Economics and Business

By the end of Level 6, students classify economic resources and describe how economic scarcity necessitates economic decision-making. They explain both entrepreneurship and the importance of work to individuals and the community. Students explain the different factors that influence consumer choice and outline strategies for informed personal economic decision-making. Students explain what taxation is and the reasons why governments levy taxation. They explain and are able to access services offered by financial institutions, and discuss the importance of keeping money safe and spending it wisely.

Students develop questions to investigate economics and business issues and systems, and they accurately locate,...

By the end of Level 8, students can explain how free markets influence the allocation of resources. Students describe the reasons businesses exist, accurately categorise businesses, analyse the importance of entrepreneurship to business success and explain how businesses identify and take advantage of market opportunities.

Students describe different ways Australians may derive income, and they analyse the changing nature of work in contemporary Australia and make logical predictions about the future of work. Students outline the operations of Australia’s taxation system and explain reasons why individuals and businesses must plan to achieve financial goals.

Students identify the legal and ethical...

By the end of Level 10, students can analyse the circular flow model of the economy and assess the appropriateness of specific government and Reserve Bank of Australia economic interventions through fiscal and monetary policy. They explain the interdependence of the different sectors of the economy, identify and analyse the economic indicators used to measure economic performance, and assess the implications of Australia’s participation in the global economy via international trade.

They explain how and why businesses can seek to create and maintain a competitive advantage and the role of entrepreneurship, marketing and public relations strategies in doing this. Students...