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Australia and the global economy - AT

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Economics and Business

Year 9

Satisfactory

Australia and the global economy

Summary of task

This task had multiple parts. Firstly, students were required to photograph a representative selection of products found in their family kitchen, identify the country of origin of each product and create a pie chart to indicate the percentage of imported products. Secondly, students created a fact sheet about Australia’s trade information and the global economy. This task took place at the end of a unit on Australia’s interdependence with economies in the Asian region, and was completed at home over a period of three weeks. Students subsequently also explained their findings as a three-minute oral presentation.

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 create 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.

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Annotations
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Annotation 1
Identifies products and country of origin
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Annotation 2
Creates a pie chart based on gathered data

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Annotations
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Annotation 1
Defines the global economy
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Annotation 2
Uses data to describe economic relationships in the Asian region
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Annotation 3
Outlines reasons for economic interdependence
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Annotation 4
Outlines alternative responses to an economic issue