Economics and business / Year 7 / Economics and Business Knowledge and Understanding

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Curriculum content descriptions

Why and how individuals and businesses plan to achieve short-term and long-term personal, organisational and financial objectives (ACHEK018)

Elaborations
  • identifying ways short- and long-term personal financial objectives can be achieved, for example through developing a budget and having a savings plan
  • explaining the need for setting short- and long-term personal financial objectives and prioritising personal financial responsibilities and needs over wants
  • explaining how financial records such as income statements, balance sheets, budgets and cash flow statements inform business decision-making
  • exploring ways that businesses manage finances and plan in the short- and long-term to achieve organisational and financial objectives (for example, by developing a business plan or borrowing to invest in the business)
General capabilities
  • Numeracy Numeracy
  • Critical and creative thinking Critical and creative thinking
  • Personal and social capability Personal and social capability
ScOT terms

Personal finance,  Financial records,  Financial analysis,  Planning,  Financial reports

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