Economics and Business

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  • Overview
  • Foundation to Year 10 Curriculum
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Year 7  

Year 7 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. Sett

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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 have been developed to be taught in an integrated way, and in ways that are appropriate to specific local contexts. The order and detail in which they are taught are programming decisions.

Students are expected to be taught the content through contemporary issues, events and/or case studies. Teachers will design programs that cover appropriate contexts and meet the needs of their students.

Key inquiry 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 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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Catholic Perspectives in business and economics may be explored predominantly through the application of Catholic Social Teachings, in particular economic justice, option for the poor and common good.

Year 7 Content Descriptions

Economics and Business Knowledge and Understanding

The ways consumers and producers interact and respond to each other in the


Why and how individuals and businesses plan to achieve short-term and long-term personal, organisational and financial objectives


Characteristics of entrepreneurs and successful businesses


Why individuals work, types of work and how people derive an income

Economics and Business Skills
Questioning and research

Develop questions about an economic orissue or event, and plan and conduct an investigation or project


Gather relevant data and information from a range of digital, online and print sources

Interpretation and analysis

Interpret data and information displayed in different formats to identify relationships and trends

Economic reasoning, decision-making and application

Generate a range of alternatives in response to an observed economic orissue or event, and evaluate the potential costs and benefits of each alternative


Applyandknowledge, skills and concepts in familiar and new situations

Communication and reflection

Present evidence-based conclusions usingandlanguage and concepts in a range of appropriate formats, and reflect on the consequences of alternative actions

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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.

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Year 8  

Year 8 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 have been developed to be taught in an integrated way, and in ways that are appropriate to specific local contexts. The order and detail in which they are taught are programming decisions.

Students are expected to be taught the content through contemporary issues, events and/or case studies. Teachers will design programs that cover appropriate contexts and meet the needs of their students.

Key inquiry 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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Catholic Perspectives in business and economics may be explored predominantly through the application of Catholic Social Teachings (1), in particular economic justice, option for the poor and common good.

Year 8 Content Descriptions

Economics and Business Knowledge and Understanding

The ways markets in Australia operate to enable the distribution of resources, and why they may be influenced by government


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


The rights and responsibilities of consumers and businesses in Australia in terms of financial and economic decision-making


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


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

Economics and Business Skills
Questioning and research

Develop questions about an economic orissue or event, and plan and conduct an investigation or project


Gather relevant data and information from a range of digital, online and print sources

Interpretation and analysis

Interpret data and information displayed in different formats to identify relationships and trends

Economic reasoning, decision-making and application

Generate a range of alternatives in response to an observed economic orissue or event, and evaluate the potential costs and benefits of each alternative


Applyandknowledge, skills and concepts in familiar and new situations

Communication and reflection

Present evidence-based conclusions usingandlanguage and concepts in a range of appropriate formats, and reflect on the consequences of alternative actions

Show subject-specific achievement standard

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 in terms of financial and economic decision-making. 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.

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Year 9  

Year 9 Description

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

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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 have been developed to be taught in an integrated way, and in ways that are appropriate to specific local contexts. The order and detail in which they are taught are programming decisions.

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 of their students.

Key inquiry 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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Catholic Perspectives in business and economics may be explored predominantly through the application of Catholic Social Teachings (1), in particular economic justice, option for the poor and common good.

Year 9 Content Descriptions

Economics and Business Knowledge and Understanding

Australia as a trading nation and its place within the rising economies of Asia and broader global


Why and how participants in the globalare dependent on each other


Why and how people manage financial risks and rewards in the current Australian and global financial landscape


The nature of innovation and how and why businesses seek to create and maintain ain the market, including the global


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

Economics and Business Skills
Questioning and research

Develop questions and hypotheses about an economic orissue or event, and plan and conduct an investigation


Gather relevant and reliable data and information from a range of digital, online and print sources

Interpretation and analysis

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

Economic reasoning, decision-making and application

Generate a range of viable options in response to an economic orissue or event, useand appropriate criteria to recommend and justify a course of action and predict the potential consequences of the proposed action


Applyandknowledge, skills and concepts in familiar, new and hypothetical situations

Communication and reflection

Present reasoned arguments and evidence-based conclusions in a range of appropriate formats usingandconventions, language and concepts


Reflect on the intended and unintended consequences of economic anddecisions

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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, including through innovation, 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.

Show sub-strand-specific achievement standard

 

Year 10  

Year 10 Description

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 economic performance to improve living standards is explored, along with the reasons why economic performance and living standards differ within and between econom

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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 economic performance 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 have been developed to be taught in an integrated way, and in ways that are appropriate to specific local contexts. The order and detail in which they are taught are programming decisions.

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 of their students.

Key inquiry 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 economic performance?
  • How do governments, businesses and individuals respond to changing economic conditions?

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Catholic Perspectives in business and economics may be explored predominantly through the application of Catholic Social Teachings (1), in particular economic justice, option for the poor and common good.

Year 10 Content Descriptions

Economics and Business Knowledge and Understanding

Indicators of economic performance and how Australia’sis performing

The links between economic performance and living standards, and how and why variations exist within and between economies


The ways that governments manage economic performance to improve


Factors that influence majorand financial decisions and the short- and long-term consequences of these decisions


The ways businesses respond to changing economic conditions and improvethrough organisational management and workforce management

Economics and Business Skills
Questioning and research

Develop questions and hypotheses about an economic orissue or event, and plan and conduct an investigation


Gather relevant and reliable data and information from a range of digital, online and print sources

Interpretation and analysis

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

Economic reasoning, decision-making and application

Generate a range of viable options in response to an economic orissue or event, useand appropriate criteria to recommend and justify a course of action and predict the potential consequences of the proposed action


Applyandknowledge, skills and concepts in familiar, new and hypothetical situations

Communication and reflection

Present reasoned arguments and evidence-based conclusions in a range of appropriate formats usingandconventions, language and concepts


Reflect on the intended and unintended consequences of economic anddecisions

Show subject-specific achievement standard

Year 10 Achievement Standard

By the end of Year 10, students explain why and how governments manage economic performance to improve living standards. They give 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 respond to changing economic conditions and improve productivity. Students evaluate the effect of organisational and 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, 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.

Show sub-strand-specific achievement standard