Economics and Business

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Rationale

As mass global flows of people, resources, finances and information produce social, economic, political and environmental complexities and challenges, Australia needs enterprising individuals who can make informed decisions and actively participate in society and the economy as individuals and more broadly as global citizens.

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Aims

The Australian Curriculum: Economics and Business aims to aims to ensure students develop:

enterprising behaviours and capabilities that can be transferable into life, work and business opportunities and will contribute to the development and prosperity of individuals and society

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Structure

The Australian Curriculum: Economics and Business is organised in two related strands: economics and business knowledge and understanding, and economics and business inquiry and skills.

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PDF documents

Resources and support materials for the Australian Curriculum: Economics and Business are available as PDF documents. 
Economics and Business: Sequence of content 7-10
Economics and Business: Sequence of achievement 7-10  

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Glossary

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Year 8

Year 8 Level Description

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

The economics and business content at this year level involves two strands: economics and business knowledge and understanding, and economics and business skills. These strands are interrelated and have been developed to be taught in an integrated way, and in ways that are appropriate to specific local contexts. The order and detail in which they are taught are programming decisions.

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

Key inquiry questions

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

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

Year 8 Content Descriptions

The ways markets in Australia operate to enable the distribution of resources, and why they may be influenced by government (ACHEK027 - Scootle )
Ethical Understanding

Exploring values, rights and responsibilities
  • Explore rights and responsibilities
  • Examine values
  • Consider points of view

Critical and Creative Thinking

Inquiring – identifying, exploring and organising information and ideas
  • Organise and process information
  • Pose questions
  • Identify and clarify information and ideas

  • identifying who is involved in the market system in Australia and explaining how the market operates through the interactions of the participants (for example, household, business, finance, and government sectors)
    Literacy

    Text knowledge
    • Use knowledge of text structures

    Grammar knowledge
    • Use knowledge of sentence structures

    Composing texts through speaking, writing and creating
    • Compose spoken, written, visual and multimodal learning area texts

    Comprehending texts through listening, reading and viewing
    • Navigate, read and view learning area texts
    • Interpret and analyse learning area texts

    Word Knowledge
    • Understand learning area vocabulary

    Critical and Creative Thinking

    Inquiring – identifying, exploring and organising information and ideas
    • Identify and clarify information and ideas
    • Organise and process information

    Reflecting on thinking and processes
    • Reflect on processes

    Generating ideas, possibilities and actions
    • Seek solutions and put ideas into action

  • identifying different types of markets that operate in Australia such as retail markets, labour markets, financial markets, stock markets
    Literacy

    Word Knowledge
    • Understand learning area vocabulary

    Comprehending texts through listening, reading and viewing
    • Navigate, read and view learning area texts
    • Interpret and analyse learning area texts

    Text knowledge
    • Use knowledge of text structures

    Composing texts through speaking, writing and creating
    • Compose spoken, written, visual and multimodal learning area texts

    Critical and Creative Thinking

    Inquiring – identifying, exploring and organising information and ideas
    • Organise and process information
    • Identify and clarify information and ideas

    Generating ideas, possibilities and actions
    • Seek solutions and put ideas into action

    Reflecting on thinking and processes
    • Reflect on processes

  • explaining how the interaction between buyers and sellers influences prices and how markets enable the distribution and allocation of resources (that is, how do businesses answer the questions of what to produce, how to produce and for whom to produce?)
    Ethical Understanding

    Understanding ethical concepts and issues
    • Recognise ethical concepts

    Personal and Social Capability

    Social awareness
    • Appreciate diverse perspectives
    • Understand relationships

    Literacy

    Composing texts through speaking, writing and creating
    • Compose spoken, written, visual and multimodal learning area texts
    • Use language to interact with others

    Comprehending texts through listening, reading and viewing
    • Navigate, read and view learning area texts
    • Interpret and analyse learning area texts

    Word Knowledge
    • Understand learning area vocabulary

    Text knowledge
    • Use knowledge of text structures

    Grammar knowledge
    • Use knowledge of sentence structures

    Critical and Creative Thinking

    Inquiring – identifying, exploring and organising information and ideas
    • Organise and process information
    • Identify and clarify information and ideas

  • identifying examples of government involvement in the market through reallocation of resources, regulation of economic activity or redistribution of income (for example, providing some types of goods and services not being provided sufficiently by the market, such as health care)
    Literacy

    Text knowledge
    • Use knowledge of text structures

    Composing texts through speaking, writing and creating
    • Compose spoken, written, visual and multimodal learning area texts

    Word Knowledge
    • Understand learning area vocabulary

    Comprehending texts through listening, reading and viewing
    • Interpret and analyse learning area texts
    • Navigate, read and view learning area texts

    Critical and Creative Thinking

    Reflecting on thinking and processes
    • Reflect on processes

    Inquiring – identifying, exploring and organising information and ideas
    • Identify and clarify information and ideas
    • Organise and process information

    Ethical Understanding

    Understanding ethical concepts and issues
    • Recognise ethical concepts

  • identifying reasons government intervenes in the market (for example, to improve economic performance and remedy market failure)
    Critical and Creative Thinking

