Australian Curriculum Teaching Resources

Economics and business

Concepts for developing understanding

The content in the economics and business sub-strand develops key ideas, with a focus on developing students’ understanding of opportunity cost and why decisions about the ways resources are allocated to meet needs and wants in their community involve trade-offs. The limited nature of resources means that businesses and consumers make choices (resource allocation and making choices). This involves consumers choosing what to purchase and businesses choosing the way they provide goods and services (consumer literacy, business environment). Students consider the effect of consumer and financial decisions on individuals, the community and the environment (consumer and financial literacy). The emphasis is on community or regional issues, with opportunities for concepts to also be considered in national, regional or global contexts where appropriate.

Inquiry Questions

  • Why are there trade-offs associated with making decisions?
  • What are the possible effects of my consumer and financial choices?
  • Why do businesses exist and what are the different ways they provide goods and services?

(source: www.australiancurriculum.edu.au)

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