LESSON 20.2 Economics and Business concepts and skills
LEARNING INTENTION By the end of this lesson, you should be able to explain the economics and business concepts and skills.
20.2.1 The world of economics and business Economics and business is about understanding how people use resources and make decisions. Economics looks at how goods and services are produced, distributed and consumed. It explores concepts like supply and demand, prices and how markets work. Business focuses on how companies operate, make profits and provide goods and services. It includes topics like marketing, management and finance. Together, economics and business help us understand how the economy functions and how businesses contribute to society. This knowledge is useful for making informed decisions in everyday life and for future careers. There are five key concepts that underpin your study in Economics and Business. These are shown in TABLE1 .
TABLE1 The five key concepts in Economics and Business help make sense of the world. Topic Explanation 1 Understanding work and business
Learn about how businesses work in Australia, what affects their decisions and why entrepreneurship is important. Understand how resources are used, what opportunity cost is and how economic decisions are made. Apply these ideas to the economy of businesses, work and being a smart consumer. Know why it’s important to be involved in the economy by working, running a business, being financially smart and making informed decisions. Appreciate the main economic and business issues in Australia and understand how Australia interacts with the global economy, especially Asia. Develop skills to apply economic and business concepts to real-world issues, solve problems and make economic decisions.
2 Resource allocation and decision-making
3 Being an active participant
4 Key issues in Australia
5 Reasoning and problem-solving
Understanding work and business Australia hosts a variety of jobs and businesses, supporting the economy by offering goods, services and employment. People work for money, skills and societal contributions. Entrepreneurs drive innovation with new ventures and ideas. Aboriginal and Torres Strait Islander Peoples have significantly impacted Australia’s workforce and business sector. Understanding these aspects highlights the economy’s function and opportunities in Australia. Resource allocation and decision-making Economic scarcity is the concept of people having unlimited needs and wants , but only having limited resources available to satisfy them. As individuals, nations and as a planet, we only have a certain amount of resources available to us. We call this the basic economic problem. It has always existed, in all world economies.
586 Jacaranda Humanities Alive 8 Victorian Curriculum Third Edition
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