Year 8 Economics and Business Achievement Standard
10 statements aligned to content descriptors and elaborations
Achievement standard (as ACARA publishes it)
Achievement standard
Click any sentence to jump to its statement and linked content descriptors.
By the end of Year 8, students explain how markets influence the allocation of resources to the production of goods and services. They explain ways that businesses adapt to opportunities in markets and respond to the work environment. They describe the importance of Australia’s taxation system and its effect on decision-making by individuals and businesses. Students explain why individuals and/or businesses budget and plan.
Students develop a range of questions to investigate an economic and business issue. They locate, select and organise relevant information and data. They interpret information and data to identify economic and business issues and trends, and describe economic cause-and-effect relationships. They develop a response to an economic and business issue. They identify and evaluate potential costs and benefits. Students use economics and business knowledge, concepts, terms and research findings to create descriptions and explanations.
The 10 achievement standard statements
Open a statement to see the content descriptors ACARA links to it, then open a descriptor's elaborations.
By the end of Year 8, students explain how markets influence the allocation of resources to the production of goods and services.
Content descriptorAC9HE8K01 Knowledge and understanding
how markets influence decisions about the allocation of resources to the production of goods and services, and the effect of prices on these decisions
Elaborations (4)
- Elaboration identifying who is involved in the market system in Australia and explaining how the market operates through the interactions of participants (household, business, finance and government sectors)
- Elaboration explaining how interaction between buyers and sellers enables the allocation of resources to the production of goods and services; that is, “What to produce?”, “How to produce?” and “For whom to produce?”
- Elaboration discussing examples of products or services that sell for high prices and low prices, and identifying the factors that influence the setting of price; for example, factors influencing the cost of petrol include available supply, consumer demand, manufacturing costs and competition
- Elaboration explaining how price is the means by which the decisions of consumers and businesses interact to determine the allocation of resources; for example, when the price of a good or service rises, resources are redirected to produce additional goods and services
They explain ways that businesses adapt to opportunities in markets and respond to the work environment.
Content descriptorAC9HE8K02 Knowledge and understanding
different ways that businesses adapt to opportunities in the market and respond to the changing nature of work
Elaborations (4)
- Elaboration discussing how businesses identify needs, niches and gaps in established markets to guide the development of specific services or products to address these opportunities; for example, electric cars and solar power
- Elaboration identifying where businesses have used technologies to streamline or gain efficiencies in existing business models; for example, ride share, food delivery applications and online retail
- Elaboration explaining current influences on the ways people work; for example, technological change, outsourced labour in the global economy, rapid communication changes, casualisation of the workforce
- Elaboration identifying and explaining changes to the workforce over time; for example, the jobs available, the way individuals or businesses value particular work, career length and human resource development, changing demography, corporate social responsibility, sustainability practices, changes to workplace laws
Content descriptorAC9HE8K03 Knowledge and understanding
how First Nations Australian businesses and entrepreneurs develop opportunities in the market
Elaborations (3)
- Elaboration investigating how First Nations Australian businesses and entrepreneurs establish partnerships or cooperatives to provide goods and services such as farming, fashion, design or tourism
- Elaboration investigating how First Nations Australian communities participate in contemporary markets; for example, producing, buying and selling goods and services; approaches to marketing, employment and social contribution; and strategies to overcome difficulties in accessing markets
- Elaboration investigating how First Nations Australian businesses and entrepreneurs use connection to, and responsibility for, Country/Place to make innovations in the production and distribution of goods and services; for example, medicines and food derived from the environment or cultural tourism
They describe the importance of Australia’s taxation system and its effect on decision-making by individuals and businesses.
Content descriptorAC9HE8K04 Knowledge and understanding
the importance of Australia’s system of taxation and how this system affects decision-making by individuals and businesses
Elaborations (5)
- Elaboration discussing why the government collects taxation revenue and provides services to individuals and communities; for example, the provision of health, education, paid parental leave, childcare, aged care and infrastructure
- Elaboration explaining how, when and why young Australians pay tax, and the type of government services provided to them
- Elaboration identifying the rights and obligations of individuals in relation to taxation by asking questions such as, “When should I apply for a tax file number?”, “How is income tax calculated?”, “What should I do when an employer is not deducting the right amount of tax?” and “How do I lodge a tax return?”
- Elaboration identifying examples of taxes paid by individuals and businesses, and explaining how they may influence decision-making about spending; for example, the effect of income tax, import duties or excise duties on price of goods and services
- Elaboration explaining how the collection of taxes and the provision of services supports individual human and financial wellbeing, communities and Australian society
Students explain why individuals and/or businesses budget and plan.
