Australia · ACARA Content Descriptions
Year 7 Economics & Business
This course introduces students to the fundamental principles of economics and business within the Australian context. Students explore how individuals and societies manage scarce resources, the mechanics of the market system, and the importance of financial literacy in a changing global landscape.
The Problem of Scarcity and Choice
Students investigate the basic economic problem of unlimited wants versus limited resources and how this necessitates decision making.
Distinguishing between essential needs and discretionary wants while categorizing natural, human, and capital resources.
Analyzing the value of the next best alternative foregone when making economic choices.
The Mechanics of the Market
An exploration of how buyers and sellers interact to determine prices and allocate goods and services.
Examining the roles and motivations of different participants in a market economy.
Understanding how supply and demand curves interact to find a market clearing price.
Identifying situations where the market does not allocate resources efficiently, such as pollution or public goods.
The World of Work and Business
Students analyze the different types of businesses and the changing nature of the Australian labor market.
Comparing sole traders, partnerships, and corporations in terms of risk and scale.
Investigating the characteristics of entrepreneurs and how innovation creates new markets.
Exploring how technology and globalization are altering the way Australians work.
Personal Finance and Wealth
Developing practical skills for managing money, understanding banking, and avoiding financial pitfalls.
Learning to track income sources and manage expenses through effective budgeting.
Understanding how financial institutions work and the power of interest over time.
Identifying common financial risks and understanding the protections available to Australian consumers.
The Australian Economy
A look at the broader national economy, including the role of government and the measurement of success.
Introduction to how we measure the health of the economy using GDP, unemployment, and inflation.
Analyzing how the Australian government collects revenue and where that money is spent.
Australia in the Global Economy
Exploring Australia's trade relationships and the impact of global events on local markets.
Understanding why nations trade and how Australia specializes in certain industries.
Tracing the journey of a product through various countries before it reaches the consumer.
Examining how economic growth can be balanced with environmental protection.