The Australian

Curriculum

Learning areas (Version 8.4)

Subjects Economics and Business (Version 8.4)

Year levels Year 10

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Table of Contents

Humanities and Social Sciences 2

Economics and Business 2
Curriculum F-10 2
Year 10 2

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 Economics and Business Curriculum F­10

Year 10 Content Descriptions

Economics and Business Knowledge and Understanding

Indicators of economic performance and how Australia’s economy is performing (ACHEK050 ­ Scootle )

Elaborations
identifying indicators of economic performance such as economic growth rates, unemployment trends,
inflation rates, sustainability indexes

investigating the performance of the Australian economy using key indicators and explaining fluctuations
using phases of the business cycle

The links between economic performance and living standards, and how and why variations exist within
and between economies (ACHEK051 ­ Scootle )

Elaborations
defining ‘living standards’ and explaining its relationship to economic performance

exploring the factors that can explain the variations in economic performance within or between
economies (for example, high levels of foreign ownership, employment rates, levels of debt)

investigating economic performance and living standards and discussing how they can mean different
things to different people and countries

investigating the ways living standards can be measured (for example, gross domestic product (GDP),
Human Development Index (HDI) or total quality of life index)

investigating the ways in which income and wealth are distributed in the economy, using measures such
as an income distribution histogram, the Lorenz curve or the Gini coefficient

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 Economics and Business Curriculum F­10

The ways that governments manage economic performance to improve living standards (ACHEK052 ­
Scootle )

Elaborations
identifying examples of fiscal and monetary policy options designed to improve the standard of living,
such as productivity policy, training and workforce development, taxation, work visas, migration, buying or
selling government securities

identifying examples of government intervention that aim to redistribute income (for example, pensions,
youth allowance and job search), and goods and services such as health care and education

investigating how Australia supports economic growth in the Asia region through participating in the Asia­
Pacific Economic Cooperation (APEC) forum

explaining the impact of minimum wage, government payments, taxation and government­funded
services on living standards

identifying examples of externalities (that is, costs or benefits associated with the production or
consumption of goods and/or services that affect the wellbeing of third parties or society more generally)
and exploring the ways governments can influence or regulate these impacts to ensure prices reflect
external costs

Factors that influence major consumer and financial decisions and the short­ and long­term consequences
of these decisions (ACHEK053 ­ Scootle )

Elaborations
identifying and explaining factors that influence major consumer decisions (for example, price, availability
and cost of finance, marketing of products, age and gender of consumer, convenience, ethical and
environmental considerations)

evaluating the outcomes of buying (for example, a car, using criteria such as the effect of loan
repayments on disposable income, depreciation, maintenance and insurance costs compared with the

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Economics and Business Curriculum F­10

benefits of independence, convenience and social status)

identifying the difference between minor and major consumer and financial decisions and listing
examples of each

The ways businesses respond to changing economic conditions and improve productivity through
organisational management and workforce management (ACHEK054 ­ Scootle )

Elaborations
describing ways in which businesses can improve productivity (for example, training, capital investment,
investment in applications of technology, use of just­in­time inventory systems)

exploring ways businesses structure their working environment to provide flexible, efficient approaches
(for example, horizontal (flat) or vertical (tall) organisational structures)

exploring the use of technology and the extent to which it has driven and allowed innovative responses
by business

exploring the reasons for triple bottom line business planning and the possible implications for
employees, competitors and the broader economy

identifying ethical and unethical workplace practices and investigating the impact of these practices on
individuals

investigating ways that businesses have responded to improving economic conditions (for example,
increasing their research and development funding to create innovative products, adjusting marketing
strategies to expand their market share, upskilling their workforce to improve productivity)

Economics and Business Skills

Economics and Business Curriculum F­10

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 Economics and Business Curriculum F­10

Questioning and research

Develop questions and hypotheses about an economic or business issue or event, and plan and conduct
an investigation (ACHES055 ­ Scootle )

