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Draft Years 5-10
Australian Curriculum:
Economics and Business
May 2013
www.acara.edu.au
All material in this brochure is subject to copyright under the Copyright Act 1968 (C’th) and is owned by the Australian Curriculum, Assessment and Reporting Authority (ACARA) 2013. Licence Unless otherwise noted, all material in this brochure – except the logo of ACARA, third party icons and any material protected by trademark – is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 3.0 Australia (CC BY NC SA) licence identified by the following logo:
Under a CC BY NC SA Licence, you may download, copy, print and communicate material for personal or non-commercial purposes, including educational or organisational use, provided you attribute ACARA and licence any new work created incorporating material from this website under the same CC BY NC SA Licence. Attribution (Credit ACARA) All ACARA material licensed under the CC BY NC SA licence must be attributed in the following manner: Unmodified ACARA material: You must credit ACARA in the following manner: Source: Australian Curriculum, Assessment and Reporting Authority (ACARA). Modified ACARA material: You must credit ACARA in the following manner: Based on Australian Curriculum, Assessment and Reporting Authority (ACARA) materials. Copyright inquiries For all copyright inquiries, please email: [email protected] or phone: 1300 895 563 (if within Australia) or 61 2 8098 3100 (if outside Australia).
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
Draft Years 5–10 Australian Curriculum: Economics and Business – May 2013 4
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 Level Description ...................................................................................................... 23
Key inquiry questions ........................................................................................................ 23
Economics and Business Knowledge and Understanding ................................................. 24
Economics and Business Skills ......................................................................................... 26
Achievement Standard ...................................................................................................... 29
Year 7 – Participating in our economy .................................................................................. 30
Year Level Description ...................................................................................................... 30
Key inquiry questions ........................................................................................................ 30
Economics and Business Knowledge and Understanding ................................................. 31
Economics and Business Skills ......................................................................................... 33
Achievement Standard ...................................................................................................... 35
Year 8 – Our dynamic market economy ................................................................................ 36
Year Level Description ...................................................................................................... 36
Key inquiry questions ........................................................................................................ 36
Economics and Business Knowledge and Understanding ................................................. 37
Economics and Business Skills ......................................................................................... 39
Achievement Standard ...................................................................................................... 41
Year 9 – How do we improve our standard of living? ............................................................ 42
Year Level Description ...................................................................................................... 42
Key inquiry questions ........................................................................................................ 42
Economics and Business Knowledge and Understanding ................................................. 43
Economics and Business Skills ......................................................................................... 44
Achievement Standard ...................................................................................................... 46
Year 10 – How is our economy performing? ......................................................................... 47
Year Level Description ...................................................................................................... 47
Key inquiry questions ........................................................................................................ 47
Economics and Business Knowledge and Understanding ................................................. 48
Economics and Business Skills ......................................................................................... 49
Achievement Standard ...................................................................................................... 51
Draft Years 5–10 Australian Curriculum: Economics and Business – May 2013 5
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.
Draft Years 5–10 Australian Curriculum: Economics and Business – May 2013 6
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.
Draft Years 5–10 Australian Curriculum: Economics and Business – May 2013 7
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
Draft Years 5–10 Australian Curriculum: Economics and Business – May 2013 8
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
Draft Years 5–10 Australian Curriculum: Economics and Business – May 2013 9
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
Draft Years 5–10 Australian Curriculum: Economics and Business – May 2013 10
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.
Draft Years 5–10 Australian Curriculum: Economics and Business – May 2013 11
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
Draft Years 5–10 Australian Curriculum: Economics and Business – May 2013 12
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.
Draft Years 5–10 Australian Curriculum: Economics and Business – May 2013 13
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.
Draft Years 5–10 Australian Curriculum: Economics and Business – May 2013 14
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.
Draft Years 5–10 Australian Curriculum: Economics and Business – May 2013 15
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.
Draft Years 5–10 Australian Curriculum: Economics and Business – May 2013 16
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.
Draft Years 5–10 Australian Curriculum: Economics and Business – May 2013 17
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
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?
Draft Years 5–10 Australian Curriculum: Economics and Business – May 2013 18
Economics and Business Knowledge and Understanding
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,
Draft Years 5–10 Australian Curriculum: Economics and Business – May 2013 19
participate in work, including the responsibilities
to extended family and broader community
volunteer
● investigating the reasons people work
Draft Years 5–10 Australian Curriculum: Economics and Business – May 2013 20
Year 5
Economics and Business Skills
Content descriptions Elaborations
Enterprising behaviours and capabilities
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)
Draft Years 5–10 Australian Curriculum: Economics and Business – May 2013 21
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
Draft Years 5–10 Australian Curriculum: Economics and Business – May 2013 22
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.
Draft Years 5–10 Australian Curriculum: Economics and Business – May 2013 23
Year 6 – Consumer and business motives
Year Level Description
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.
Key inquiry questions
Key inquiry questions providing a framework for developing students’ Economic and Business knowledge, understanding and skills at this year
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?
Draft Years 5–10 Australian Curriculum: Economics and Business – May 2013 24
Economics and Business Knowledge and Understanding
Content descriptions Elaborations
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
Draft Years 5–10 Australian Curriculum: Economics and Business – May 2013 25
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
Draft Years 5–10 Australian Curriculum: Economics and Business – May 2013 26
Year 6
Economics and Business Skills
Content descriptions Elaborations
Enterprising behaviours and capabilities
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
Economics and Business questions and research
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?