    Inquiring – identifying, exploring and organising information and ideas
    • Pose questions
    • Identify and clarify information and ideas

    Ethical Understanding

    Understanding ethical concepts and issues
    • Explore ethical concepts in context
    • Recognise ethical concepts

    Exploring values, rights and responsibilities
    • Explore rights and responsibilities

The traditional markets of Aboriginal and Torres Strait Islander communities and their participation in contemporary markets (ACHEK028 - Scootle )
  • Aboriginal and Torres Strait Islander Histories and Cultures
Critical and Creative Thinking

Inquiring – identifying, exploring and organising information and ideas
  • Organise and process information
  • Identify and clarify information and ideas

Intercultural Understanding

Recognising culture and developing respect
  • Explore and compare cultural knowledge, beliefs and practices
  • Develop respect for cultural diversity
  • Investigate culture and cultural identity

  • exploring traditional practices that enabled fast and expansive exchange in technology, ideas and rare and valuable goods within and between Aboriginal and Torres Strait Islander communities (for example, through trade, songlines and ceremony), and how this reinforced personal and group relationships
    • Aboriginal and Torres Strait Islander Histories and Cultures
    Critical and Creative Thinking

    Inquiring – identifying, exploring and organising information and ideas
    • Identify and clarify information and ideas
    • Organise and process information

    Literacy

    Word Knowledge
    • Understand learning area vocabulary

    Comprehending texts through listening, reading and viewing
    • Navigate, read and view learning area texts
    • Interpret and analyse learning area texts

    Personal and Social Capability

    Social awareness
    • Understand relationships
    • Appreciate diverse perspectives

    Intercultural Understanding

    Recognising culture and developing respect
    • Develop respect for cultural diversity
    • Explore and compare cultural knowledge, beliefs and practices
    • Investigate culture and cultural identity

    Ethical Understanding

    Understanding ethical concepts and issues
    • Recognise ethical concepts
    • Explore ethical concepts in context

    Reasoning in decision making and actions
    • Reason and make ethical decisions

    Exploring values, rights and responsibilities
    • Examine values
    • Consider points of view

  • recognising that Aboriginal and Torres Strait Islander communities participate in contemporary markets (for example, employment, social contribution) and identifying the barriers to access to contemporary markets (for example, distance, poverty)
    • Aboriginal and Torres Strait Islander Histories and Cultures
    Intercultural Understanding

    Recognising culture and developing respect
    • Investigate culture and cultural identity
    • Develop respect for cultural diversity
    • Explore and compare cultural knowledge, beliefs and practices

    Literacy

    Text knowledge
    • Use knowledge of text structures

    Comprehending texts through listening, reading and viewing
    • Navigate, read and view learning area texts
    • Interpret and analyse learning area texts

    Word Knowledge
    • Understand learning area vocabulary

    Composing texts through speaking, writing and creating
    • Compose spoken, written, visual and multimodal learning area texts

    Ethical Understanding

    Understanding ethical concepts and issues
    • Recognise ethical concepts
    • Explore ethical concepts in context

    Exploring values, rights and responsibilities
    • Examine values
    • Consider points of view

    Reasoning in decision making and actions
    • Reason and make ethical decisions

    Personal and Social Capability

    Social awareness
    • Appreciate diverse perspectives
    • Understand relationships

    Critical and Creative Thinking

    Inquiring – identifying, exploring and organising information and ideas
    • Organise and process information
    • Identify and clarify information and ideas

  • investigating the innovative ways Aboriginal and Torres Strait Islander Peoples utilise their cultural knowledge in contemporary contexts in enterprising ways (for example, cultural tourism and other business ventures that harness traditional knowledge of art, medicines and food derived from the environment)
    • Aboriginal and Torres Strait Islander Histories and Cultures
    Ethical Understanding

    Exploring values, rights and responsibilities
    • Consider points of view
    • Examine values

    Understanding ethical concepts and issues
    • Explore ethical concepts in context
    • Recognise ethical concepts

    Reasoning in decision making and actions
    • Reason and make ethical decisions

    Literacy

    Composing texts through speaking, writing and creating
    • Compose spoken, written, visual and multimodal learning area texts

    Text knowledge
    • Use knowledge of text structures

    Word Knowledge
    • Understand learning area vocabulary

    Comprehending texts through listening, reading and viewing
    • Navigate, read and view learning area texts
    • Interpret and analyse learning area texts

    Intercultural Understanding

    Recognising culture and developing respect
    • Investigate culture and cultural identity
    • Explore and compare cultural knowledge, beliefs and practices
    • Develop respect for cultural diversity

    Critical and Creative Thinking

    Reflecting on thinking and processes
    • Reflect on processes

    Inquiring – identifying, exploring and organising information and ideas
    • Pose questions
    • Organise and process information
    • Identify and clarify information and ideas

    Analysing, synthesising and evaluating reasoning and procedures
    • Apply logic and reasoning

