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Related topic
Economics and business / Year 10 / Economics and Business Skills / Economic reasoning, decision-making and application
Curriculum content descriptions
Generate a range of viable options in response to an economic or business issue or event, use cost-benefit analysis and appropriate criteria to recommend and justify a course of action and predict the potential consequences of the proposed action (ACHES058)
Elaborations
- deciding on a potential major purchase (for example, a car, investigating options, calculating the costs of different purchasing methods and estimating the long-term costs and benefits of owning the asset and repaying the debt)
- examining the trade-offs businesses may need to consider when determining methods to improve their productivity (for example, employing more staff compared with upskilling existing staff)
General capabilities
ScOT terms
Causality, Financial analysis, Risk management