Economics and Business (Version 8.4)

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Understand how Economics and Business works

Rationale

As 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.

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Aims

The 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

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Structure

The Australian Curriculum: Economics and Business is organised in two related strands: economics and business knowledge and understanding, and economics and business inquiry and skills.

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PDF documents

Resources 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  

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Glossary

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Year 7

Year 7 Level Description

The Year 7 curriculum gives students the opportunity to further develop their understanding of economics and business concepts by exploring what it means to be a consumer, a worker and a producer in the market, and the relationships between these groups. Students explore the characteristics of successful businesses and consider how entrepreneurial behaviour contributes to business success. Setting goals and planning to achieve these goals are vital for individual and business success, and students consider approaches to planning in different contexts, while also considering different ways to derive an income. The emphasis in Year 7 is on personal, community, national or regional issues or events, with opportunities for concepts to also be considered in the global context 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 is there a relationship between consumers and producers in the market?
  • Why is personal, organisational and financial planning for the future important for consumers and businesses?
  • How does entrepreneurial behaviour contribute to a successful business?
  • What types of work exist and in what other ways can people derive an income?

Year 7 Content Descriptions

Economics and Business Knowledge and Understanding
The ways consumers and producers interact and respond to each other in the market (ACHEK017 - Scootle )
Personal and Social Capability

Social management
  • Make decisions

Social awareness
  • Appreciate diverse perspectives

Ethical Understanding

Exploring values, rights and responsibilities
  • Consider points of view
  • Explore rights and responsibilities
  • Examine values

Critical and Creative Thinking

Inquiring – identifying, exploring and organising information and ideas
  • Identify and clarify information and ideas
  • Organise and process information

  • investigating how consumers rely on businesses to meet their needs and wants
    Critical and Creative Thinking

    Reflecting on thinking and processes
    • Reflect on processes

    Inquiring – identifying, exploring and organising information and ideas
    • Identify and clarify information and ideas
    • Organise and process information
    • Pose questions

    Analysing, synthesising and evaluating reasoning and procedures
    • Apply logic and reasoning

    Literacy

    Text knowledge
    • Use knowledge of text structures

    Word Knowledge
    • Understand learning area vocabulary

    Comprehending texts through listening, reading and viewing
    • Interpret and analyse learning area texts
    • Navigate, read and view learning area texts

    Composing texts through speaking, writing and creating
    • Compose spoken, written, visual and multimodal learning area texts

  • examining how businesses respond to the demands of consumers (for example, preference for healthy options, environmentally friendly packaging or organic food)
    • Sustainability
    Critical and Creative Thinking

    Analysing, synthesising and evaluating reasoning and procedures
    • Apply logic and reasoning

    Inquiring – identifying, exploring and organising information and ideas
    • Identify and clarify information and ideas
    • Organise and process information

    Reflecting on thinking and processes
    • Reflect on processes

    Ethical Understanding

    Understanding ethical concepts and issues
    • Recognise ethical concepts
    • Explore ethical concepts in context

    Exploring values, rights and responsibilities
    • Examine values
    • Explore rights and responsibilities
    • Consider points of view

    Reasoning in decision making and actions
    • Reason and make ethical decisions

    Literacy

    Composing texts through speaking, writing and creating
    • Compose spoken, written, visual and multimodal learning area texts

    Comprehending texts through listening, reading and viewing
    • Interpret and analyse learning area texts
    • Navigate, read and view learning area texts

    Word Knowledge
    • Understand learning area vocabulary

    Text knowledge
    • Use knowledge of text structures

    Personal and Social Capability

    Social awareness
    • Appreciate diverse perspectives

  • 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
    Literacy

    Comprehending texts through listening, reading and viewing
    • Interpret and analyse learning area texts
    • Navigate, read and view learning area texts

    Word Knowledge
    • Understand learning area vocabulary

    Ethical Understanding

    Understanding ethical concepts and issues
    • Recognise ethical concepts
    • Explore ethical concepts in context

    Critical and Creative Thinking

    Inquiring – identifying, exploring and organising information and ideas
    • Pose questions
    • Identify and clarify information and ideas
    • Organise and process information

  • considering how consumers might influence producers in other countries, such as those in the Asia region, to provide goods and services
    • Asia and Australia’s Engagement with Asia
    Literacy

    Comprehending texts through listening, reading and viewing
    • Navigate, read and view learning area texts
    • Interpret and analyse learning area texts

    Word Knowledge
    • Understand learning area vocabulary

    Intercultural Understanding

    Recognising culture and developing respect
    • Explore and compare cultural knowledge, beliefs and practices
    • Develop respect for cultural diversity

    Personal and Social Capability

    Social awareness
    • Appreciate diverse perspectives

    Critical and Creative Thinking

    Inquiring – identifying, exploring and organising information and ideas
    • Identify and clarify information and ideas
    • Organise and process information

