Watch now: To find out more about this curriculum area, watch ‘Understanding the Victorian Curriculum F–10 Version 2.0, Economics and Business’ on the Resources page.

Rationale and Aims

Rationale

The Economics and Business curriculum offers opportunities for students to develop knowledge and skills relevant to economic literacy, business and entrepreneurship, work and financial literacy. Students require this knowledge and these skills to lead successful, productive and financially stable lives as Australian citizens, voters and participants in the economy.

Students who acquire effective economic, business, entrepreneurial, and consumer and financial literacy skills and knowledge, combined with an ability to operate effectively in a work setting, are better equipped to manage personal finances successfully, run a business profitably and avoid the mismanagement that may lead to personal debt and other financial problems.

Global flows of people, resources, finances and information create social, economic, political and environmental complexities and challenges. Consequently, Australia needs enterprising individuals and businesses who embrace opportunity, are informed decision-makers and have the capacity to make an economic contribution. Young Australians will all face social, economic, environmental and ethical challenges in their lifetime. These will impact both personal economic decision-making and their lives generally. It is critical, therefore, that students be equipped with the knowledge, understanding and skills to respond effectively to the challenges they will face as consumers, employees, future entrepreneurs and participants in the local, national and global economies.

Aims

Economics and Business aims to ensure that students develop:

• knowledge about and understanding of work and business environments within the Australian economy, the factors influencing businesses’ decision-making and the importance of entrepreneurship to business success
• understanding of resource allocation, opportunity cost and economic decision-making, and application of these concepts to the economy, the business environment and entrepreneurship, work and work futures, and consumer and financial literacy
• understanding of the importance of being a participant in the economy through work, operating a business, being a financially literate consumer and informed economic decision-making
• appreciation of the key economic and business issues affecting contemporary Australian society, and an understanding of how Australia interacts and is interdependent with the global economy, including the Asia region
• reasoning and interpretation skills through application of economics and business concepts and theory to economics and business issues and events, modelling problem-solving and economic decision-making
• skills required for inquiry, including questioning and researching, interpreting and analysing, decision-making and communicating.