    Personal and Social Capability

    Social awareness
    • Understand relationships
    • Appreciate diverse perspectives

The rights and responsibilities of consumers and businesses in Australia in terms of financial and economic decision-making (ACHEK029 - Scootle )
Personal and Social Capability

Social awareness
  • Contribute to civil society
  • Appreciate diverse perspectives

Ethical Understanding

Exploring values, rights and responsibilities
  • Examine values
  • Explore rights and responsibilities

  • distinguishing the difference between rights and responsibilities and creating a list of the rights and responsibilities of consumers and businesses
    Literacy

    Grammar knowledge
    • Use knowledge of sentence structures

    Comprehending texts through listening, reading and viewing
    • Interpret and analyse learning area texts
    • Navigate, read and view learning area texts

    Text knowledge
    • Use knowledge of text structures

    Composing texts through speaking, writing and creating
    • Compose spoken, written, visual and multimodal learning area texts

    Word Knowledge
    • Understand learning area vocabulary

    Ethical Understanding

    Understanding ethical concepts and issues
    • Explore ethical concepts in context
    • Recognise ethical concepts

    Exploring values, rights and responsibilities
    • Examine values
    • Explore rights and responsibilities

    Critical and Creative Thinking

    Inquiring – identifying, exploring and organising information and ideas
    • Identify and clarify information and ideas
    • Organise and process information

    Reflecting on thinking and processes
    • Reflect on processes

    Generating ideas, possibilities and actions
    • Consider alternatives

    Personal and Social Capability

    Social awareness
    • Appreciate diverse perspectives

  • investigating the ways the rights of consumers are protected through the law (for example, warranties, cooling off periods)
    Literacy

    Comprehending texts through listening, reading and viewing
    • Navigate, read and view learning area texts
    • Interpret and analyse learning area texts

    Word Knowledge
    • Understand learning area vocabulary

    Composing texts through speaking, writing and creating
    • Compose spoken, written, visual and multimodal learning area texts

    Text knowledge
    • Use knowledge of text structures

    Critical and Creative Thinking

    Inquiring – identifying, exploring and organising information and ideas
    • Identify and clarify information and ideas
    • Organise and process information
    • Pose questions

    Reflecting on thinking and processes
    • Reflect on processes

    Analysing, synthesising and evaluating reasoning and procedures
    • Apply logic and reasoning

    Ethical Understanding

    Exploring values, rights and responsibilities
    • Examine values
    • Explore rights and responsibilities

    Understanding ethical concepts and issues
    • Recognise ethical concepts
    • Explore ethical concepts in context

  • identifying examples of how businesses are required by government to protect the safety of consumers (for example, mandatory and voluntary standards, product safety recalls)
    Critical and Creative Thinking

    Inquiring – identifying, exploring and organising information and ideas
    • Organise and process information
    • Identify and clarify information and ideas

    Generating ideas, possibilities and actions
    • Consider alternatives

    Reflecting on thinking and processes
    • Reflect on processes

    Literacy

    Comprehending texts through listening, reading and viewing
    • Interpret and analyse learning area texts
    • Navigate, read and view learning area texts

    Word Knowledge
    • Understand learning area vocabulary

    Composing texts through speaking, writing and creating
    • Compose spoken, written, visual and multimodal learning area texts

    Text knowledge
    • Use knowledge of text structures

    Ethical Understanding

    Understanding ethical concepts and issues
    • Explore ethical concepts in context
    • Recognise ethical concepts

    Exploring values, rights and responsibilities
    • Examine values
    • Explore rights and responsibilities

  • discussing different financial and economic decisions that consumers and businesses make
    Ethical Understanding

    Understanding ethical concepts and issues
    • Recognise ethical concepts
    • Explore ethical concepts in context

    Personal and Social Capability

    Social management
    • Negotiate and resolve conflict
    • Communicate effectively

Types of businesses and the ways that businesses respond to opportunities in Australia (ACHEK030 - Scootle )
Ethical Understanding

Exploring values, rights and responsibilities
  • Examine values
  • Explore rights and responsibilities
  • Consider points of view

Critical and Creative Thinking

Inquiring – identifying, exploring and organising information and ideas
  • Identify and clarify information and ideas
  • Organise and process information

  • comparing different forms of business ownership (for example, sole proprietorship, partnership, corporation, cooperative, franchise)
    Literacy

    Word Knowledge
    • Understand learning area vocabulary

    Text knowledge
    • Use knowledge of text structures

    Comprehending texts through listening, reading and viewing
    • Interpret and analyse learning area texts
    • Navigate, read and view learning area texts

    Composing texts through speaking, writing and creating
    • Compose spoken, written, visual and multimodal learning area texts

    Critical and Creative Thinking

    Inquiring – identifying, exploring and organising information and ideas
    • Identify and clarify information and ideas
    • Organise and process information

    Generating ideas, possibilities and actions
    • Consider alternatives

  • explaining why a person or group of people would choose to establish one type of business rather than another
    Literacy

    Composing texts through speaking, writing and creating
    • Use language to interact with others
    • Compose spoken, written, visual and multimodal learning area texts

