Work samples

Economics and Business

Year 7

Satisfactory

Business plan

Summary of task

Students completed a structured business plan using information and ideas associated with a fictitious company. The task was the culmination of the year’s study and required students to demonstrate their knowledge and understanding of business practices. The task was completed in class and at home over a period of two weeks.

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.

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Annotation 1
Shows some understanding of the relationship between consumers and producers

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Identifies the structures and personnel in a business
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Identifies the cost of a product and how this may be varied
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Annotation 3
Describes potential factors that may impact upon the success of the business

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Annotation 1
Identifies a simple response to a threat to the business
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Annotation 2
Describes in simple terms actions to support the success of the business
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Annotation 3
Understands ethical issues associated with products and business ownership
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Annotation 4
Describes actions to support the relationship between businesses and communities