Content descriptorAC9HE8K05 Knowledge and understanding
processes that individuals and/or businesses use to plan and budget to achieve short-term and long-term financial objectives
Elaborations (3)
- Elaboration identifying ways short- and long-term personal financial objectives can be achieved; for example, through developing a budget and having a savings plan
- Elaboration explaining how financial records, such as income statements, balance sheets, budgets and cash flow statements, inform business decision-making
- Elaboration identifying and explaining business processes that are used to manage finances and plan in the short- and long-term; for example, devising a business plan, borrowing from a financial institution, building savings by earning interest
Students develop a range of questions to investigate an economic and business issue.
Content descriptorAC9HE8S01 Skills
develop questions to investigate a contemporary economic and business issue
Elaborations (2)
- Elaboration developing a range of questions to form the basis of an investigation; for example, “Why does an individual or group establish a business?” and “How are consumers’ rights protected?”
- Elaboration developing targeted or key questions using economics and business concepts and terms, such as, “How is the price of goods and services determined?” and “Why do changes in market price act as a signal about how scarce resources should be allocated?”
They locate, select and organise relevant information and data.
Content descriptorAC9HE8S02 Skills
locate, select and organise information and data from a range of sources
Elaborations (3)
- Elaboration locating online sources; for example, exploring advanced search functions such as “allintitle: taxation in Australia” or “define: not-for-profit organisation”
- Elaboration selecting relevant information and data from sources about websites of government departments or non-government organisations by asking questions such as “How will the data or information help answer the question?”
- Elaboration organising data into appropriate formats using specialised digital tools; for example, constructing a diagram modelling the relationship between consumers, producers and workers in a market or a table showing the features of different ways businesses adapt to opportunities in the market
They interpret information and data to identify economic and business issues and trends, and describe economic cause-and-effect relationships.
Content descriptorAC9HE8S03 Skills
interpret information and data to identify economic and business issues, trends and economic cause-and-effect relationships
Elaborations (3)
- Elaboration interpreting information to identify economic and business issues; for example, inferring a change in the price of a key commodity as a signal about scarcity of resources or increasing consumer expenditure
- Elaboration interpreting data displayed in tables and graphs to identify trends and answer questions such as, “For a 10-year period, what is the trend in the percentage of people over 60 paying income tax?”
- Elaboration interpreting multi-variable data to identify a cause-and-effect relationship within an economic and business issue; for example, an increase in income earned by an individual and taxation paid, or when the supply of a good and service increases, the price adjusts
They develop a response to an economic and business issue.
Content descriptorAC9HE8S04 Skills
develop a response to an economic and business issue, identifying potential costs and benefits
Elaborations (4)
- Elaboration developing a response to an issue by combining known knowledge with new ideas; for example, using a personal budget and savings plan to decide whether to purchase a good or service
- Elaboration identifying and describing reasons informing a recommendation; for example, the reasons the government collects taxation revenue and provides services to individuals and communities
- Elaboration identifying the potential costs and benefits of a decision; for example, doing casual work involves identifying benefits such as money earned, and costs such as less certainty about work hours each week
- Elaboration explaining that making an economic and business decision involves choice and foregoing an alternative want; for example, the goods and/or services they must forgo or give up in order to satisfy a particular want
They identify and evaluate potential costs and benefits.
Content descriptorAC9HE8S04 Skills
develop a response to an economic and business issue, identifying potential costs and benefits
Elaborations (4)
- Elaboration developing a response to an issue by combining known knowledge with new ideas; for example, using a personal budget and savings plan to decide whether to purchase a good or service
- Elaboration identifying and describing reasons informing a recommendation; for example, the reasons the government collects taxation revenue and provides services to individuals and communities
- Elaboration identifying the potential costs and benefits of a decision; for example, doing casual work involves identifying benefits such as money earned, and costs such as less certainty about work hours each week
- Elaboration explaining that making an economic and business decision involves choice and foregoing an alternative want; for example, the goods and/or services they must forgo or give up in order to satisfy a particular want
Students use economics and business knowledge, concepts, terms and research findings to create descriptions and explanations.
Content descriptorAC9HE8S05 Skills
create descriptions and explanations, using economic and business knowledge, concepts and terms, and referencing information and data from sources
Elaborations (2)
- Elaboration developing a response to an issue that orients the audience (for example, peers or community groups) to the issue, using relevant economic and business concepts and terms such as “markets”, “business”, “consumer and financial decision-making” and “taxation”
- Elaboration creating a description or explanation using data or information presented in appropriate formats to support decisions and conclusions about an economic and business issue
This achievement standard describes the expected learning for Year 8 Economics and Business. Use it to plan teaching and assessment with the Australian Curriculum v9.
At a Glance
| Strand | Substrand | CDs | Elaborations |
|---|---|---|---|
| Knowledge and understanding | Economics and Business | 5 | 19 |
| Skills | Questioning and researching | 2 | 5 |
| Skills | Interpreting and analysing | 1 | 3 |
| Skills | Evaluating, concluding and decision-making | 1 | 4 |
| Skills | Communicating | 1 | 2 |
| Total | 10 | 33 | |