LESSON 15.2 Economics and Business concepts and skills
LEARNING INTENTION By the end of this lesson you should be able to explain Economics and Business concepts and skills.
15.2.1 Introduction 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 proýts, and provide goods and services. It includes topics like marketing, management and ýnance. Together, Economics and Business helps 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. 15.2.2 Economics and Business concepts There are ýve concepts that underpin Economics and Business.
TABLE1 The concepts you will use in Economics and Business. Concept Description 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, business, work and being a smart consumer. Know why it’s important to be involved in the economy by working, running a business, being ýnancially 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.
Resource allocation and decision- making
Being an active participant
Key issues in Australia
Reasoning and problem-solving
Understanding work and business In Australia, there are many different types of work and businesses. People work for various reasons, such as earning money, gaining skills and contributing to society. Businesses play a crucial role in the economy by providing goods and services, creating jobs and driving innovation. Entrepreneurs are important because they start new businesses and bring fresh ideas to the market. Aboriginal and Torres Strait Islander Peoples have made signiýcant contributions to the workforce and the entrepreneurial landscape in Australia. Understanding the different types of work, the reasons people work and the role of businesses helps us appreciate how the economy functions and the opportunities available in Australia. To satisfy our needs and wants , businesses use resources to produce goods and services. The four main types of economic resources are land, labour, capital and enterprise.
534 Jacaranda Humanities Alive 7 Victorian Curriculum Third Edition
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