Reasoning, interpretation and analysis
Organise data and/or information into a useful form to ● creating categories to organise the information obtained from different sources into a
Draft Years 5–10 Australian Curriculum: Economics and Business – May 2013 27
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
hypothetical situations or situations not previously
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
Reflection and communication
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
Draft Years 5–10 Australian Curriculum: Economics and Business – May 2013 28
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
Draft Years 5–10 Australian Curriculum: Economics and Business – May 2013 29
Year 6
Achievement Standard
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.
Draft Years 5–10 Australian Curriculum: Economics and Business – May 2013 30
Year 7 – Participating in our economy
Year Level Description
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.
Key inquiry questions
Key inquiry questions providing a framework for developing students’ Economic and Business knowledge, understanding and skills at this year
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?
Draft Years 5–10 Australian Curriculum: Economics and Business – May 2013 31
Economics and Business Knowledge and Understanding
Content descriptions Elaborations
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
Draft Years 5–10 Australian Curriculum: Economics and Business – May 2013 32
● investigating alternative ways individuals can generate income, for example, owning a
business, being a shareholder, providing a rental service
Draft Years 5–10 Australian Curriculum: Economics and Business – May 2013 33
Year 7
Economics and Business Skills
Content descriptions Elaborations
Enterprising behaviours and capabilities
Apply enterprising behaviours and capabilities to real or
hypothetical situations or situations not previously
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
Economics and Business questions and research
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
Reasoning, interpretation and analysis
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
Draft Years 5–10 Australian Curriculum: Economics and Business – May 2013 34
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
Reflection and communication
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
Draft Years 5–10 Australian Curriculum: Economics and Business – May 2013 35
Achievement Standard
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.
Draft Years 5–10 Australian Curriculum: Economics and Business – May 2013 36
Year 8 – Our dynamic market economy
Year Level Description
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.
Key inquiry questions
Key inquiry questions providing a framework for developing students’ Economic and Business knowledge, understanding and skills at this year
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?
Draft Years 5–10 Australian Curriculum: Economics and Business – May 2013 37
Economics and Business Knowledge and Understanding
Content descriptions Elaborations
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
Draft Years 5–10 Australian Curriculum: Economics and Business – May 2013 38
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
Draft Years 5–10 Australian Curriculum: Economics and Business – May 2013 39
Year 8
Economics and Business Skills
Content descriptions Elaborations
Enterprising behaviours and capabilities
Apply enterprising behaviours and capabilities to real or
hypothetical situations or situations not previously
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
Economics and Business questions and research
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.
Collect relevant data and/or information from a range of
sources to respond to an issue and/or event
● using a variety of sources to collect relevant data and/or information, for example
Australian Bureau of Statistics information
Reasoning, interpretation and analysis
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
Draft Years 5–10 Australian Curriculum: Economics and Business – May 2013 40
● 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
Reflection and communication
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
Draft Years 5–10 Australian Curriculum: Economics and Business – May 2013 41
Year 8
Achievement Standard
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.
Draft Years 5–10 Australian Curriculum: Economics and Business – May 2013 42
Year 9 – How do we improve our standard of living?
Year Level Description
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.
Key inquiry questions
Key inquiry questions providing a framework for developing students’ Economic and Business knowledge, understanding and skills at this year
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?
Draft Years 5–10 Australian Curriculum: Economics and Business – May 2013 43
Economics and Business Knowledge and Understanding
Content descriptions Elaborations
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
Draft Years 5–10 Australian Curriculum: Economics and Business – May 2013 44
Year 9
Economics and Business Skills
Content descriptions Elaborations
Enterprising behaviours and capabilities
Apply enterprising behaviours and capabilities to real or
hypothetical situations or situations not previously
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
Economics and Business questions and research
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
Collect relevant data and/or information from a range of
sources to respond to an issue and/or event
● collecting data and/or information from a variety of sources relevant to the issue and/or
event being investigated
Reasoning, interpretation and analysis
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
Draft Years 5–10 Australian Curriculum: Economics and Business – May 2013 45
changes in data over a number of years
Use economic reasoning to interpret and analyse the data
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
Reflection and communication
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
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Year 9
Achievement Standard
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.
Draft Years 5–10 Australian Curriculum: Economics and Business – May 2013 47
Year 10 – How is our economy performing?
Year Level Description
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.
Key inquiry questions
Key inquiry questions providing a framework for developing students’ Economic and Business knowledge, understanding and skills at this year
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?
Draft Years 5–10 Australian Curriculum: Economics and Business – May 2013 48
Economics and Business Knowledge and Understanding
Content descriptions Elaborations
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
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Year 10
Economics and Business Skills
Content descriptions Elaborations
Enterprising behaviours and capabilities
Apply enterprising behaviours and capabilities to real or
hypothetical situations or situations not previously
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
Economics and Business questions and research
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
Collect relevant data and/or information from a range of
sources to respond to an issue and/or event
● 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
Reasoning, interpretation and analysis
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
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Use economic reasoning to interpret and analyse the data
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
Reflection and communication
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
Draft Years 5–10 Australian Curriculum: Economics and Business – May 2013 51
Year 10
Achievement Standard
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.