The following resources have been developed to support teachers to implement the Economics and Business curriculum.
The resources in the Financial Literacy series of activities can be used to foster financial literacy in secondary school students. The sample activities are linked to Levels 9 and 10 of the Economics and Business curriculum, with topics including banking, personal budgets, taxation, nvestment, financial scams and government budgets.
Two documents are provided for each resource: one includes a comprehensive description of the activities, including teacher instructions and relevant Victorian Curriculum links, and the other contains printable resources for students and teachers.
Financial literacy – Banking activities, Levels 9 and 10
Financial literacy – Banking resources, Levels 9 and 10
Financial literacy – Personal budgeting activities, Levels 9 and 10
Financial literacy – Personal budgeting resources, Levels 9 and 10
Financial literacy – Taxation activities, Levels 9 and 10
Financial literacy – Taxation resources, Levels 9 and 10
Financial literacy – Investment activities, Levels 9 and 10
Financial literacy – Investment resources, Levels 9 and 10
Financial literacy – Financial scams activites, Levels 9 and 10
Financial literacy – Financial scams resources, Levels 9 and 10
Financial literacy – Government budgets activities, Levels 9 and 10
Financial literacy – Government budgets resources, Levels 9 and 10
Students investigate fads in relation to consumer choices and economic decision making. They learn about business supply chains involved in creating products that may become consumer fads. Students investigate how businesses advertise and market products to consumers and consider the reasons a consumer fad may come about. Evaluation of the effects of consumer choices on society as a whole is also conducted. Students examine the job market and changes it is likely to undergo in the future, specifically looking at likely future changes in relation to the nature of work.
Three documents have been provided: a comprehensive description of the activities, including teacher instructions and relevant Victorian Curriculum links; printable resources for students and teachers; and an interactive PDF activity for students.
Consumer Fads activities Levels 5 and 6
Consumer Fads resources Levels 5 and 6
Consumer Fads interactive PDF Levels 5 and 6
These sample activities are intended to be used as part of an introduction to financial literacy education for Years 3 and 4 students. They address strands within the Victorian Curriculum F–10 with a focus on the Mathematics, Economics and Business, Geography and Visual Arts Curriculums, across Levels 2–6.
Students are introduced to the concept and purpose of money, plus Australian currency. The four uses of money are introduced and simple calculations are performed using money. Students look at different currencies from around the world and are introduced to the concept of an exchange rate. The ideas of budgeting, opportunity cost, smart shopping and the steps inherent to making wise decisions as a consumer are also covered in the activities.
Two documents have been provided: one includes a comprehensive description of the activities, including teacher instructions and relevant Victorian Curriculum links; the other consists of a suite of printable resources for students and teachers.
Money Makes the World Go Round activities Years 3 and 4
Money Makes the World Go Round resources Years 3 and 4
These sample activities address the Economics and Business curriculum area of the Victorian Curriculum F–10 at Levels 5 and 6. Students are introduced to a range of key knowledge and key skills relevant to economics, business and financial literacy. They are introduced to basic economic theory, economic needs and wants, economic decision making, trading and the barter system, the notion of currency as a solution to the difficulties of trading within a barter system, and the development and use of currency.
Two documents have been provided: one includes a comprehensive description of the activities, including teacher instructions and relevant Victorian Curriculum links; the other consists of a suite of printable resources for students and teachers.
Trading Up activities Levels 5 and 6
Trading Up resources Levels 5 and 6
Students investigate the implications of a globalised economy, with a specific focus on the international trade in cocoa beans and the production of chocolate. They develop business skills and consider the economic and social issues associated with international trade. Personal consumer behaviour is considered and compared with that of others, and economic decision making is considered and applied.
Two documents have been provided. One contains a comprehensive description of the activities, including teacher instructions and relevant Victorian Curriculum links, and the other consists of printable resources for students.
Choconomics activities Levels 7 and 8
Choconomics resources Levels 7 and 8
These sample activities can be delivered across eight sessions.
Students investigate the economic decision making associated with being a smart pet owner. They determine what type of pet suits them, their family and their friends, and the costs associated with obtaining and maintaining a pet. Students learn how to make careful decisions and consider why different people make different financial decisions. They learn to recognise different types of resources and consider the ethics involved with working animals.
