By the end of Level 6, students classify economic resources and describe how economic scarcity necessitates economic decision-making. They explain both entrepreneurship and the importance of work to individuals and the community. Students explain the different factors that influence consumer choice and outline strategies for informed personal economic decision-making. Students explain what taxation is and the reasons why governments levy taxation. They explain and are able to access services offered by financial institutions, and discuss the importance of keeping money safe and spending it wisely.
Students develop questions to investigate economics and business issues and systems, and they accurately locate, collect, organise and interpret data and information, and identify trends. Students develop evidence-based conclusions and propose appropriate responses to issues. Students can develop accurate explanations based on sources using appropriate business and economics terminology and conventions.

Achievement standard – Levels 5 and 6

Content descriptions – Levels 5 and 6

Economic literacy

Business and entrepreneurship

Work

Consumer and financial literacy

Knowledge and Understanding

Investigating

Interpreting and analysing data and information

Evaluating, concluding and decision-making

Communicating

Skills

At Levels 5 and 6, students learn how natural, human and capital resources are used to satisfy needs and wants, and are introduced to the concept of scarcity. Students consider entrepreneurship, and study work and its importance to both individuals and the community. They look at the factors influencing consumer decision-making and key strategies for informed personal consumer and financial decision-making. Students consider the concept of taxation, including the goods and services tax (GST), and are introduced to online banking and the importance of saving and keeping money safe. 
Key questions provide a framework for developing students’ knowledge, understanding and skills. The following are examples only and may be used or adapted to suit local contexts: 
<ul>
<li>What distinguishes a need from a want and why do my needs and wants differ from those of others? </li>
<li>What is a tax and why do we need to pay taxes? </li>
<li>What skills and qualities do successful entrepreneurs share? </li>
<li>Why do people choose to work?</li>
<li>How should I decide which brands and products to purchase?</li>
<li>What steps should I take to keep my money safe?</li>
</ul>

Band description – Levels 5 and 6

By the end of Level 8, students can explain how free markets influence the allocation of resources. Students describe the reasons businesses exist, accurately categorise businesses, analyse the importance of entrepreneurship to business success and explain how businesses identify and take advantage of market opportunities.
Students describe different ways Australians may derive income, and they analyse the changing nature of work in contemporary Australia and make logical predictions about the future of work. Students outline the operations of Australia’s taxation system and explain reasons why individuals and businesses must plan to achieve financial goals.
Students identify the legal and ethical rights and responsibilities of individual consumers and businesses in terms of products and services. They explain different types of financial scams and how to avoid these.
Students develop and apply questions to investigate contemporary economic, business, work or financial issues and systems. They locate, select and organise relevant information and data from a range of sources. Students construct, interpret and draw conclusions from graphs, models and text to identify and describe economic and business issues, trends and cause-and-effect relationships and establish and verify sources. They develop and analyse a response to an economic and business, work or financial issue, identifying potential costs and benefits.
Students use economic and business knowledge, concepts, terms and research findings to create descriptions and explanations. Students create and present descriptions and explanations, using economics and business knowledge and terminology with reference to sources.

Achievement standard – Levels 7 and 8

Content descriptions – Levels 7 and 8

The focus of learning at Levels 7 and 8 is on individuals, businesses and entrepreneurs within a personal, community and national context, and Australian markets within a national context. 
Students investigate the nature and purpose of informed and responsible economic decision-making by individuals and businesses, with attention to the basic economic problem of scarcity, business categories, how entrepreneurs contribute to business success, taking advantage of market opportunity, and the changing nature of work in Australia. They also examine the rights and responsibilities of consumers and businesses. 
Students investigate factors influencing the economic decision-making of individuals and businesses, including the operation of market forces and how a business might adapt to meet market opportunity and respond to changes in the work environment. 
Students examine the Australian taxation system and how taxation revenue is used. They also analyse the importance of budgeting and financial planning and look at consumer rights and responsibilities in Australia. 
Key questions provide a framework for developing students’ knowledge, understanding and skills. The following are examples only and may be used or adapted to suit local contexts: 
<ul>
<li>What is economic decision-making and why is it required?</li>
<li>How do markets influence the economic decision-making of consumers and businesses?</li>
<li>How do businesses adapt to market opportunities and changes in the workplace?</li>
<li>What is entrepreneurship and how do entrepreneurial skills and characteristics contribute to business success? </li>
<li>Why do people work and what are the different categories of work?</li>
<li>What are my rights and responsibilities as a taxpayer?</li>
<li>What legal rights and ethical responsibilities do individual consumers and businesses have?</li>
<li>What is a financial scam and what types of financial scams are currently being used?</li>
<li>What is financial planning and why is it important?</li>
</ul>

Band description – Levels 7 and 8

By the end of Level 10, students can analyse the circular flow model of the economy and assess the appropriateness of specific government and Reserve Bank of Australia economic interventions through fiscal and monetary policy. They explain the interdependence of the different sectors of the economy, identify and analyse the economic indicators used to measure economic performance, and assess the implications of Australia’s participation in the global economy via international trade.
They explain how and why businesses can seek to create and maintain a competitive advantage and the role of entrepreneurship, marketing and public relations strategies in doing this. Students explain human resource management strategies used by employers to improve business competitiveness and the role of trade unions and employer groups in the workplace. They analyse the management of consumer and financial risks and rewards and consider the consequences of these. Students explain the importance of superannuation to both individuals and the community, as well as factors that influence major consumer financial decisions.
Students develop and modify questions for application to contemporary economics and business, work or financial issues, and locate, select and organise relevant information and data from a range of sources. They then apply this to issues through recognition of trends and cause-and-effect relationships and make logical predictions from this. Students are able to develop and evaluate a response to an economics and business issue, using either cost-benefit analysis or criteria. They can effectively evaluate sources for authenticity and validity and explain and present arguments about economics and business concepts and issues using economics and business terminology and knowledge.

Achievement standard – Levels 9 and 10

Content descriptions – Levels 9 and 10

The focus of learning at Levels 9 and 10 is the topics Government and the economy, International trade and globalisation, Productivity, Business competitiveness, Human resource management and Living standards. 
Students consider the need for economic intervention by government and the Reserve Bank of Australia through fiscal and monetary policy, the circular flow model and the economic indicators used to measure economic performance. They examine the interdependence of economic decision-making between consumers, businesses and government. Students consider the implications of Australia’s participation in the global economy and changing patterns of international trade. They look at how businesses create and maintain competitive advantage and the importance of entrepreneurship, marketing and public relations strategies in these contexts. Students focus on consumer and financial risks and rewards. They look at factors influencing major consumer financial decisions, and the Australian system of superannuation and its importance to living standards. 
Key questions provide a framework for developing students’ knowledge, understanding and skills. The following are examples only and may be used or adapted to suit local contexts: 
<ul>
<li>What are the costs and benefits of international trade and globalisation and how have Australia’s patterns of international trade evolved over the past 150 years? </li>
<li>What is the role of the financial sector in the Australian economy? </li>
<li>How can a business create and maintain a competitive advantage? </li>
<li>What processes can Australian consumers use to manage financial risks and rewards? </li>
<li>How and why do the government and the Reserve Bank of Australia intervene in the Australian economy and what factors influence government economic decision-making? </li>
<li>How can workforce efficiency and productivity be improved within a business and how can this contribute to business success? </li>
<li>How does Australia’s superannuation system support living standards, economic wellbeing and the common good? </li>
</ul>

Band description – Levels 9 and 10

Economics and Business

Humanities

Introduction

Curriculum

Scope and sequence

Resources

Glossary

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