7-10 Economics and Business
The Australian Curriculum: Economics and Business is uniquely positioned to develop consumer and financial literacy in young people. The curriculum supports the development of the dimensions of consumer and financial literacy as shown in the diagram below.
Approximate proportion of the dimensions addressed in 7-10 Economics and Business
Consumer and financial literacy is one of the key organising ideas of this subject. Students learn about the importance of financial planning, the rights and responsibilities of consumers and businesses, how people manage financial risks and rewards, the factors that influence major consumer decisions and the short- and long-term effects of those decisions. Students have opportunities to explore laws, regulations, rights and responsibilities associated with work and work futures, including the role and purpose of tax and superannuation. Economics and Business also introduces students to the structure and management of the economy and its resources and the issues and challenges of global economic interdependence. Developing an understanding of fundamental economic and business concepts enables young people to be informed decision-makers, responsible consumers and financially confident citizens.
The study of Economics and Business also supports the development of competencies and skills that can be applied in real-world consumer and financial contexts. For example, the ability to analyse data, explain cause and effect relationships, make predictions and communicate reasoned arguments enables students to make informed choices when purchasing goods and services, deciding on investment options and identifying the differences between ‘good’ and ‘bad’ debt.
In Economics and Business, students develop enterprising skills through investigations and creative activities such as fundraising events or business ventures. Making decisions based on an assessment of the costs and benefits of alternative choices prepares students to apply informed and assertive decision-making in a range of real-world contexts. By exploring the intended and unintended consequences of their decisions, students are also equipped with the skills to reflect on the appropriateness of their initiatives.
The Moneysmart for teachers and Tax, Super and You resources provide a number of interdisciplinary units that either focus on or include aspects of the Economics and Business curriculum. Access a list of relevant resources linked to the Australian Curriculum: Economics and Business using the right-hand menu.
Indicators of economic performance and how Australia’s economy is performing (ACHEK050)
The links between economic performance and living standards, and how and why variations exist within and between economies (ACHEK051)
The ways that governments manage economic performance to improve living standards (ACHEK052)
Factors that influence major consumer and financial decisions and the short- and long-term consequences of these decisions (ACHEK053)
The ways businesses respond to changing economic conditions and improve productivity through organisational management and workforce management (ACHEK054)
Analysis, synthesis and interpretation
Analyse data and information in different formats to explain cause-and-effect relationships, make predictions and illustrate alternative perspectives (ACHES057)
Communication and reflection
Present reasoned arguments and evidence-based conclusions in a range of appropriate formats using economics and business conventions, language and concepts (ACHES060)
Questioning and research
Develop questions and hypotheses about an economic or business issue or event, and plan and conduct an investigation (ACHES055)
Gather relevant and reliable data and information from a range of digital, online and print sources (ACHES056)
Economic reasoning, decision-making and application
Generate a range of viable options in response to an economic or business issue or event, use cost-benefit analysis and appropriate criteria to recommend and justify a course of action and predict the potential consequences of the proposed action (ACHES058)
Communication and reflection
Reflect on the intended and unintended consequences of economic and business decisions (ACHES061)