Three documents have been provided: a comprehensive description of the activities, including teacher instructions and relevant Victorian Curriculum links; printable resources for students and teachers; and an interactive PDF activity for students.
Pet Ownership activities Levels 5 and 6
Pet Ownership resources Levels 5 and 6
Pet Ownership interactive PDF Levels 5 and 6
Students investigate the category of business that is known as social enterprise. Students research a specific social enterprise, with a focus on the work done by entrepreneurs and the enterprising behaviours and capabilities required to establish and operate this type of business. They analyse and evaluate the material and social contributions of social enterprises. Finally, they draw upon their learning to develop and plan a school-based social enterprise.
Two documents have been provided: one includes a comprehensive description of the activities, including teacher instructions and relevant Victorian Curriculum links; the other consists of a suite of printable resources for students and teachers.
Social Enterprise activities Levels 5 and 6
Social Enterprise resources Levels 5 and 6
These sample activities and teaching resources are intended as a resource for teachers who are teaching financial literacy skills to students in Years 7 and 8. The sample activities are based around a discussion of ‘Ten things smart consumers do’. Students learn about smart consumer behaviour, and the rights and responsibilities of consumers and business. They develop critical thinking skills and apply these as consumers, and they are encouraged to develop scepticism in relation to their personal exposure to marketing and advertising. Students also learn to seek maximum value for money when purchasing goods and services. Two documents have been provided: one includes a comprehensive description of the activities, including teacher instructions and relevant Victorian Curriculum links; the other consists of a suite of printable resources for students and teachers.
Smart Consumers activities Levels 7 and 8
Smart Consumers resources Levels 7 and 8
Cross-curriculum resources
This resource will help teachers and schools identify strong links between Economics and Business and the capabilities. It will also help teachers design learning activities.
The resource assumes familiarity with the Economics and Business curriculum. It links aspects of this curriculum with Ethical Capability, Critical and Creative Thinking, Intercultural Capability and Personal and Social Capability.
Note: It is a school decision as to which capabilities are linked to which learning area(s). To help support these decisions, this resource provides general advice on teaching and assessment, as well as specific illustrative advice related to Economics and Business.
Why link learning in Economics and Business to a capability?
The knowledge and skills learnt through the capabilities are highly transferable across learning areas and are applicable throughout schooling and in later life.
The capabilities support Economics and Business in the development of transferable skills that enable students to:
- identify and investigate contemporary economic and business issues and events
- understand the decision-making behaviour of participants in the economy, business, society and the environment, and participate effectively
- think critically about probable and preferred futures.
Identifying a strong link between a capability and Economics and Business supports learning in both curriculum areas. There is strong justification to link a learning area and a capability in instances where:
- knowledge and skills taught in a capability would deepen students’ understanding of particular knowledge and skills in the learning area
- the learning area would provide context, background knowledge and other skills for the development of the capability.
How do we find strong links between Economics and Business and the capabilities?
Looking over each capabilities curriculum, we begin to see broad links between the strands in different capabilities and in aspects of various strands and sub-strands in the Economics and Business curriculum.
Linking the Critical and Creative Thinking strands to Economics and Business
Critical and Creative Thinking consists of three interrelated strands. The table below provides an overview of each strand and how it links to Economics and Business.
Questions and Possibilities
Explore the nature of questioning and a range of processes and techniques to develop ideas
Economics and Business and Critical and Creative Thinking mutually support students to …
develop their curiosity, enterprise and innovation, and construct effective questions
Reasoning
Explore how to compose, analyse and evaluate arguments and reasoning
Economics and Business and Critical and Creative Thinking mutually support students to …
collect, process, interpret and evaluate economics and business information and make rational, informed decisions
Meta-Cognition
Explore the use of strategies to understand, manage and reflect on thinking, problem-solving and learning processes
Economics and Business and Critical and Creative Thinking mutually support students to …
manage their learning, thinking and problem-solving to make informed, evidence-based arguments and conclusions in response to an issue
Linking the Ethical Capability strands to Economics and Business
Ethical Capability consists of two interrelated strands. The table below provides an overview of each strand and how it links to Economics and Business.
