RationaleAs 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.
AimsThe 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
StructureThe Australian Curriculum: Economics and Business is organised in two related strands: economics and business knowledge and understanding, and economics and business inquiry and skills.
PDF documentsResources 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
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
Questioning and research
Interpretation and analysis
Economic reasoning, decision-making and application
Communication and reflection
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.