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Related topic
Economics and Business 7-10 / Year 7 / Skills / Evaluating, concluding and decision-making
Curriculum content descriptions
develop a response to an economic and business issue, identifying potential costs and benefits (AC9HE7S04)
Elaborations
- developing a response to an issue by combining known knowledge with new ideas; for example, when purchasing a mobile phone, use the product statement and personal budget to identify benefits and costs
- identifying and describing reasons that inform the response to an issue; for example, the reasons for using recyclable materials in packaging as a way to support sustainable use of economic resources to meet needs and wants into the future
- identifying the potential costs and benefits of a decision; for example, deciding whether to work part-time involves identifying benefits such as earning money and recognising costs such as time on the weekend devoted to travelling to and from work
- explaining how making an economic and business decision involves selecting one alternative over another; for example, to satisfy a particular want, a selection of goods or services is preferred or purchased over another
General capabilities
ScOT terms
Opportunity costs, Cost-benefit analysis, Enterprise (Behaviour), Decision making, Reasoning