Understanding Concepts
Understanding and applying key concepts and ideas concerned with ethical issues, outcomes, principles and values
Economics and Business and Ethical Capability mutually support students to …
identify, clarify and justify personal values and attitudes about issues within business, the economy, society and the environment and account for different perspectives; and make connections between competing and alternative uses of resources, wants and needs and broader debates about how we ought to live
Decision Making and Actions
Understanding ways to respond to ethical problems and factors and challenges that influence ethical decision-making and action, and applying this understanding to different contexts
Economics and Business and Ethical Capability mutually support students to …
respond to economics and business issues, identifying, analysing and evaluating consequences of alternative actions, and evaluate the extent of obligation that participants in business, the economy and society should have in response to issues
Linking the Intercultural Capability strands to Economics and Business
Intercultural Capability consists of two interrelated strands. The table below provides an overview of each strand and its broad links to Economics and Business.
Cultural Practices
Describing, observing and analysing characteristics of their own cultural identities and those of others; and using critical reflection to better understand the perspectives and actions of individuals and groups in specific situations and how these can be shaped by culture
Economics and Business and Intercultural Capability mutually support students to …
consider different cultural perspectives and analyse the ways intercultural relationships and experiences contribute to the development of attitudes, beliefs and behaviours in different economics, work and business contexts
Cultural Diversity
Understanding the nature of cultural diversity and critically examining the concept of respect, challenges and opportunities created by cultural diversity and the way in which cultural diversity shapes and contributes to social cohesion
Economics and Business and Intercultural Capability mutually support students to …
explore the relationship between cultural diversity, social cohesion and business and the economy; and the challenges and opportunities associated with cultural diversity in economics, work and business contexts
Linking the Personal and Social Capability strands to Economics and Business
Personal and Social Capability consists of two interrelated strands. The table below provides an overview of each strand and its broad links to Economics and Business.
Self-Awareness and Management
Develop the knowledge and skills to regulate, manage and monitor their emotions and interpret and assess their personal characteristics in the context of development of resilience
Economics and Business and Personal and Social Capability mutually support students to …
develop knowledge and skills to work independently and be enterprising and innovative
Social Awareness and Management
Learn to participate in positive, safe and respectful relationships; critique societal constructs and discrimination; and negotiate with others and work collaboratively
Economics and Business and Personal and Social Capability mutually support students to …
develop skills for collaborative problem-solving
Asking the following questions can be a first step in identifying strong links:
- Which of the learning area content descriptions reflect concepts or other knowledge and skills in a capability?
- Would explicit teaching and learning related to the identified link support progress towards the achievement standards for the learning area and/or the capability?
The example below identifies a strong link between a Levels 5 and 6 Economics and Business content description and a Levels 5 and 6 Ethical Capability content description. The identified link is between the concept of needs and wants (Economics and Business) and the concept of happiness (Ethical Capability).
Once a strong link is identified, a learning activity can be designed that enables progression towards the appropriate Economics and Business achievement standard as well as the appropriate capability achievement standard (again, see the example below). This may involve incorporating other relevant content descriptions to create a sequence of learning.
Note: The example below builds on the VCAA’s
Trading Up sample activities, Sessions 2 and 3, in which students consider the nature of economic needs and wants and economic decision-making.
Example: Linking a Levels 5 and 6 Economics and Business content description and a Levels 5 and 6 Ethical Capability content description
This table includes a selected content description and achievement standard extract for both Economics and Business Levels 5 and 6 and Ethical Capability Levels 5 and 6, plus linking notes and an activity idea.
| | Economics and Business, Levels 5 and 6 | Linking notes and activity idea | Ethical Capability, Levels 5 and 6 |
|---|
Content description | Describe the difference between needs and wants and explain why choices need to be made
(VCEBR001) | Can both Ethical Capability and Economics and Business help us to understand why there might be different perspectives on needs and wants? Yes. Ethical Capability can help us understand how different ideas about happiness can influence perspectives on needs and wants and Economics and Business can help us understand the relationship between needs, wants and the scarcity of resources. Students are guided to understand factors that influence what we consider to be needs and wants, including our perceptions of what it is to be happy, how much we value happiness, and whether identified needs and wants are a means to happiness or valued in themselves. They consider the influence of happiness on economic decision-making. | Examine the contested meaning of concepts including truth and happiness and the extent to which these concepts are and should be valued
(VCECU009) |
Achievement
standard extract | By the end of Level 6, students distinguish between needs and wants and recognise that choices need to be made … | By the end of Level 6, students evaluate the meaning of ethical concepts and analyse their value, identifying areas of contestability. |
How do we assess the capabilities?
