Economics and business

Concepts for developing understanding

The content in the economics and business sub-strand develops key ideas, with a focus on developing an understanding of the relationship between consumers, producers and businesses. Students explore how consumers and producers interact in the market (business environment) and how consumers and businesses plan in personal, organisational and financial ways (resource allocation and making choices, consumer and financial literacy) to realise objectives. Students explore the world of work and income, and examine the relationship between entrepreneurial behaviour and successful business (business environment, work and work futures).

Inquiry 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?

(source: www.australiancurriculum.edu.au)