Australia · ACARA Content Descriptions
Year 8 Economics & Business
This course introduces students to the fundamental principles of the Australian economy, focusing on how markets operate and the role of stakeholders. Students explore the relationship between consumers, businesses, and the government while developing essential financial literacy and entrepreneurial skills.
The Price of Choice: Markets and Scarcity
Students investigate how the basic economic problem of scarcity forces individuals and nations to make difficult trade-offs.
An exploration of how unlimited wants and limited resources create the necessity for choice and opportunity cost.
How the interaction between buyers and sellers determines the market price and quantity of goods.
Analyzing the power of consumers to determine what is produced through their purchasing decisions.
Earning and Managing Money
Students develop practical financial literacy skills focusing on income, budgeting, and the risks associated with different financial products.
Distinguishing between earned income, such as wages, and unearned income, such as interest or dividends.
The mechanics of creating a personal budget to manage cash flow and reach financial goals.
Investigating how interest rates and credit products affect personal debt and purchasing power.
The World of Work
An examination of the changing nature of the Australian workforce and the factors influencing employment.
How technology and automation are reshaping the types of jobs available in the economy.
Understanding the legal framework that protects both employees and employers in Australia.
The role of entrepreneurs in identifying market gaps and driving economic growth.
Business Ventures and Strategy
Students analyze how businesses operate, compete, and respond to environmental and social pressures.
Comparing sole traders, partnerships, and proprietary limited companies.
The strategies businesses use to differentiate their products and build customer loyalty.
Evaluating the obligation of businesses to act ethically and contribute to community well-being.
Government and the National Economy
An introduction to macroeconomics, focusing on how the Australian government manages the economy.
Measuring the performance of the national economy through the value of goods and services produced.
How the federal government uses revenue and spending to influence economic activity.
Understanding how the Reserve Bank of Australia uses monetary policy to control the cost of living.
Australia in the Global Market
Exploring Australia's place in the global economy and the impact of international trade.
Why nations trade and the concept of comparative advantage in the global supply chain.
How economic events in one part of the world create ripple effects across the globe.
The economic influence of large companies that operate across multiple national borders.