conventions, language and concepts (ACHES048)

Year 9 Achievement Standard

By the end of Year 9, students explain the role of the Australian economy in allocating and distributing resources, and analyse the interdependence of participants in the global economy. They explain the importance of managing financial risks and rewards and analyse the different strategies that may be used. They explain why businesses seek to create a competitive advantage and evaluate the strategies that may be used. Students analyse the roles and responsibilities of participants in the workplace

When researching, students develop questions and simple hypotheses to frame an investigation of an economic or business issue. They gather and analyse relevant data and information from different sources to answer questions, identify trends and explain relationships. Students generate alternative responses to an issue and use cost-benefit analysis and appropriate criteria to propose a course of action. They apply economics and business knowledge, skills and concepts to familiar, unfamiliar and hypothetical problems. Students develop and present evidence-based conclusions and reasoned arguments using appropriate texts, subject-specific language and concepts. They analyse the effects of economic and business decisions and the potential consequences of alternative actions.

 

Year 10

Year 10 Level Description

In Year 10, students are expected to be taught the content through contemporary issues, events and/or case studies. Teachers will design programs that cover different contexts (personal, local, national, regional, global), and meet the needs and requirements of their students.

The Year 10 curriculum gives students the opportunity to further develop their understanding of economics and business...

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In Year 10, students are expected to be taught the content through contemporary issues, events and/or case studies. Teachers will design programs that cover different contexts (personal, local, national, regional, global), and meet the needs and requirements of their students.

The Year 10 curriculum gives students the opportunity to further develop their understanding of economics and business concepts by considering Australia’s economic performance and standard of living. The ways governments manage the economy to improve living standards is explored, along with the reasons why economic performance and living standards differ within and between economies. Students explore the nature of externalities and why the government intervenes to ensure that prices reflect the depletion of resources or costs to society. Students examine the consequences of decisions and the responses of business to changing economic conditions, including the way they manage their workforce.

The economics and business content at this year level involves two strands: Economics and Business Knowledge and Understanding, and Economics and Business Skills. These strands are interrelated and should be taught in an integrated way; they may be integrated across learning areas and in ways that are appropriate to specific local contexts. The order and detail in which they are taught are programming decisions.

Key questions

A framework for developing students’ economics and business knowledge, understanding and skills at this year level is provided by the following key questions:

  • How is the performance of an economy measured?
  • Why do variations in economic performance in different economies exist?
  • What strategies do governments use to manage the economy?
  • How do governments, businesses and individuals respond to changing economic conditions?

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Year 10 Content Descriptions

Economics and Business Knowledge and Understanding

Indicators of economic performance and how Australia’s economy is performing (ACHEK050)

The links between economic performance and living standards, the variations that exist within and between economies, and the possible causes (ACHEK051)

The ways that governments manage the economy to improve economic performance and living standards (ACHEK052)

Factors that influence major consumer and financial decisions and the short- and long-term consequences of these decisions (ACHEK053)

The ways businesses organise themselves to improve productivity, including the ways they manage their workforce, and how they respond to changing economic conditions (ACHEK054)

Economics and Business Skills
Interpretation and analysis

Analyse data and information in different formats to explain cause and effect relationships, make predictions and illustrate alternative perspectives (ACHES057)

Economic reasoning, decision-making and application

Generate a range of viable options in response to an economic or business issue or event, use cost-benefit analysis and appropriate criteria to recommend and justify a course of action and predict the potential consequences of the proposed action (ACHES058)

Apply economics and business knowledge, skills and concepts in familiar, new and hypothetical situations (ACHES059)

Communication and reflection

Present reasoned arguments and evidence-based conclusions in a range of appropriate formats using economics and business conventions, language and concepts (ACHES060)

Year 10 Achievement Standard

By the end of Year 10, students explain why and how governments manage economic performance to improve living standards. They provide explanations for variations in economic performance and standards of living within and between economies. They analyse factors that influence major consumer and financial decisions and explain the short- and long-term effects of these decisions. They explain how businesses improve productivity and respond to changing economic conditions. Students evaluate the effect of workforce management on business performance.

When researching, students develop questions and formulate hypotheses to frame an investigation of an economic or business issue or event. They gather and analyse reliable data and information from different sources to identify trends, explain relationships and make predictions. Students generate alternative responses to an issue taking into account multiple perspectives. They use cost-benefit analysis and appropriate criteria to propose and justify a course of action. They apply economics and business knowledge, skills and concepts to familiar, unfamiliar and complex hypothetical problems. Students develop and present evidence-based conclusions and reasoned arguments incorporating different points of view. They use appropriate texts and subject-specific language, conventions and concepts. They analyse the intended and unintended effects of economic and business decisions and the potential consequences of alternative actions.

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