    Grammar knowledge
    • Use knowledge of sentence structures

    Comprehending texts through listening, reading and viewing
    • Interpret and analyse learning area texts
    • Navigate, read and view learning area texts

    Text knowledge
    • Use knowledge of text structures

    Word Knowledge
    • Understand learning area vocabulary

    Critical and Creative Thinking

    Inquiring – identifying, exploring and organising information and ideas
    • Organise and process information
    • Identify and clarify information and ideas

    Personal and Social Capability

    Social awareness
    • Appreciate diverse perspectives

  • exploring different external factors that influence business opportunities, such as government and government policy, competitors in the market, demographics, technological innovations in production processes and product design, economic conditions, globalisation, and changing social attitudes and trends of the target market
    Literacy

    Text knowledge
    • Use knowledge of text structures

    Composing texts through speaking, writing and creating
    • Compose spoken, written, visual and multimodal learning area texts

    Word Knowledge
    • Understand learning area vocabulary

    Comprehending texts through listening, reading and viewing
    • Interpret and analyse learning area texts
    • Navigate, read and view learning area texts

    Critical and Creative Thinking

    Inquiring – identifying, exploring and organising information and ideas
    • Organise and process information
    • Identify and clarify information and ideas

    Generating ideas, possibilities and actions
    • Consider alternatives

  • identifying examples of the different ways businesses respond to opportunities in the market (for example, developing a new product to satisfy demand, changing the way they deliver their products or services to consumers)
    Critical and Creative Thinking

    Inquiring – identifying, exploring and organising information and ideas
    • Organise and process information
    • Identify and clarify information and ideas

    Reflecting on thinking and processes
    • Reflect on processes

    Generating ideas, possibilities and actions
    • Consider alternatives

    Ethical Understanding

    Understanding ethical concepts and issues
    • Recognise ethical concepts
    • Explore ethical concepts in context

    Literacy

    Word Knowledge
    • Understand learning area vocabulary

    Text knowledge
    • Use knowledge of text structures

    Comprehending texts through listening, reading and viewing
    • Interpret and analyse learning area texts
    • Navigate, read and view learning area texts

    Composing texts through speaking, writing and creating
    • Compose spoken, written, visual and multimodal learning area texts

  • exploring different internal factors that influence business opportunities, such as the product, location, resources, management and business culture including ability to be adaptable and demonstrate enterprising behaviours and skills
    Critical and Creative Thinking

    Inquiring – identifying, exploring and organising information and ideas
    • Organise and process information
    • Identify and clarify information and ideas

Influences on the ways people work and factors that might affect work in the future (ACHEK031 - Scootle )
Critical and Creative Thinking

Inquiring – identifying, exploring and organising information and ideas
  • Identify and clarify information and ideas
  • Organise and process information

  • investigating present influences on the ways people work, such as technological change, outsourced labour in the global economy, rapid communication changes, casualisation of the workforce
    Critical and Creative Thinking

    Inquiring – identifying, exploring and organising information and ideas
    • Organise and process information
    • Pose questions
    • Identify and clarify information and ideas

    Analysing, synthesising and evaluating reasoning and procedures
    • Apply logic and reasoning

    Reflecting on thinking and processes
    • Reflect on processes

    Literacy

    Comprehending texts through listening, reading and viewing
    • Interpret and analyse learning area texts
    • Navigate, read and view learning area texts

    Composing texts through speaking, writing and creating
    • Compose spoken, written, visual and multimodal learning area texts

    Word Knowledge
    • Understand learning area vocabulary

    Text knowledge
    • Use knowledge of text structures

    Ethical Understanding

    Reasoning in decision making and actions
    • Reason and make ethical decisions
    • Consider consequences

    Exploring values, rights and responsibilities
    • Explore rights and responsibilities
    • Examine values

    Understanding ethical concepts and issues
    • Explore ethical concepts in context
    • Recognise ethical concepts

    Information and Communication Technology (ICT) Capability

    Applying social and ethical protocols and practices when using ICT
    • Identify the impacts of ICT in society

  • identifying changes to the workforce over time, such as the jobs available, the way individuals or communities value particular work, career length and human resource development, changing demography, corporate social responsibility and sustainability practices, changes to workplace laws
    • Sustainability
    Ethical Understanding

    Exploring values, rights and responsibilities
    • Explore rights and responsibilities
    • Examine values
    • Consider points of view

    Reasoning in decision making and actions
    • Consider consequences

    Understanding ethical concepts and issues
    • Explore ethical concepts in context
    • Recognise ethical concepts

    Critical and Creative Thinking

    Generating ideas, possibilities and actions
    • Consider alternatives

    Reflecting on thinking and processes
    • Reflect on processes

    Inquiring – identifying, exploring and organising information and ideas
    • Organise and process information
    • Identify and clarify information and ideas

    Literacy

    Text knowledge
    • Use knowledge of text structures

    Word Knowledge
    • Understand learning area vocabulary

    Composing texts through speaking, writing and creating
    • Compose spoken, written, visual and multimodal learning area texts

