Economics and Business 7-10 / Year 10 / Skills / Evaluating, concluding and decision-making

Curriculum content descriptions

develop and evaluate a response to an economic and business issue, using cost-benefit analysis or criteria to decide on a course of action (AC9HE10S04)

Elaborations
  • evaluating the short- and long-term financial implications of a decision; for example, calculating the costs of different purchasing methods and considering ability to opt out if circumstances change
  • evaluating a response, using a cost-benefit analysis to explain the reasons for a course of action; for example, comparing different types of loans to estimate the short- and long-term financial costs and benefits of each
  • evaluating a response, using criteria such as efficiency, profitability or equity to explain the reasons for a course of action; for example, use of indicators of economic performance to identify variations within the Australian economy
  • examining the opportunity cost consumers and businesses may have to consider when deciding on a course of action; for example, employing more staff instead of upskilling existing staff to improve productivity
General capabilities
  • Critical and creative thinking Critical and Creative Thinking
ScOT terms

Opportunity costs,  Financial analysis,  Cost-benefit analysis,  Enterprise (Behaviour),  Decision making,  Federal government,  Reasoning

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