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Economics and business / Year 7 / Economics and Business Skills / Economic reasoning, decision-making and application

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

Generate a range of alternatives in response to an observed economic or business issue or event, and evaluate the potential costs and benefits of each alternative (ACHES024)

Elaborations
  • examining the trade-offs involved in making choices about how to earn an income (for example, working as an employee or owning your own business)
  • identifying the costs and benefits associated with alternatives (for example, the costs and benefits of being an employee compared with being a business owner)
General capabilities
  • Literacy Literacy
  • Numeracy Numeracy
  • Critical and creative thinking Critical and creative thinking
  • Ethical understanding Ethical understanding
ScOT terms

Cost-benefit analysis

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1 direct match to ACHES024 | 2 other related resources

Text

Work sample Year 7 Economics and Business: Characteristics of entrepreneurs

  • TLF-IDA003947

This work sample demonstrates evidence of student learning in relation to aspects of the achievement standards for Year 7 Economics and Business. The primary purpose for the work sample is to demonstrate the standard, so the focus is on what is evident in the sample not how it was created. The sample is an authentic representation ...

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Online

Australia's Trade through Time

  • TLF-IDM025126

Using an interactive timeline created by the Department of Foreign Affairs and Trade, this Teacher guide provides 12 series of learning experiences that engage students in the analysis and interpretation of data about Australian trade from 1900 to the present day. Students study videos, tables, images and texts in order ...

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Video

My Five Cents: What is opportunity cost?

  • TLF-IDM025253

What is the true cost of buying something? Gen Fricker explains that it's more than just money. Learn about opportunity cost - what it is, why it's a helpful tool and when to use it. Simple! Then test yourself with ASIC MoneySmart's "Things to think about" classroom exercises.  

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