Year 9
Humanities and Social Sciences
ASHASECOY9
Year 9 Economics and Business Achievement Standard
11 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 9, students explain the role of Australia’s financial sector and its effect on economic decision-making by individuals and businesses. They explain the interdependence of participants in the global market and the effect on economic decision-making. They explain the reasons for trade and Australia’s pattern of trade with Asia. They explain why businesses seek to create and maintain a competitive advantage. Students explain how individuals and businesses manage consumer and financial risks and rewards.
Students develop and modify questions to investigate an economic and business issue. They locate, select and analyse information and data from a range of sources. They interpret and analyse information and data to explain economic trends and cause-and-effect relationships, and identify consumer and financial impacts. They develop a response to an economic and business issue, taking account of economic, business or financial factors. They evaluate a response using criteria and make decisions about how it is to be implemented. Students use economic and business knowledge, concepts and terms to develop descriptions, explanations and arguments that acknowledge research findings.
The 11 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 9, students explain the role of Australia’s financial sector and its effect on economic decision-making by individuals and businesses.
Content descriptorAC9HE9K01 Knowledge and understanding
the role of Australia’s financial sector and its effect on economic decision-making by individuals, businesses and global markets
Elaborations (5)
- Elaboration identifying different organisations within Australia’s financial sector, such as banks, credit unions or building societies, and explaining their functions; for example, collecting deposits, pooling savings, and lending funds to individuals and businesses
- Elaboration explaining the nature of investment or the financial products and services that enable people to receive income in the future; for example, shares, earning interest on term deposits, managed funds or superannuation
- Elaboration explaining the difference between good and bad debt, how to manage debt, the risks of over-indebtedness and the importance of having a savings buffer
- Elaboration explaining the forces that shape and affect Australia’s financial landscape, such as financial deregulations, technological changes, economic and business activities, and consumer and business sentiment about the future
- Elaboration identifying examples and explaining how Australia’s financial sector supports businesses in global markets; for example, the nature of global financial services, payment systems – clearing and settlement, access to currencies, insurance and capital
They explain the interdependence of participants in the global market and the effect on economic decision-making.
Content descriptorAC9HE9K02 Knowledge and understanding
how economic decision-making involves the interdependence of consumers, businesses, the financial sector and government
Elaborations (4)
- Elaboration explaining the interdependent nature of economic decision-making within local, national and global contexts; for example, consumers purchase goods and services, businesses organise production and distribution, and the financial sector facilitates investment
- Elaboration examining how the nature of globalisation supports transnational corporations use supply chains to develop, produce and deliver a product or service, and explaining the advantages or disadvantages for businesses, workers and consumers
- Elaboration analysing the implications of interdependence within the global economy for Australian consumers, workers and businesses; for example, costs of the product or service and impacts of disruption or changes to regulations in another country
- Elaboration identifying examples and explaining how changes to a nation’s economic conditions affects other nations; for example, rising unemployment affects consumer demand in one country and impacts the exports of goods and services in another country
They explain the reasons for trade and Australia’s pattern of trade with Asia.
Content descriptorAC9HE9K03 Knowledge and understanding
the reasons Australia trades with other nations, and the patterns of trade between Australia and Asia
Elaborations (5)
- Elaboration explaining the reasons countries trade, such as variations in the quantity and quality of economic resources within and between countries, to sell surplus goods and services, or to buy goods and services required by individuals and businesses
- Elaboration identifying the benefits of trade; for example, economic benefits (such as increased production, specialisation, increased household incomes, increased employment), benefits for individuals and businesses (such as opportunities to sell surpluses, competition encouraging greater choice, connections for inventors and entrepreneurs with future discoveries), and national benefits (such as relationships between countries, access to health and education services, and diversified sources of national income)
- Elaboration analysing patterns of trade between Australia and the countries of Asia over time; for example, total value of trade each year, composition of trade (such as category, goods, services), direction of trade (such as exports to which countries, imports from which countries), percentage change over a decade (such as increase or decrease)
- Elaboration identifying similarities and differences or trends in the composition and direction of trade between Australia and Asia now and 50 years ago
- Elaboration explaining the interdependent nature of trade between Australia and the countries of Asia
They explain why businesses seek to create and maintain a competitive advantage.