    Comprehending texts through listening, reading and viewing
    • Interpret and analyse learning area texts
    • Navigate, read and view learning area texts

  • predicting changes to work in the future and possible outcomes (for example, ‘What could be the effect of a changing attitude to work–life balance or the decline of some industries?’)
    Critical and Creative Thinking

    Inquiring – identifying, exploring and organising information and ideas
    • Identify and clarify information and ideas
    • Organise and process information

    Generating ideas, possibilities and actions
    • Seek solutions and put ideas into action
    • Imagine possibilities and connect ideas

    Literacy

    Comprehending texts through listening, reading and viewing
    • Interpret and analyse learning area texts
    • Navigate, read and view learning area texts

    Word Knowledge
    • Understand learning area vocabulary

    Composing texts through speaking, writing and creating
    • Compose spoken, written, visual and multimodal learning area texts

    Grammar knowledge
    • Use knowledge of sentence structures

    Ethical Understanding

    Understanding ethical concepts and issues
    • Explore ethical concepts in context
    • Recognise ethical concepts

    Reasoning in decision making and actions
    • Consider consequences

    Exploring values, rights and responsibilities
    • Explore rights and responsibilities
    • Examine values

    Personal and Social Capability

    Social awareness
    • Appreciate diverse perspectives

Questioning and research

Develop questions about an economic or business issue or event, and plan and conduct an investigation or project (ACHES032 - Scootle )
Critical and Creative Thinking

Inquiring – identifying, exploring and organising information and ideas
  • Identify and clarify information and ideas
  • Organise and process information
  • Pose questions

Reflecting on thinking and processes
  • Reflect on processes

Analysing, synthesising and evaluating reasoning and procedures
  • Draw conclusions and design a course of action
  • Apply logic and reasoning

Literacy

Word Knowledge
  • Use spelling knowledge
  • Understand learning area vocabulary

Composing texts through speaking, writing and creating
  • Compose spoken, written, visual and multimodal learning area texts
  • Compose texts

Text knowledge
  • Use knowledge of text structures

Comprehending texts through listening, reading and viewing
  • Interpret and analyse learning area texts
  • Navigate, read and view learning area texts
  • Comprehend texts

Grammar knowledge
  • Use knowledge of sentence structures

  • developing targeted questions to form the basis of an investigation of an economic or business issue or event (for example, ‘How are the prices of products determined through the interaction of participants in the market?’, 'How should a business respond to an opportunity in the Australian market?', 'How are consumers' rights and responsibilities protected when they make purchasing decisions?')
    Literacy

    Grammar knowledge
    • Use knowledge of sentence structures

    Text knowledge
    • Use knowledge of text structures

    Word Knowledge
    • Use spelling knowledge
    • Understand learning area vocabulary

    Comprehending texts through listening, reading and viewing
    • Interpret and analyse learning area texts
    • Navigate, read and view learning area texts

    Composing texts through speaking, writing and creating
    • Compose spoken, written, visual and multimodal learning area texts

    Critical and Creative Thinking

    Inquiring – identifying, exploring and organising information and ideas
    • Organise and process information
    • Identify and clarify information and ideas
    • Pose questions

  • devising the steps needed for an investigation and modifying as required
    Literacy

    Composing texts through speaking, writing and creating
    • Compose spoken, written, visual and multimodal learning area texts

    Comprehending texts through listening, reading and viewing
    • Navigate, read and view learning area texts
    • Interpret and analyse learning area texts

    Text knowledge
    • Use knowledge of text structures

    Word Knowledge
    • Understand learning area vocabulary

    Critical and Creative Thinking

    Analysing, synthesising and evaluating reasoning and procedures
    • Apply logic and reasoning
    • Evaluate procedures and outcomes
    • Draw conclusions and design a course of action

    Inquiring – identifying, exploring and organising information and ideas
    • Organise and process information
    • Identify and clarify information and ideas

    Reflecting on thinking and processes
    • Reflect on processes

Gather relevant data and information from a range of digital, online and print sources (ACHES033 - Scootle )
Information and Communication Technology (ICT) Capability

Investigating with ICT
  • Define and plan information searches
  • Locate, generate and access data and information

Literacy

Comprehending texts through listening, reading and viewing
  • Interpret and analyse learning area texts
  • Navigate, read and view learning area texts
  • Comprehend texts

Word Knowledge
  • Understand learning area vocabulary

Visual Knowledge
  • Understand how visual elements create meaning

Critical and Creative Thinking

Generating ideas, possibilities and actions
  • Consider alternatives

Inquiring – identifying, exploring and organising information and ideas
  • Organise and process information
  • Identify and clarify information and ideas

Numeracy

Interpreting statistical information
  • Interpret data displays

  • organising and categorising data and/or information (for example, constructing a table showing the differences between types of businesses)
    Numeracy

    Interpreting statistical information
    • Interpret data displays

    Using spatial reasoning
    • Interpret maps and diagrams

    Literacy

    Composing texts through speaking, writing and creating
    • Compose spoken, written, visual and multimodal learning area texts