    Ethical Understanding

    Understanding ethical concepts and issues
    • Recognise ethical concepts

  • investigating the role and interactions of consumers and producers in the market (for example, using a simple circular flow of income model, demand, supply, price mechanism)
    Critical and Creative Thinking

    Inquiring – identifying, exploring and organising information and ideas
    • Identify and clarify information and ideas
    • Pose questions

    Generating ideas, possibilities and actions
    • Imagine possibilities and connect ideas

Why and how individuals and businesses plan to achieve short-term and long-term personal, organisational and financial objectives (ACHEK018 - Scootle )
Personal and Social Capability

Self-management
  • Develop self-discipline and set goals

Critical and Creative Thinking

Inquiring – identifying, exploring and organising information and ideas
  • Pose questions
  • Identify and clarify information and ideas
  • Organise and process information

Numeracy

Estimating and calculating with whole numbers
  • Use money

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

    Text knowledge
    • Use knowledge of text structures

    Comprehending texts through listening, reading and viewing
    • Interpret and analyse learning area texts
    • Navigate, read and view learning area texts

    Composing texts through speaking, writing and creating
    • Compose spoken, written, visual and multimodal learning area texts

    Word Knowledge
    • Understand learning area vocabulary

    Critical and Creative Thinking

    Inquiring – identifying, exploring and organising information and ideas
    • Identify and clarify information and ideas
    • Organise and process information

    Reflecting on thinking and processes
    • Transfer knowledge into new contexts

    Personal and Social Capability

    Self-management
    • Develop self-discipline and set goals

    Numeracy

    Estimating and calculating with whole numbers
    • Use money

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

    Grammar knowledge
    • Use knowledge of sentence structures

    Text knowledge
    • Use knowledge of text structures

    Composing texts through speaking, writing and creating
    • Compose spoken, written, visual and multimodal learning area texts
    • Use language to interact with others

    Comprehending texts through listening, reading and viewing
    • Interpret and analyse learning area texts
    • Navigate, read and view learning area texts

    Word Knowledge
    • Understand learning area vocabulary

    Personal and Social Capability

    Self-management
    • Develop self-discipline and set goals

    Critical and Creative Thinking

    Inquiring – identifying, exploring and organising information and ideas
    • Identify and clarify information and ideas
    • Organise and process information

    Generating ideas, possibilities and actions
    • Consider alternatives

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

    Inquiring – identifying, exploring and organising information and ideas
    • Identify and clarify information and ideas
    • Organise and process information

    Generating ideas, possibilities and actions
    • Consider alternatives

    Literacy

    Comprehending texts through listening, reading and viewing
    • Navigate, read and view learning area texts
    • Interpret and analyse learning area texts

    Grammar knowledge
    • Use knowledge of sentence structures

    Composing texts through speaking, writing and creating
    • Use language to interact with others
    • Compose spoken, written, visual and multimodal learning area texts

    Text knowledge
    • Use knowledge of text structures

    Word Knowledge
    • Understand learning area vocabulary

    Numeracy

    Estimating and calculating with whole numbers
    • Use money

  • 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)
    Literacy

    Comprehending texts through listening, reading and viewing
    • Navigate, read and view learning area texts
    • Interpret and analyse learning area texts

    Composing texts through speaking, writing and creating
    • Compose spoken, written, visual and multimodal learning area texts

    Word Knowledge
    • Understand learning area vocabulary

    Text knowledge
    • Use knowledge of text structures

    Critical and Creative Thinking

    Reflecting on thinking and processes
    • Transfer knowledge into new contexts

    Inquiring – identifying, exploring and organising information and ideas
    • Identify and clarify information and ideas
    • Organise and process information

    Generating ideas, possibilities and actions
    • Consider alternatives

Characteristics of entrepreneurs and successful businesses (ACHEK019 - Scootle )
Ethical Understanding

Exploring values, rights and responsibilities
  • Examine values
  • Explore rights and responsibilities
  • Consider points of view

Personal and Social Capability

Social awareness
  • Understand relationships
  • Appreciate diverse perspectives
  • Contribute to civil society

  • investigating successful entrepreneurs and identifying the behaviours and skills that they bring to their business (for example, seeing and taking advantage of an opportunity, establishing a shared vision; demonstrating initiative, innovation and enterprise)
    Ethical Understanding

    Understanding ethical concepts and issues
    • Recognise ethical concepts
    • Explore ethical concepts in context

    Reasoning in decision making and actions
    • Reason and make ethical decisions

    Exploring values, rights and responsibilities
    • Examine values

    Critical and Creative Thinking

    Inquiring – identifying, exploring and organising information and ideas
    • Identify and clarify information and ideas
    • Pose questions
    • Organise and process information

    Reflecting on thinking and processes
    • Reflect on processes

    Analysing, synthesising and evaluating reasoning and procedures
    • Apply logic and reasoning