Content descriptorAC9HE9K04 Knowledge and understanding
processes that businesses use to create and maintain competitive advantage, including the role of entrepreneurs
Elaborations (6)
- Elaboration identifying and explaining processes used by First Nations Australian businesses to out-perform competitors and innovate in global markets; for example, promoting brand image recognition or the uniqueness of experiences, managing cultural and intellectual property, copyright and licensing, and collaborating through the First Nations Chamber of Commerce and Industry
- Elaboration identifying and explaining the processes First Nations Australian businesses use to maintain, control, protect and develop their cultural expressions in goods and/or services; for example, designing products, licensing of art and music, or consulting on locations of cultural significance for movies, television programs and other commercial activities
- Elaboration explaining the reasons businesses seek to build or create a competitive advantage; for example, to meet the changing demands of a competitive global market and improve their profit margins
- Elaboration explaining processes that businesses use to build connections, such as working with other businesses within the industry to share promotion costs, working with government to increase exports, developing highly skilled professionals and leaders in different industries
- Elaboration explaining processes that businesses use to produce goods and services at a lower cost, such as research and development; improving efficiency in development, production or delivery processes; utilising local resources, and outsourced labour in the global economy
- Elaboration explaining processes that businesses use to innovate and differentiate products and services from competitors; for example, identifiable marketable attributes, and use of advertising and social media
Students explain how individuals and businesses manage consumer and financial risks and rewards.
Content descriptorAC9HE9K05 Knowledge and understanding
how individuals and businesses manage consumer and financial risks and rewards
Elaborations (5)
- Elaboration discussing examples of consumer and financial risk to individuals and businesses, such as scams, identity threat or fraudulent transactions
- Elaboration discussing examples of consumer reward programs; for example, innovative products and services, benefits accrued through loyalty schemes, and rewards for building savings and making investments (such as shares, term deposits, managed funds or home ownership)
- Elaboration identifying and explaining strategies individuals use to manage consumer and financial risk; for example, through setting financial goals, having insurance and savings, and being alert to scams
- Elaboration identifying and explaining practices used by businesses to protect the safety of consumers; for example, mandatory and voluntary standards, product safety recalls or cooling-off periods
- Elaboration reflecting on the importance of ethical decision-making and corporate social responsibility when making consumer and financial decisions; for example, considering consequences for themselves, their families, the broader community and/or the environment
Students develop and modify questions to investigate an economic and business issue.
Content descriptorAC9HE9S01 Skills
develop and modify questions to investigate a contemporary economic and business issue
Elaborations (2)
- Elaboration developing questions to investigate a complex issue, such as “How do participants in the global economy interact?” and “Why does international trade benefit Australian society?”
- Elaboration developing and modifying questions to improve the focus of an investigation, using economic and business concepts and terms such as, “How can consumers protect themselves from risk?” and “How do businesses create and maintain a competitive advantage?”
They locate, select and analyse information and data from a range of sources.
Content descriptorAC9HE9S02 Skills
locate, select and analyse information and data from a range of sources
Elaborations (4)
- Elaboration locating online sources using contextually specific terms (for example, “global markets”) or criteria (for example, find “case studies related to trade between Australia and Asia”)
- Elaboration selecting and analysing information and data for relevance by asking questions such as “How will the data or information help answer this economic or business question?” or “How will the data or information inform a response to an economic or business issue?”
- Elaboration selecting and analysing information and data for reliability by asking questions such as “How and when was it collected?”, “Who collected the data?” and “For what purpose was the data collected?”
- Elaboration selecting and presenting data in appropriate formats using specialised digital tools and processes; for example, a table and graph showing the composition and direction of trade between Australia and Asia
They interpret and analyse information and data to explain economic trends and cause-and-effect relationships, and identify consumer and financial impacts.