    Text knowledge
    • Use knowledge of text structures

    Comprehending texts through listening, reading and viewing
    • Interpret and analyse learning area texts
    • Navigate, read and view learning area texts

    Visual Knowledge
    • Understand how visual elements create meaning

    Word Knowledge
    • Understand learning area vocabulary

    Critical and Creative Thinking

    Generating ideas, possibilities and actions
    • Consider alternatives
    • Seek solutions and put ideas into action

    Inquiring – identifying, exploring and organising information and ideas
    • Identify and clarify information and ideas
    • Organise and process information

  • accessing reliable information (for example, from departments of fair trading) to access advice on the rights and responsibilities of consumers and businesses, or finding information on strategies to resolve consumer and business disputes
    Literacy

    Composing texts through speaking, writing and creating
    • Compose spoken, written, visual and multimodal learning area texts

    Comprehending texts through listening, reading and viewing
    • Navigate, read and view learning area texts
    • Interpret and analyse learning area texts

    Text knowledge
    • Use knowledge of text structures

    Word Knowledge
    • Understand learning area vocabulary

    Ethical Understanding

    Reasoning in decision making and actions
    • Reason and make ethical decisions
    • Reflect on ethical action
    • Consider consequences

    Understanding ethical concepts and issues
    • Recognise ethical concepts
    • Explore ethical concepts in context

    Exploring values, rights and responsibilities
    • Explore rights and responsibilities

    Critical and Creative Thinking

    Inquiring – identifying, exploring and organising information and ideas
    • Pose questions
    • Organise and process information
    • Identify and clarify information and ideas

    Analysing, synthesising and evaluating reasoning and procedures
    • Apply logic and reasoning

    Reflecting on thinking and processes
    • Reflect on processes

Interpretation and analysis

Interpret data and information displayed in different formats to identify relationships and trends (ACHES034 - Scootle )
Critical and Creative Thinking

Inquiring – identifying, exploring and organising information and ideas
  • Organise and process information
  • Identify and clarify information and ideas

Generating ideas, possibilities and actions
  • Consider alternatives

Reflecting on thinking and processes
  • Reflect on processes

Analysing, synthesising and evaluating reasoning and procedures
  • Apply logic and reasoning

Literacy

Word Knowledge
  • Understand learning area vocabulary

Composing texts through speaking, writing and creating
  • Compose texts
  • Compose spoken, written, visual and multimodal learning area texts

Text knowledge
  • Use knowledge of text structures

Comprehending texts through listening, reading and viewing
  • Comprehend texts
  • Navigate, read and view learning area texts
  • Interpret and analyse learning area texts

Grammar knowledge
  • Use knowledge of sentence structures

Visual Knowledge
  • Understand how visual elements create meaning

Numeracy

Interpreting statistical information
  • Interpret data displays

Recognising and using patterns and relationships
  • Recognise and use patterns and relationships

Using spatial reasoning
  • Interpret maps and diagrams

  • interpreting data in tables, charts and graphs to identify relationships (for example, correlations between the location of groups and access to work opportunities)
    Numeracy

    Recognising and using patterns and relationships
    • Recognise and use patterns and relationships

    Interpreting statistical information
    • Interpret data displays

    Using spatial reasoning
    • Interpret maps and diagrams

    Literacy

    Comprehending texts through listening, reading and viewing
    • Navigate, read and view learning area texts
    • Interpret and analyse learning area texts

    Word Knowledge
    • Understand learning area vocabulary

    Composing texts through speaking, writing and creating
    • Compose spoken, written, visual and multimodal learning area texts

    Text knowledge
    • Use knowledge of text structures

    Critical and Creative Thinking

    Inquiring – identifying, exploring and organising information and ideas
    • Organise and process information
    • Identify and clarify information and ideas

    Reflecting on thinking and processes
    • Reflect on processes

    Generating ideas, possibilities and actions
    • Consider alternatives

    Analysing, synthesising and evaluating reasoning and procedures
    • Apply logic and reasoning

Economic reasoning, decision-making and application

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

Analysing, synthesising and evaluating reasoning and procedures
  • Evaluate procedures and outcomes

Inquiring – identifying, exploring and organising information and ideas
  • Identify and clarify information and ideas
  • Organise and process information

Generating ideas, possibilities and actions
  • Consider alternatives

Literacy

Comprehending texts through listening, reading and viewing
  • Navigate, read and view learning area texts
  • Comprehend texts
  • Interpret and analyse learning area texts

Text knowledge
  • Use knowledge of text structures

Grammar knowledge
  • Use knowledge of sentence structures

Composing texts through speaking, writing and creating
  • Compose spoken, written, visual and multimodal learning area texts
  • Compose texts

Word Knowledge
  • Understand learning area vocabulary

Numeracy

Estimating and calculating with whole numbers
  • Use money
  • Estimate and calculate

Ethical Understanding

Reasoning in decision making and actions
  • Reason and make ethical decisions
  • Consider consequences
  • Reflect on ethical action

  • identifying opportunities in the market for a business and proposing alternative ways to take advantage of these
    Critical and Creative Thinking

