Economics and business / Year 8 / Economics and Business Skills / Economic reasoning, decision-making and application

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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 (ACHES035)

Elaborations
  • identifying opportunities in the market for a business and proposing alternative ways to take advantage of these
  • undertaking a cost-benefit analysis of alternative ways for a business to respond to opportunities in the market and making a decision about which one to recommend
  • exploring an Aboriginal or Torres Strait Islander business or enterprise, analysing how it has responded to an issue or opportunity, and applying a cost-benefit analysis
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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2 direct matches to ACHES035

Video

My Five Cents: What is opportunity cost?

  • TLF-IDM025253

What is the true cost of buying something? Gen Fricker explains that it's more than just money. Learn about opportunity cost - what it is, why it's a helpful tool and when to use it. Simple! Then test yourself with ASIC MoneySmart's "Things to think about" classroom exercises.  

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Online

Developing and Designing New Product Lines and Marketing Strategies

  • TLF-IDM019324

This is a unit of work about developing new market lines and strategies to sell a new or revamped product. It includes researching existing markets, target markets and other influences that affect the marketing of a new product. The resource has a teacher guide and a presentation that provides background information and ...

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