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 9

Year 9 Level Description

The Year 9 curriculum gives students the opportunity to further develop their understanding of economics and business concepts by exploring the interactions within the global economy. Students are introduced to the concept of an ‘economy’ and explore what it means for Australia to be part of the Asia region and the global economy. They consider the interdependence of participants in the global economy, including the implications of decisions made by individuals, businesses and governments. The responsibilities of participants operating in a global workplace are also considered.

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 different contexts (personal, local, national, regional, global) 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:

  • How do participants in the global economy interact?
  • What strategies can be used to manage financial risks and rewards?
  • How does creating a competitive advantage benefit business?
  • What are the responsibilities of participants in the workplace and why are these important?

Year 9 Content Descriptions

Economics and Business Knowledge and Understanding
Australia as a trading nation and its place within the rising economies of Asia and broader global economy (ACHEK038 - Scootle )
  • Asia and Australia’s Engagement with Asia
Intercultural Understanding

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

  • identifying participants in the open Australian economy including household, business, finance, government and foreign sectors
    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
    • Seek solutions and put ideas into action

    Reflecting on thinking and processes
    • Reflect on processes

    Literacy

    Text knowledge
    • Use knowledge of text structures

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

    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

    Word Knowledge
    • Understand learning area vocabulary

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

    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

    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

    Word Knowledge
    • Understand learning area vocabulary

    Critical and Creative Thinking

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

  • identifying Australia’s major trading partners in the Asia region and the items of trade
    • Asia and Australia’s Engagement with Asia
    Literacy

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

    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

    Word Knowledge
    • Understand learning area vocabulary

    Intercultural Understanding

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

    Critical and Creative Thinking

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

  • 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)
    • Asia and Australia’s Engagement with Asia
    Critical and Creative Thinking

    Reflecting on thinking and processes
    • Reflect on processes

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

    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

    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

  • identifying examples of global events that impact on economic activity (for example, environmental, financial, economic, political, technological, social, cultural, sporting events)
    Critical and Creative Thinking

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

    Intercultural Understanding

    Interacting and empathising with others
    • Consider and develop multiple perspectives

Why and how participants in the global economy are dependent on each other (ACHEK039 - Scootle )
Ethical Understanding

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

Critical and Creative Thinking

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

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

    Grammar knowledge
    • Use knowledge of sentence structures

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

    Word Knowledge
    • Understand learning area vocabulary

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

    Text knowledge
    • Use knowledge of text structures

    Critical and Creative Thinking

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

    Personal and Social Capability

    Social management
    • Communicate effectively

  • 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)
    Literacy

    Text knowledge
    • Use knowledge of text structures

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

    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

    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

  • 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 in the chain)
    Literacy

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

    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

    Word Knowledge
    • Understand learning area vocabulary

    Numeracy

    Using spatial reasoning
    • Interpret maps and diagrams

    Interpreting statistical information
    • Interpret data displays

    Recognising and using patterns and relationships
    • Recognise and use patterns and relationships

    Critical and Creative Thinking

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

  • investigating the activities of transnational corporations in supply chains and global business activities
    Ethical Understanding

    Understanding ethical concepts and issues
    • Recognise ethical concepts

    Literacy

    Word Knowledge
    • Understand learning area vocabulary

    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

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

    Text knowledge
    • Use knowledge of text structures

    Intercultural Understanding

    Recognising culture and developing respect
    • Investigate culture and cultural identity

    Critical and Creative Thinking

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

    Reflecting on thinking and processes
    • Reflect on processes

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

Why and how people manage financial risks and rewards in the current Australian and global financial landscape (ACHEK040 - Scootle )
Personal and Social Capability

Social management
  • Make decisions

Ethical Understanding

Exploring values, rights and responsibilities
  • Examine values
  • Explore rights and responsibilities

Reasoning in decision making and actions
  • Consider consequences
  • Reflect on ethical action

Critical and Creative Thinking

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

  • 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)
    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
    • Use language to interact with others

    Grammar knowledge
    • Use knowledge of sentence structures

    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

  • identifying financial risks such as scams and identity theft
    Ethical Understanding

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

    Reasoning in decision making and actions
    • Reflect on ethical action
    • Consider consequences
    • Reason and make ethical decisions

    Literacy

    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

    Word Knowledge
    • Understand learning area vocabulary

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

    Critical and Creative Thinking

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

    Reflecting on thinking and processes
    • Reflect on processes

  • investigating different types of investment that enable people to accumulate savings for the future (for example, shares, term deposits, managed funds)
    Literacy

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

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

    Text knowledge
    • Use knowledge of text structures

    Word Knowledge
    • Understand learning area vocabulary

    Critical and Creative Thinking

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

    Reflecting on thinking and processes
    • Reflect on processes

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

  • 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
    Literacy

    Text knowledge
    • Use knowledge of text structures

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

    Word Knowledge
    • Understand learning area vocabulary

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

    Grammar knowledge
    • Express opinion and point of view

    Personal and Social Capability

    Self-management
    • Express emotions appropriately

    Social management
    • Communicate effectively
    • Negotiate and resolve conflict