Elaborations
establishing questions to form the basis of an economic or business investigation into an issue or event,
such as ‘Why do standards of living differ within an economy?’, or formulating a hypothesis such as
‘Responding to an upswing in the economy with expansionary measures will improve business
productivity’

devising the steps needed for an investigation, and evaluating and modifying the plan or adjusting the
research focus as appropriate

Gather relevant and reliable data and information from a range of digital, online and print sources
(ACHES056 ­ Scootle )

Elaborations
collecting data and information from a variety of sources relevant to the issue or event being investigated

representing data and information in a format to aid interpretation and analysis (for example, providing a
timeline of events and/or providing a graph showing changes in data)

determining the source and reliability of data and information and explaining assumptions or missing
information in sources that may affect reliability

Interpretation and analysis

Analyse data and information in different formats to explain cause­and­effect relationships, make
predictions and illustrate alternative perspectives (ACHES057 ­ Scootle )

Elaborations
categorising and interpreting data and information collected into a form that shows multiple perspectives

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 Economics and Business Curriculum F­10

around an issue/event

interpreting a range of measures of economic performance and standards of living to identify differences
within and between economies

explaining relationships identified in data (for example, the relationship between standards of living, infant
mortality and access to health services)

analysing information to make informed choices (for example, when purchasing goods and services)

Economic reasoning, decision­making and application

Generate a range of viable options in response to an economic or business issue or event, use
cost­benefit analysis and appropriate criteria to recommend and justify a course of action and predict the
potential consequences of the proposed action (ACHES058 ­ Scootle )

Elaborations
deciding on a potential major purchase (for example, a car, investigating options, calculating the costs of
different purchasing methods and estimating the long­term costs and benefits of owning the asset and
repaying the debt)

examining the trade­offs businesses may need to consider when determining methods to improve their
productivity (for example, employing more staff compared with upskilling existing staff)

Apply economics and business knowledge, skills and concepts in familiar, new and hypothetical situations
(ACHES059 ­ Scootle )

Elaborations
evaluating different types of loans to estimate the short­ and long­term financial implications of each

applying enterprising behaviours to a class or independent activity (for example, by showing initiative and

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Economics and Business Curriculum F­10

leadership, establishing goals that are meaningful and realistic, accepting responsibility)

using appropriate indicators of economic performance to explain variations across economies

Communication and reflection

Present reasoned arguments and evidence­based conclusions in a range of appropriate formats using
economics and business conventions, language and concepts (ACHES060 ­ Scootle )

Elaborations
using economics and business terms and concepts such as indicators, economic performance, business
cycle, organisational structure, workforce management, interest rates

communicating findings of the investigation in appropriate formats (for example, web pages, financial
statements, spreadsheets, graphs and reports)

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

Reflect on the intended and unintended consequences of economic and business decisions (ACHES061 ­
Scootle )

Elaborations
discussing the outcomes of a decision, identifying those that were intended and unintended and
reflecting on strategies that may address the unintended consequences

Economics and Business Curriculum F­10

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 Economics and Business Curriculum F­10

Year 10 Achievement Standards

By the end of Year 10, students explain why and how governments manage economic performance to
improve living standards. They give explanations for variations in economic performance and standards of
living within and between economies. They analyse factors that influence major consumer and financial
decisions and explain the short­ and long­term effects of these decisions. They explain how businesses
respond to changing economic conditions and improve productivity. Students evaluate the effect of
organisational and workforce management on business performance.

When researching, students develop questions and formulate hypotheses to frame an investigation of an
economic or business issue or event. They gather and analyse reliable data and information from different
sources to identify trends, explain relationships and make predictions. Students generate alternative
responses to an issue, taking into account multiple perspectives. They use cost­benefit analysis and
appropriate criteria to propose and justify a course of action. They apply economics and business knowledge,
skills and concepts to familiar, unfamiliar and complex hypothetical problems. Students develop and present
evidence­based conclusions and reasoned arguments incorporating different points of view. They use
appropriate texts, subject­specific language, conventions and concepts. They analyse the intended and
unintended effects of economic and business decisions and the potential consequences of alternative actions.

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