    Generating ideas, possibilities and actions
    • Consider alternatives
    • Imagine possibilities and connect ideas
    • Seek solutions and put ideas into action

    Inquiring – identifying, exploring and organising information and ideas
    • Organise and process information
    • Identify and clarify information and ideas

    Reflecting on thinking and processes
    • Reflect on processes

    Literacy

    Text knowledge
    • Use knowledge of text structures

    Composing texts through speaking, writing and creating
    • Compose spoken, written, visual and multimodal learning area texts

    Comprehending texts through listening, reading and viewing
    • Navigate, read and view learning area texts
    • Interpret and analyse learning area texts

    Grammar knowledge
    • Express opinion and point of view

    Word Knowledge
    • Understand learning area vocabulary

  • undertaking a cost-benefit analysis of alternative ways for a business to respond to opportunities in the market and making a decision about which one to recommend
    Literacy

    Comprehending texts through listening, reading and viewing
    • Navigate, read and view learning area texts
    • Interpret and analyse learning area texts

    Grammar knowledge
    • Express opinion and point of view

    Composing texts through speaking, writing and creating
    • Compose spoken, written, visual and multimodal learning area texts

    Word Knowledge
    • Understand learning area vocabulary

    Text knowledge
    • Use knowledge of text structures

    Critical and Creative Thinking

    Reflecting on thinking and processes
    • Reflect on processes

    Inquiring – identifying, exploring and organising information and ideas
    • Identify and clarify information and ideas
    • Organise and process information

    Generating ideas, possibilities and actions
    • Imagine possibilities and connect ideas
    • Seek solutions and put ideas into action
    • Consider alternatives

    Numeracy

    Estimating and calculating with whole numbers
    • Estimate and calculate

    Interpreting statistical information
    • Interpret data displays

    Ethical Understanding

    Reasoning in decision making and actions
    • Reason and make ethical decisions

    Understanding ethical concepts and issues
    • Recognise ethical concepts
    • Explore ethical concepts in context

  • exploring an Aboriginal or Torres Strait Islander business or enterprise, analysing how it has responded to an issue or opportunity, and applying a cost-benefit analysis
    • Aboriginal and Torres Strait Islander Histories and Cultures
Apply economics and business knowledge, skills and concepts in familiar and new situations (ACHES036 - Scootle )
Critical and Creative Thinking

Inquiring – identifying, exploring and organising information and ideas
  • Organise and process information
  • Identify and clarify information and ideas

Reflecting on thinking and processes
  • Transfer knowledge into new contexts

Generating ideas, possibilities and actions
  • Consider alternatives
  • Seek solutions and put ideas into action

  • applying informed decision-making skills to familiar and new situations (for example, helping the family decide what products they need to purchase during the week)
    Ethical Understanding

    Exploring values, rights and responsibilities
    • Examine values

    Understanding ethical concepts and issues
    • Recognise ethical concepts
    • Explore ethical concepts in context

    Reasoning in decision making and actions
    • Reason and make ethical decisions
    • Reflect on ethical action
    • Consider consequences

    Critical and Creative Thinking

    Inquiring – identifying, exploring and organising information and ideas
    • Identify and clarify information and ideas
    • Organise and process information

    Reflecting on thinking and processes
    • Transfer knowledge into new contexts
    • Reflect on processes

    Personal and Social Capability

    Social management
    • Develop leadership skills
    • Make decisions

    Numeracy

    Estimating and calculating with whole numbers
    • Use money

  • applying enterprising behaviours to everyday activities (for example, by taking on a leadership role in a project, accepting responsibility for decisions made, or setting a goal for the week and developing a plan to achieve it)
    Personal and Social Capability

    Social management
    • Develop leadership skills
    • Make decisions
    • Work collaboratively

    Self-awareness
    • Understand themselves as learners
    • Recognise personal qualities and achievements

    Self-management
    • Develop self-discipline and set goals
    • Work independently and show initiative

    Ethical Understanding

    Exploring values, rights and responsibilities
    • Examine values

    Reasoning in decision making and actions
    • Consider consequences
    • Reflect on ethical action
    • Reason and make ethical decisions

    Understanding ethical concepts and issues
    • Explore ethical concepts in context
    • Recognise ethical concepts

    Critical and Creative Thinking

    Inquiring – identifying, exploring and organising information and ideas
    • Identify and clarify information and ideas
    • Organise and process information

  • demonstrating an understanding of their rights as consumers when buying an item or returning it to the store
    Critical and Creative Thinking

    Inquiring – identifying, exploring and organising information and ideas
    • Identify and clarify information and ideas
    • Organise and process information

    Analysing, synthesising and evaluating reasoning and procedures
    • Apply logic and reasoning

    Reflecting on thinking and processes
    • Think about thinking (metacognition)

    Generating ideas, possibilities and actions
    • Seek solutions and put ideas into action

    Ethical Understanding

    Reasoning in decision making and actions
    • Consider consequences
    • Reason and make ethical decisions
    • Reflect on ethical action

