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Economics and business / Year 7 / Economics and Business Knowledge and Understanding

View on Australian Curriculum website Australian Curriculum, Assessment and Reporting Authority
Curriculum content descriptions

Why and how individuals and businesses plan to achieve short-term and long-term personal, organisational and financial objectives (ACHEK018)

Elaborations
  • identifying ways short- and long-term personal financial objectives can be achieved, for example through developing a budget and having a savings plan
  • explaining the need for setting short- and long-term personal financial objectives and prioritising personal financial responsibilities and needs over wants
  • explaining how financial records such as income statements, balance sheets, budgets and cash flow statements inform business decision-making
  • exploring ways that businesses manage finances and plan in the short- and long-term to achieve organisational and financial objectives (for example, by developing a business plan or borrowing to invest in the business)
General capabilities
  • Numeracy Numeracy
  • Critical and creative thinking Critical and creative thinking
  • Personal and social capability Personal and social capability
ScOT terms

Personal finance,  Financial records,  Financial analysis,  Planning,  Financial reports

Teacher resource

Learn About Wool: Years 7 - 8

This website provides the ideal opportunity for students to explore how wool is produced in carefully-managed environments to ensure a balance between production and long-term environmental sustainability. Year 7 students will find plenty of examples of how the Australian wool industry responds to consumer needs and demands, ...

Interactive Resource

MoneySmart: MilbaDjunga - how can I start my own business?

The MilbaDjunga secondary unit 'How can I start my own business?' is an interactive online unit developed to support teachers of Aboriginal and Torres Strait Islander students to teach consumer and financial literacy. It leads students through a step-by-step process to start a small business and is accompanied by teacher ...

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Why investing can be risky

Planning to get rich quick by investing one day? Before you jump in, let Gen Fricker explain some of the risks involved with different types of investments. Then test yourself with ASIC MoneySmart's "Things to think about" classroom exercises.  

Teacher resource

Consumer and financial literacy professional learning module for teachers

This professional learning module provides up-to-date content and support in consumer and financial literacy for educators working within Australian primary and secondary schools. Part 1 presents information about consumer and financial literacy in the education landscape. Part 2 provides examples of how schools are incorporating ...

Teacher resource

How much is that?

This learning activity consists of a series of online resources supporting students to engage, explore and reflect on the prices of some everyday foods sold in Australia and countries of the Asia region. Students analyse data and information to compare and contrast the pricing of a range of common food items in Australia ...

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Forest Learning: Going bush - innovative ways of keeping the home fires burning

This is a video about how Forestry Tasmania plans to innovate and add value to its business, mostly by using sawdust waste to make wood pellets for heating. The Going Bush presenters are shown examining the pellets and discussing their use and manufacture with Rob Douglas of Pellet Fires Tasmania and Doug Massey of Forestry ...