    Literacy

    Word Knowledge
    • Understand learning area vocabulary

    Text knowledge
    • Use knowledge of text structures

    Comprehending texts through listening, reading and viewing
    • Navigate, read and view learning area texts
    • Interpret and analyse learning area texts

    Composing texts through speaking, writing and creating
    • Compose spoken, written, visual and multimodal learning area texts

    Personal and Social Capability

    Social awareness
    • Contribute to civil society
    • Understand relationships
    • Appreciate diverse perspectives

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

    Comprehending texts through listening, reading and viewing
    • Interpret and analyse learning area texts
    • Navigate, read and view learning area texts

    Composing texts through speaking, writing and creating
    • Compose spoken, written, visual and multimodal learning area texts

    Text knowledge
    • Use knowledge of text structures

    Word Knowledge
    • Understand learning area vocabulary

    Ethical Understanding

    Understanding ethical concepts and issues
    • Recognise ethical concepts
    • Explore ethical concepts in context

    Reasoning in decision making and actions
    • Reason and make ethical decisions

    Critical and Creative Thinking

    Inquiring – identifying, exploring and organising information and ideas
    • Organise and process information
    • Identify and clarify information and ideas

Why individuals work, types of work and how people derive an income (ACHEK020 - Scootle )
Critical and Creative Thinking

Inquiring – identifying, exploring and organising information and ideas
  • Pose questions
  • Identify and clarify information and ideas
  • Organise and process information

  • 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)
    Literacy

    Comprehending texts through listening, reading and viewing
    • Navigate, read and view learning area texts
    • Interpret and analyse learning area texts

    Composing texts through speaking, writing and creating
    • Compose spoken, written, visual and multimodal learning area texts

    Word Knowledge
    • Understand learning area vocabulary

    Text knowledge
    • Use knowledge of text structures

    Critical and Creative Thinking

    Inquiring – identifying, exploring and organising information and ideas
    • Identify and clarify information and ideas
    • Organise and process information
    • Pose questions

    Analysing, synthesising and evaluating reasoning and procedures
    • Apply logic and reasoning

    Reflecting on thinking and processes
    • Reflect on processes

  • exploring different types of work such as full-time, part-time, casual, at home, paid, unpaid, unrecognised, volunteer
    Critical and Creative Thinking

    Generating ideas, possibilities and actions
    • Consider alternatives

    Inquiring – identifying, exploring and organising information and ideas
    • Identify and clarify information and ideas
    • Organise and process information

    Literacy

    Word Knowledge
    • Understand learning area vocabulary

    Comprehending texts through listening, reading and viewing
    • Navigate, read and view learning area texts
    • Interpret and analyse learning area texts

    Composing texts through speaking, writing and creating
    • Compose spoken, written, visual and multimodal learning area texts

    Text knowledge
    • Use knowledge of text structures

  • investigating alternative sources of income such as through owning a business, being a shareholder, providing a rental service
    Critical and Creative Thinking

    Inquiring – identifying, exploring and organising information and ideas
    • Pose questions
    • Identify and clarify information and ideas
    • Organise and process information

    Analysing, synthesising and evaluating reasoning and procedures
    • Apply logic and reasoning

    Generating ideas, possibilities and actions
    • Consider alternatives

    Reflecting on thinking and processes
    • Reflect on processes

    Literacy

    Word Knowledge
    • Understand learning area vocabulary

    Text knowledge
    • Use knowledge of text structures

    Comprehending texts through listening, reading and viewing
    • Interpret and analyse learning area texts
    • Navigate, read and view learning area texts

    Composing texts through speaking, writing and creating
    • Compose spoken, written, visual and multimodal learning area texts

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

    Inquiring – identifying, exploring and organising information and ideas
    • Identify and clarify information and ideas
    • Organise and process information

    Generating ideas, possibilities and actions
    • Consider alternatives

    Personal and Social Capability

    Self-management
    • Express emotions appropriately

    Social awareness
    • Appreciate diverse perspectives

    Literacy

    Grammar knowledge
    • Use knowledge of sentence structures
    • Use knowledge of words and word groups

    Composing texts through speaking, writing and creating
    • Use language to interact with others
    • Compose spoken, written, visual and multimodal learning area texts

    Word Knowledge
    • Understand learning area vocabulary

Year 7 Achievement Standards

Achievement Standard

By the end of Year 7, students describe the interdependence of consumers and producers in the market. They explain the importance of short- and long-term planning to individual and business success and identify different strategies that may be used. They describe the characteristics of successful businesses and explain how entrepreneurial capabilities contribute to this success. Students identify the reasons individuals choose to work and describe the various sources of income that exist.

When researching, students develop questions and gather data and information from different sources to investigate an economic or business issue. They interpret data to identify trends. They propose alternative responses to an issue and assess the costs and benefits of each alternative. They apply economics and business knowledge, skills and concepts to familiar problems. Students develop and present conclusions using appropriate texts, terms and concepts. They identify the effects of their decisions and the possible effects of alternative actions.

Year 7 Work Sample Portfolios