Economics and business / Year 9 / Economics and Business Knowledge and Understanding

Version 8

Australian Curriculum, Assessment and Reporting Authority

Curriculum content descriptions

The nature of innovation and how and why businesses seek to create and maintain a competitive advantage in the market, including the global market (ACHEK041)

Elaborations

identifying the reasons businesses seek to build or create a competitive advantage (for example, to meet the changing demands of a competitive global market and improve their profit margins)
investigating the different strategies businesses use to create competitive advantage (for example, research and development, offering a lower-cost product, or by implementing efficient internal operations strategies)
discussing whether the adoption of strategies based around corporate social responsibility can increase the competitive advantage of businesses
exploring emerging techniques businesses can use to gain an advantage, such as blended marketing, open innovation and use of social media

General capabilities

Critical and creative thinking
Ethical understanding

ScOT terms

Globalisation, Competitive advantage

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