Year 8 Economics & Business

Students will define scarcity and choice, identifying how unlimited wants and limited resources necessitate decision-making.

Students will explore the concept of opportunity cost, recognizing the value of the next best alternative foregone when making a choice.

Students will compare different economic systems (traditional, command, market, mixed) and how they address scarcity.

Students will define demand and analyze the factors that influence consumer purchasing decisions, leading to shifts in the demand curve.

Students will define supply and investigate the factors that influence producers' willingness and ability to offer goods and services for sale.

Students will analyze how the interaction of supply and demand determines equilibrium price and quantity in a market.

Students will explore additional factors beyond basic supply and demand that can influence the final price of goods and services, such as production costs, competition, and government taxes/subsidies.

Students will investigate how individual purchasing decisions collectively influence what goods and services are produced in a market economy.

Students will critically analyze the strategies businesses use in advertising and their impact on consumer decision-making and perceived sovereignty.

Students will explore the concept of ethical consumption, examining how consumer choices can promote social and environmental well-being.

Students will identify and differentiate between various forms of earned income, including wages, salaries, commissions, and tips.

Students will explore unearned income sources like interest, dividends, rent, and capital gains, and their role in wealth building.

Students will investigate how the Australian government collects taxes on income, goods, and services, and how these funds are used.

Students will learn practical steps for creating and maintaining a personal budget, including tracking income and expenses.

Students will explore various saving strategies and learn to set realistic short-term and long-term financial goals.

Students will define credit and debt, identifying common types of credit products and their associated risks.

Students will investigate how interest rates are calculated and their impact on borrowing costs and investment returns.

Students will learn responsible strategies for using credit cards and managing various types of loans to avoid excessive debt.

Students will gain an overview of basic investment options, including stocks, bonds, and managed funds, and their associated risks.

Students will identify common financial scams and learn about consumer protection agencies and rights in Australia.

Students will define the labor market and analyze the forces of supply and demand for labor.

Students will investigate how technological advancements, particularly automation and artificial intelligence, are transforming the job landscape.

Students will explore the rise of the gig economy, its benefits and drawbacks for workers and businesses, and its implications for traditional employment.

Students will examine the purpose and economic effects of minimum wage laws and other key labor regulations in Australia.

Students will investigate the historical and contemporary role of trade unions in advocating for workers' rights and influencing labor market outcomes.

Students will understand the importance of workplace health and safety regulations and the responsibilities of both employers and employees.

Students will learn to identify unmet needs and market opportunities as the first step in entrepreneurial ventures.

Students will explore the characteristics and skills associated with an entrepreneurial mindset, including risk-taking, creativity, and resilience.

Students will investigate how innovation, driven by entrepreneurs, contributes to economic growth and societal progress.

Students will identify key skills and competencies (e.g., critical thinking, digital literacy, collaboration) essential for success in future job markets.

Students will compare the characteristics, advantages, and disadvantages of sole proprietorships and partnerships.

Students will gain a general understanding of larger business structures, such as public companies and corporations, focusing on their key characteristics like limited liability and the ability to raise significant capital.

Students will explore alternative business structures like franchises and social enterprises, understanding their unique models and goals.

Students will analyze the four elements of the marketing mix – Product, Price, Place, and Promotion – and how businesses use them strategically.

Students will investigate how businesses build strong brands and foster customer loyalty through various strategies.

Students will explore the impact of digital platforms and social media on modern marketing strategies and consumer engagement.

Students will discuss ethical considerations in marketing, including truth in advertising, privacy, and marketing to vulnerable groups.

Students will examine how businesses address environmental concerns through sustainable practices and green initiatives.

Students will explore how businesses contribute to community well-being through philanthropy, fair labor, and ethical supply chains.

Students will define Gross Domestic Product (GDP) and understand its components as a measure of national economic output.

Students will investigate the relationship between economic growth, productivity, and improvements in living standards.

Students will understand that economies experience periods of growth (more jobs, more spending) and contraction (fewer jobs, less spending), and how these affect people's lives.

Students will identify the main sources of revenue for the Australian federal and state governments.

Students will explore how government spending is allocated across various public services and its economic impact.

Students will understand the concepts of budget surplus, deficit, and national debt, and their implications for the economy.

Students will define inflation, identify its causes, and analyze its effects on purchasing power and economic stability.

Students will investigate the fundamental role of banks in facilitating saving and lending, and how this impacts economic activity and individual financial decisions.

Students will define unemployment, identify different types (e.g., frictional, structural, cyclical), and explore their causes.

Students will understand how the government uses fiscal policy (adjusting spending and taxation) to influence the economy.

Students will understand that countries trade because they can specialise in producing certain goods or services more efficiently, leading to benefits for all involved.

Students will identify Australia's key trading partners and major export commodities, analyzing their significance to the national economy.

Students will explore how the value of the Australian dollar relative to other currencies affects the price of Australian exports and imports, and therefore impacts businesses and consumers.

Students will compare the arguments for and against protectionist policies (tariffs, quotas) versus free trade.

Students will investigate the complexity of global supply chains and how disruptions in one part of the world can have widespread economic effects.

Students will examine the characteristics and global reach of TNCs and their significant economic influence.

Students will investigate the impact of TNCs on labor standards, wages, and working conditions in different countries.

Students will examine the environmental footprint of TNCs and their role in global sustainability challenges.