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