Student understanding of a capability’s knowledge and skills is assessed against the achievement standards of the capability. The key to formative and summative assessment is explicit teaching of the discrete knowledge and skills underpinning the capability’s content descriptions in such a way that students are supported to progress towards the targeted achievement standard. Explicit teaching builds shared understanding of knowledge and skills, which provides a foundation for setting transparent expectations of what should be shown in student work and for feedback.
For general advice on teaching and assessment and transfer of learning, see
General resources for the capabilities.
Ideas for learning activities that link Economics and Business and the capabilities
All examples are illustrative only and assume familiarity with the Economics and Business curriculum.
Learning activity idea: As part of a study of consumer choices and the links between business and consumers, students work collaboratively as managers of a business trying to create the next big consumer fad. They are guided to develop and apply different team roles and reflect on how well their group collaborated.
This activity would strengthen learning in both Economics and Business and Personal and Social Capability through introducing the characteristics of team roles in the context of a business environment and how they can be applied to solve a problem collaboratively and used to help evaluate collaboration (see the Personal and Social Capability content description
VCPSCSO032).
Note: This example builds on the VCAA’s Levels 5 and 6 Economics and Business
Consumer Fads sample activities.
Learning activity idea: As part of a sequence of lessons on the characteristics of different kinds of successful businesses and how work can contribute to individual and societal wellbeing, students identify the challenges and benefits of living and working in a culturally diverse society and research a social enterprise associated with meeting some of these challenges. They reflect on the value of cultural diversity as demonstrated through the activities of the social enterprise. Students go on to also reflect on how cultural diversity offers opportunities for social enterprises as well as businesses more generally, for example leading to an expansion of the hospitality, entertainment and retail sectors.
This activity would strengthen learning in both Economics and Business and Intercultural Capability through introducing a broad context through which the work of social enterprises can be considered and evaluated and providing opportunity to study a way that society demonstrates the value it places on cultural diversity (see the Intercultural Capability content descriptions
VCICCD015 and
VCICCD016).
Note: This example builds on the VCAA’s Levels 7 and 8 Economics and Business
Social Enterprise sample activities.
Learning activity idea: Students develop their understanding of how and why people manage financial risks and rewards through a case study of common scams and strategies to protect against them. As part of a sequence of lessons, they explore the nature of cognitive biases in general, as well as specific cognitive biases such as the halo effect that might make people more susceptible to scams.
This activity would strengthen learning in both Economics and Business and Critical and Creative Thinking through examining how cognitive biases can affect thinking in relation to scams and strategies to mitigate for cognitive biases (see the Critical and Creative Thinking content description
VCCCTM051).
Note: This example builds on the VCAA’s Levels 9 and 10 Economics and Business
Financial literacy – Financial scams sample activities.
For more resources to support the teaching of all four capabilities, see the individual capability resources webpages and
General resources for the capabilities
External resources
The following external links are for teacher reference purposes. They do not constitute VCAA endorsement of the views or materials contained on these sites.
Asia Education Foundation
Asia Education Foundation provides a collection of resources that support the Economics and Business curriculum, with a focus on ensuring all students have the opportunity to develop their understanding of Asia and Australia's Engagement with Asia.
Australian Securities Exchange
The Australian Securities Exchange (ASX Limited) is an Australian public company that operates Australia's primary securities exchange. The website includes the
Sharemarket Game . Students receive a virtual $50,000 that they can invest over a ten week period in 200 companies listed on the ASX. The prices students buy and sell at are the same as they would get in the live market trading.
MoneySmart Teaching Resources
The MoneySmart website provides a range of financial literacy education resources of teacher and parent use. All resources have been ;vetted by a quality assurance process, and are mapped to the National Consumer and Financial Literacy Framework.
Reserve Bank Australia
The Reserve Bank Australia website provides a range of resources related to financial literacy with a particular focus on currency and banknotes.
Royal Australian Mint
The Royal Australian Mint website has a range of resources for both students and teachers.