LESSON 22.7 Inquiry: Financial and business decision-making
LEARNING INTENTION By the end of this lesson you should be able to: • identify processes that individuals and/or businesses use to plan and budget to achieve short-term and long-term financial objectives • identify the different ways that businesses adapt to opportunities in the market and respond to the changing nature of work.
Background Why is personal, organisational and financial planning for the future important for consumers and businesses? How do different businesses respond to opportunities in the market? Omari is an electrician. He works full time and has been in his current occupation for five years. Omari earns a fair wage, and he is saving for a deposit on a house. Omari enjoys his job, and his employer is thinking about moving into a new market to repair faulty electrics on solar panels. This is a growing need for homes that have solar panels installed.
Before you begin Access the Inquiry rubric in the digital documents section of the Resources panel to guide you in completing this task at your level. At the end of the inquiry task you can use this rubric to self-assess. Inquiry steps You will use two online sources of reference for this inquiry, the Australian Bureau of Statistics and Labour market insights. Step 1: Questioning and researching Omari works full time. Use the Australian Bureau of Statistics weblink to help you answer the following questions: a. Define what is meant by full-time employment. b. What is the current rate of unemployment in Australia? c. What are the average weekly earnings in Australia? Omari is an electrician. Use the Labour market insights weblink to locate the job profile for an electrician.
a. What would Omari’s weekly earnings be? b. What is the average age of an electrician? c. What percentage of electricians are male?
654 Jacaranda Humanities Alive 8 Victorian Curriculum Third Edition
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