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Elaboration (1) ACHEK038

explaining the objectives of the Australian economy to satisfy needs and wants through the production and distribution of goods and services

explaining the role of banks and other deposit-taking institutions (for example, credit unions or building societies, in collecting deposits, pooling savings and lending them to individuals and business)

Elaboration ACHEK051

defining ‘living standards’ and explaining its relationship to economic performance

Elaboration (3) ACHEK052

explaining the impact of minimum wage, government payments, taxation and government-funded services on living standards

Elaboration ACHEK054

describing ways in which businesses can improve productivity (for example, training, capital investment, investment in applications of technology, use of just-in-time inventory systems)

Elaboration (2) ACHES057

explaining relationships identified in data (for example, the relationship between standards of living, infant mortality and access to health services)

Elaboration ACHES026

communicating findings in different formats such as graphs, tables, spreadsheets, visual displays and reports

Elaboration ACHES037

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)

Elaboration ACHES048

representing data in different forms such as charts, tables and graphs, maps or models to communicate findings

Elaboration (1) ACHES056

representing data and information in a format to aid interpretation and analysis (for example, providing a timeline of events and/or providing a graph showing changes in data)

Elaboration ACHES023

interpreting tables, charts and graphs containing economic or business data to identify trends (for example, to answer the question: ‘To what extent has the number of people in casual work increased?’)

Elaboration ACHEK027

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)

Elaboration ACHES033

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

Elaboration ACHES035

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

Elaboration ACHEK038

identifying participants in the open Australian economy including household, business, finance, government and foreign sectors

Elaboration (3) ACHEK041

exploring emerging techniques businesses can use to gain an advantage, such as blended marketing, open innovation and use of social media

Elaboration (1) ACHES026

using economics and business terms when presenting conclusions such as market, workforce, income, financial objectives, entrepreneurial behaviours and skills, costs and benefits

Elaboration (2) ACHES037

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

Elaboration (2) ACHES048

using economics and business terms and concepts such as interdependence, trade, comparative advantage, globalisation, supply chain, insurance, savings buffer, intrapreneur, competitive advantage, costs, benefits

Elaboration (1) ACHES060

communicating findings of the investigation in appropriate formats (for example, web pages, financial statements, spreadsheets, graphs and reports)

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