Close message

Economics and business / Year 10 / Economics and Business Knowledge and Understanding

View on Australian Curriculum website Australian Curriculum, Assessment and Reporting Authority
Curriculum content descriptions

The ways that governments manage economic performance to improve living standards (ACHEK052)

Elaborations
  • identifying examples of fiscal and monetary policy options designed to improve the standard of living, such as productivity policy, training and workforce development, taxation, work visas, migration, buying or selling government securities
  • identifying examples of government intervention that aim to redistribute income (for example, pensions, youth allowance and job search), and goods and services such as health care and education
  • investigating how Australia supports economic growth in the Asia region through participating in the Asia-Pacific Economic Cooperation (APEC) forum
  • explaining the impact of minimum wage, government payments, taxation and government-funded services on living standards
  • identifying examples of externalities (that is, costs or benefits associated with the production or consumption of goods and/or services that affect the wellbeing of third parties or society more generally) and exploring the ways governments can influence or regulate these impacts to ensure prices reflect external costs
General capabilities
  • Ethical understanding Ethical understanding
ScOT terms

Government policy,  Social indicators,  Business cycles

Video

How does income tax work?

Gen Fricker makes income tax interesting! Learn about income tax - what it is, how it works and when you have to pay it. Easy-peasy! Then test yourself with ASIC Moneysmart's "Things to think about" classroom exercises.  

Video

Exploring the production and marketing of seafood: producer video

This is a video about how wild-caught lobsters are processed for export and barramundi are farmed in two South Australian businesses. The first part is presented by Andrew Laurie, the owner of Sky Seafoods, who shows the work of the lobster fishermen who supply him and how the lobsters are processed. He describes how sustainability ...

Text

The Conversation: the state of the Australian economy

This article describes the state of the Australian economy, beyond the story of budget crisis. It is authored by an economics professor and is in plain language. The article provides links to a further collection of articles discussing the state of Australia from different political and social viewpoints.