Length: Semester
Recommended background: Successful completion of Year 10 Business & Economics
Note: The areas of Business and Economics provide students with the opportunity to deepen their understanding of the contemporary business and economic world through one of two specialised pathways: Business Innovation or Economics. Both pathways encourage students to investigate real-world issues, develop analytical and problem-solving skills, and build the confidence to make informed decisions as future consumers, entrepreneurs, employees and leaders. Students engage in authentic, inquiry-based learning that connects classroom concepts to local, national and global contexts. Through collaboration, research, critical thinking and practical application, they examine how businesses and economies respond to change, innovation and emerging challenges. Each pathway develops transferable capabilities including communication, collaboration, creativity, financial literacy and evidence-based decision-making, preparing students for Stage 2 studies, tertiary pathways and future careers. Students select the pathway that best aligns with their interests and future aspirations.
Content:
Stage 1 Economics empowers students to understand the forces that shape the decisions of individuals, businesses and governments in an increasingly interconnected world. Through the study of contemporary economic issues, students develop the analytical skills required to interpret data, evaluate competing perspectives and make informed judgements about the efficient allocation of scarce resources.
Students investigate the fundamental economic problem of scarcity and explore how markets operate to allocate resources through the interactions of consumers, producers and governments. They examine the role of incentives, competition, productivity, economic growth and public policy while considering how these factors influence living standards, sustainability and economic wellbeing. Throughout the course, students apply economic models and evidence to analyse real-world events, developing an appreciation of the complexity of Australia’s economy and its place within the global economic environment.
Learning is inquiry-driven and highly relevant to current affairs. Students engage with authentic case studies, economic data, news media, simulations and collaborative investigations to explore issues such as inflation, unemployment, economic growth, international trade and government intervention. By applying economic reasoning to contemporary challenges, students develop the confidence to question assumptions, evaluate policy decisions and communicate evidence-based conclusions.
Assessment:
Student performance will be determined according to the subject’s Performance Standards as described in the Subject Outline. Grades A to E will be used for reporting purposes.
School Assessment (100%):