    Understanding ethical concepts and issues
    • Explore ethical concepts in context
    • Recognise ethical concepts

    Exploring values, rights and responsibilities
    • Explore rights and responsibilities
    • Examine values

Communication and reflection

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

Reasoning in decision making and actions
  • Reflect on ethical action
  • Consider consequences

Literacy

Text knowledge
  • Use knowledge of text structures
  • Use knowledge of text cohesion

Composing texts through speaking, writing and creating
  • Use language to interact with others
  • Compose spoken, written, visual and multimodal learning area texts
  • Compose texts
  • Deliver presentations

Grammar knowledge
  • Use knowledge of sentence structures
  • Use knowledge of words and word groups

Word Knowledge
  • Understand learning area vocabulary
  • Use spelling knowledge

Visual Knowledge
  • Understand how visual elements create meaning

Critical and Creative Thinking

Inquiring – identifying, exploring and organising information and ideas
  • Identify and clarify information and ideas
  • Organise and process information

Reflecting on thinking and processes
  • Transfer knowledge into new contexts
  • Think about thinking (metacognition)
  • Reflect on processes

  • constructing appropriate displays of information and data to show trends and relationships (for example, preparing a data show which includes visual displays including graphs and charts as well as text to present findings and conclusions)
    Literacy

    Visual Knowledge
    • Understand how visual elements create meaning

    Composing texts through speaking, writing and creating
    • Deliver presentations
    • Use language to interact with others
    • Compose spoken, written, visual and multimodal learning area texts

    Text knowledge
    • Use knowledge of text cohesion
    • Use knowledge of text structures

    Word Knowledge
    • Use spelling knowledge
    • Understand learning area vocabulary

    Grammar knowledge
    • Use knowledge of sentence structures
    • Use knowledge of words and word groups

    Critical and Creative Thinking

    Reflecting on thinking and processes
    • Think about thinking (metacognition)
    • Reflect on processes
    • Transfer knowledge into new contexts

    Inquiring – identifying, exploring and organising information and ideas
    • Organise and process information
    • Identify and clarify information and ideas

    Numeracy

    Recognising and using patterns and relationships
    • Recognise and use patterns and relationships

    Using spatial reasoning
    • Interpret maps and diagrams

    Interpreting statistical information
    • Interpret data displays

  • developing different presentations for different audiences such as peers, businesses or the public, and for different purposes (for example, to persuade or inform)
    Literacy

    Composing texts through speaking, writing and creating
    • Deliver presentations
    • Use language to interact with others
    • Compose spoken, written, visual and multimodal learning area texts

    Text knowledge
    • Use knowledge of text structures
    • Use knowledge of text cohesion

    Word Knowledge
    • Use spelling knowledge
    • Understand learning area vocabulary

    Grammar knowledge
    • Use knowledge of words and word groups
    • Express opinion and point of view
    • Use knowledge of sentence structures

    Visual Knowledge
    • Understand how visual elements create meaning

    Critical and Creative Thinking

    Reflecting on thinking and processes
    • Transfer knowledge into new contexts
    • Think about thinking (metacognition)
    • Reflect on processes

    Inquiring – identifying, exploring and organising information and ideas
    • Organise and process information
    • Identify and clarify information and ideas

    Personal and Social Capability

    Social awareness
    • Appreciate diverse perspectives

  • using economics and business terms and concepts such as interdependence, market economy, market system, price setting, outsourcing, business ownership, rights and responsibilities
    Critical and Creative Thinking

    Inquiring – identifying, exploring and organising information and ideas
    • Organise and process information
    • Identify and clarify information and ideas

    Reflecting on thinking and processes
    • Transfer knowledge into new contexts

    Literacy

    Word Knowledge
    • Use spelling knowledge
    • Understand learning area vocabulary

    Composing texts through speaking, writing and creating
    • Compose spoken, written, visual and multimodal learning area texts

  • discussing and reflecting on the consequences of a proposed action, and those of the alternative actions
    Critical and Creative Thinking

    Reflecting on thinking and processes
    • Reflect on processes
    • Transfer knowledge into new contexts
    • Think about thinking (metacognition)

    Inquiring – identifying, exploring and organising information and ideas
    • Identify and clarify information and ideas
    • Organise and process information

    Generating ideas, possibilities and actions
    • Consider alternatives

    Literacy

    Grammar knowledge
    • Use knowledge of sentence structures
    • Use knowledge of words and word groups
    • Express opinion and point of view

    Word Knowledge
    • Understand learning area vocabulary

    Composing texts through speaking, writing and creating
    • Compose spoken, written, visual and multimodal learning area texts
    • Use language to interact with others

    Ethical Understanding

    Understanding ethical concepts and issues
    • Explore ethical concepts in context
    • Recognise ethical concepts

    Reasoning in decision making and actions
    • Reflect on ethical action
    • Reason and make ethical decisions
    • Consider consequences

    Personal and Social Capability

    Self-management
    • Express emotions appropriately

    Social awareness
    • Appreciate diverse perspectives


Year 8 Achievement Standards

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

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