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Elaboration ACHEK039

exploring Australia's interdependence with other economies and brainstorming the ways that consumers, producers, workers and governments interact with other economies

Elaboration (4) ACHEK040

identifying ways consumers can protect themselves from risks (for example, through setting financial goals, insurances, savings, investments, diversification, scam avoidance and superannuation)

Elaboration ACHEK041

identifying the reasons businesses seek to build or create a competitive advantage (for example, to meet the changing demands of a competitive global market and improve their profit margins)

Elaboration (1) ACHES048

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

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 ACHES048

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

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 (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 (3) ACHEK040

debating the difference between good and bad debt, how to manage debt, the risks of over-indebtedness, and the importance of having a savings buffer

Elaboration (2) ACHES044

explaining assumptions or missing information in sources that may affect the reliability of an opinion about the issue

Elaboration (2) ACHEK038

identifying Australia’s major trading partners in the Asia region and the items of trade

Elaboration (3) ACHEK038

explaining the impact of global events on the Australian economy and its trade and investment relations with other countries (for example, a natural disaster in a country of the Asia region)

Elaboration (1) ACHEK039

locating a range of products in the local shopping centre that were produced overseas, and proposing reasons why they were not produced in Australia (for example, comparative advantage and gains from specialisation and trade)

Elaboration (2) ACHEK039

examining the implications of participating in an interdependent global economy for consumers, workers, businesses and government (for example, mapping the global supply chain for a product to identify the advantages and disadvantages for participants …

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