    Social awareness
    • Appreciate diverse perspectives

    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

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

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

    Literacy

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

    Text knowledge
    • Use knowledge of text structures

    Word Knowledge
    • Understand learning area vocabulary

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

  • explaining the financial landscape of Australia and overseas and the forces that shape and affect the financial industry (for example, financial deregulations, technological changes, economic and business activities, consumer and business sentiment about the financial landscape)
    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
    • Imagine possibilities and connect ideas

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

    Ethical Understanding

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

    Exploring values, rights and responsibilities
    • Explore rights and responsibilities

The nature of innovation and how and why businesses seek to create and maintain a competitive advantage in the market, including the global market (ACHEK041 - Scootle )
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
  • Pose questions
  • Organise and process information

  • 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)
    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

    Text knowledge
    • Use knowledge of text structures

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

    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 different strategies businesses use to create competitive advantage (for example, research and development, offering a lower-cost product, or by implementing efficient internal operations strategies)
    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

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

    Text knowledge
    • Use knowledge of text structures

    Ethical Understanding

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

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

    Exploring values, rights and responsibilities
    • Explore rights and responsibilities

    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

    Reflecting on thinking and processes
    • Reflect on processes

  • discussing whether the adoption of strategies based around corporate social responsibility can increase the competitive advantage of businesses
    Literacy

    Word Knowledge
    • Understand learning area vocabulary

    Grammar knowledge
    • Express opinion and point of view
    • Use knowledge of words and word groups
    • 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

    Critical and Creative Thinking

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

    Reflecting on thinking and processes
    • Transfer knowledge into new contexts
    • Reflect on processes

    Personal and Social Capability

    Self-management
    • Express emotions appropriately

    Social awareness
    • Appreciate diverse perspectives

    Ethical Understanding

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

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

    Exploring values, rights and responsibilities
    • Explore rights and responsibilities

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

    Visual Knowledge
    • Understand how visual elements create meaning

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

    Word Knowledge
    • Understand learning area vocabulary

    Information and Communication Technology (ICT) Capability

    Communicating with ICT
    • Understand computer mediated communications
    • Collaborate, share and exchange

    Critical and Creative Thinking

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

The changing roles and responsibilities of participants in the Australian or global workplace (ACHEK042 - Scootle )
Ethical Understanding

Exploring values, rights and responsibilities
  • Explore rights and responsibilities

Personal and Social Capability

Social awareness
  • Contribute to civil society

  • identifying the responsibilities of various participants in a particular workplace (for example, employers, employees, industrial organisations or state, territory and Commonwealth governments)
    Critical and Creative Thinking

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

    Ethical Understanding

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

    Understanding ethical concepts and issues
    • Recognise ethical concepts

    Literacy

    Word Knowledge
    • Understand learning area vocabulary

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

    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

  • examining changes to the roles of employees in the workplace (for example, the increasing encouragement for workers to show initiative or act as intrapreneurs)
    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

    Text knowledge
    • Use knowledge of text structures

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

    Critical and Creative Thinking

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

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

    Reflecting on thinking and processes
    • Reflect on processes

  • identifying employer responsibilities to workers and the government (for example, superannuation, paid parental leave, income tax, company tax or the Goods and Services Tax (GST))
    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

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

    Text knowledge
    • Use knowledge of text structures

    Ethical Understanding

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

    Exploring values, rights and responsibilities
    • Examine values
    • Explore rights and responsibilities

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

    Critical and Creative Thinking

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

  • discussing the responsibilities of government in improving the conditions of workers (for example, work health and safety, equal employment opportunity, anti-discrimination laws)
    Critical and Creative Thinking

    Reflecting on thinking and processes
    • Transfer knowledge into new contexts
    • Think about thinking (metacognition)

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

    Ethical Understanding

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

    Exploring values, rights and responsibilities
    • Explore rights and responsibilities
    • Examine values

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

    Literacy

    Word Knowledge
    • Understand learning area vocabulary

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

    Grammar knowledge
    • Express opinion and point of view
    • Use knowledge of sentence structures

    Personal and Social Capability

    Social management
    • Communicate effectively

Year 9 Achievement Standards

Achievement Standard

By the end of Year 9, students explain the role of the Australian economy in allocating and distributing resources, and analyse the interdependence of participants in the global economy. They explain the importance of managing financial risks and rewards and analyse the different strategies that may be used. They explain why businesses seek to create a competitive advantage, including through innovation, and evaluate the strategies that may be used. Students analyse the roles and responsibilities of participants in the workplace.

When researching, students develop questions and simple hypotheses to frame an investigation of an economic or business issue. They gather and analyse relevant data and information from different sources to answer questions, identify trends and explain relationships. Students generate alternative responses to an issue and use cost-benefit analysis and appropriate criteria to propose a course of action. They apply economics and business knowledge, skills and concepts to familiar, unfamiliar and hypothetical problems. Students develop and present evidence-based conclusions and reasoned arguments using appropriate texts, subject-specific language and concepts. They analyse the effects of economic and business decisions and the potential consequences of alternative actions.

Year 9 Work Sample Portfolios