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Elaboration (1) ACHEK020

exploring different types of work such as full-time, part-time, casual, at home, paid, unpaid, unrecognised, volunteer

Elaboration (1) ACHES021

identifying the steps needed for an investigation and the resources needed

Elaboration (1) ACHEK018

explaining the need for setting short- and long-term personal financial objectives and prioritising personal financial responsibilities and needs over wants

Elaboration (2) ACHEK018

explaining how financial records such as income statements, balance sheets, budgets and cash flow statements inform business decision-making

developing questions to form the basis of an economic or business investigation (for example, ‘Why do people work?’, ‘Why is it important to plan ways to achieve personal financial objectives?’, 'Why are consumers and producers reliant on each other?', …

Elaboration ACHES026

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

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 (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 ACHEK017

investigating how consumers rely on businesses to meet their needs and wants

Elaboration ACHEK018

identifying ways short- and long-term personal financial objectives can be achieved, for example through developing a budget and having a savings plan

Elaboration (3) ACHEK018

exploring ways that businesses manage finances and plan in the short- and long-term to achieve organisational and financial objectives (for example, by developing a business plan or borrowing to invest in the business)

Elaboration (1) ACHEK019

observing local businesses to identify factors that contribute to their success (for example, location, quality of service, a high-quality product, sound management practices)

Elaboration ACHEK020

investigating the contribution that work can make to an individual (for example, earning an income, contributing to an individual’s self-esteem, contributing to the community, material and non-material living standards and happiness)

Elaboration (2) ACHEK020

investigating alternative sources of income such as through owning a business, being a shareholder, providing a rental service

Elaboration (3) ACHEK020

discussing the ways people who have retired from employment earn an income (for example, age pension, superannuation and private savings)

Elaboration ACHES022

identifying sources of data and information (for example, Australian Bureau of Statistics for information on types of employment (full-time, part-time, casual))

Elaboration (2) ACHES025

identifying links between entrepreneurial behaviour and successful businesses

Elaboration (2) ACHES026

discussing the consequences of an economic or business decision, and reflecting on the effect of alternative actions

Elaboration (2) ACHEK017

exploring why businesses might set a certain price for a product (for example, because that’s what they think consumers will pay) and how they might adjust the price according to demand

Elaboration (1) ACHEK017

examining how businesses respond to the demands of consumers (for example, preference for healthy options, environmentally friendly packaging or organic food)

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