Economics and business / Year 7 / Economics and Business Skills / Economic reasoning, decision-making and application

Curriculum content descriptions

Generate a range of alternatives in response to an observed economic or business issue or event, and evaluate the potential costs and benefits of each alternative (ACHES024)

  • examining the trade-offs involved in making choices about how to earn an income (for example, working as an employee or owning your own business)
  • identifying the costs and benefits associated with alternatives (for example, the costs and benefits of being an employee compared with being a business owner)
General capabilities
  • Literacy Literacy
  • Numeracy Numeracy
  • Critical and creative thinking Critical and creative thinking
  • Ethical understanding Ethical understanding
ScOT terms

Cost-benefit analysis

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