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Related topic
Economics and Business 7-10 / Year 9 / Knowledge and understanding
Curriculum content descriptions
how individuals and businesses manage consumer and financial risks and rewards (AC9HE9K05)
Elaborations
- discussing examples of consumer and financial risk to individuals and businesses, such as scams, identity threat or fraudulent transactions
- discussing examples of consumer reward programs; for example, innovative products and services, benefits accrued through loyalty schemes, and rewards for building savings and making investments (such as shares, term deposits, managed funds or home ownership)
- identifying and explaining strategies individuals use to manage consumer and financial risk; for example, through setting financial goals, having insurance and savings, and being alert to scams
- identifying and explaining practices used by businesses to protect the safety of consumers; for example, mandatory and voluntary standards, product safety recalls or cooling-off periods
- reflecting on the importance of ethical decision-making and corporate social responsibility when making consumer and financial decisions; for example, considering consequences for themselves, their families, the broader community and/or the environment
General capabilities
ScOT terms
Insurance, Bad debts, Financial institutions, Personal finance, Risk management