Humanities and social sciences / Year 5 / Knowledge and Understanding / Economics and business

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Curriculum content descriptions

Influences on consumer choices and methods that can be used to help make informed personal consumer and financial choices (ACHASSK121)

Elaborations
  • identifying goods they have purchased and categorising and explaining factors that influence consumer purchasing decisions (for example, personal preferences, social trends, economic factors such as budgets and the amount of money available to spend; psychological factors such as advertising and peer pressure; cultural, environmental, legal and ethical factors)
  • comparing the influence of a variety of selling and advertising strategies used by businesses on consumer choices (for example, the influence of television and internet advertising compared to email promotions)
  • recognising that financial transactions can include the use of notes, coins, credit and debit cards, and barter items; explaining the advantages and disadvantages of the different transaction types; and considering how these may influence the way people purchase items
  • exploring the strategies that can be used when making consumer and financial decisions (for example, finding more information, comparing prices, keeping a record of money spent, saving for the future)
General capabilities
  • Numeracy Numeracy
  • Critical and creative thinking Critical and creative thinking
  • Personal and social capability Personal and social capability
  • Ethical understanding Ethical understanding
ScOT terms

Personal finance,  Consumer sovereignty

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