Content descriptorAC9HE9S03 Skills
interpret information and data, explaining economic and business issues, trends and economic cause-and-effect relationships, and make predictions about consumer and financial impacts
Elaborations (4)
- Elaboration interpreting information to explain the nature and extent of economic and business issues; for example, the way Australian businesses operate in the global economy
- Elaboration interpreting multi-variable data to explain direction and time period for a change; for example, change in the direction and composition of Australia’s trade in the past 10, 20 or 50 years
- Elaboration explaining relationships between the actions of individuals and businesses; for example, the way businesses operate in the global economy and implications for the Australian market
- Elaboration explaining trends to make predictions about who will be affected and how; for example, the trend for money lost in scams and age groups most affected, and predictions about how it will affect the behaviour of individuals and businesses
They develop a response to an economic and business issue, taking account of economic, business or financial factors.
Content descriptorAC9HE9S04 Skills
develop and evaluate a response to an economic and business issue, using cost-benefit analysis or criteria to decide on a course of action
Elaborations (4)
- Elaboration applying strategies to mitigate risk in consumer and financial decision-making; for example, estimating monthly and annual costs of each option and considering ability to pay
- Elaboration examining why businesses may have to consider opportunity cost when deciding on a course of action; for example, an Australian bank may prioritise support for an existing business operating in local and global markets instead of supporting a new or emerging business
- Elaboration developing processes that consider the results of a cost-benefit analysis; for example, processes used by businesses to remain competitive in the global market
- Elaboration selecting and justifying a preferred response using criteria such as consideration of consumer and financial risk
They evaluate a response using criteria and make decisions about how it is to be implemented.
Content descriptorAC9HE9S04 Skills
develop and evaluate a response to an economic and business issue, using cost-benefit analysis or criteria to decide on a course of action
Elaborations (4)
- Elaboration applying strategies to mitigate risk in consumer and financial decision-making; for example, estimating monthly and annual costs of each option and considering ability to pay
- Elaboration examining why businesses may have to consider opportunity cost when deciding on a course of action; for example, an Australian bank may prioritise support for an existing business operating in local and global markets instead of supporting a new or emerging business
- Elaboration developing processes that consider the results of a cost-benefit analysis; for example, processes used by businesses to remain competitive in the global market
- Elaboration selecting and justifying a preferred response using criteria such as consideration of consumer and financial risk
Students use economic and business knowledge, concepts and terms to develop descriptions, explanations and arguments that acknowledge research findings.
Content descriptorAC9HE9S05 Skills
create descriptions, explanations and arguments, using economic and business knowledge, concepts and terms that incorporate and acknowledge research findings
Elaborations (3)
- Elaboration developing a response to an issue that orients the audience; for example, peers or representatives of businesses, to the issue using relevant economic and business terms and concepts such as “interdependence”, “trade”, “comparative advantage”, “competitive advantage”, “globalisation”, “supply chain” “financial risks and rewards”, “return on investment”, “debt”, “savings buffer”, “scams”, “financial landscape”, “corporate social responsibility”, “financial planning“ and “insurance”
- Elaboration explaining decisions and conclusions related to an economic or business issue supported by representations of relevant data; for example, visual displays, a graphic organiser or tables and graphs, and research in a range of formats such as explanations, procedures or reports
- Elaboration presenting a reasoned argument in relation to an economic or business issue, applying tone appropriate to the purpose; for example, using an authoritative tone when explaining trends in data to an audience such as peers or representatives of a business
This achievement standard describes the expected learning for Year 9 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 | 25 |
| Skills | Questioning and researching | 2 | 6 |
| Skills | Interpreting and analysing | 1 | 4 |
| Skills | Evaluating, concluding and decision-making | 1 | 4 |
| Skills | Communicating | 1 | 3 |
| Total | 10 | 42 | |
Frequently Asked Questions
What should students know by the end of Year 9 Economics and Business?
By the end of Year 9, students explain the role of Australia’s financial sector and its effect on economic decision-making by individuals and businesses. They explain the interdependence of participants in the global market and the effect on economic decision-making. Read the full standard
How many Content Descriptors support this standard?
10 Content Descriptors support this Achievement Standard (Knowledge and understanding: 5, Skills: 5).
How does this compare to Year 8?
The Year 8 Economics and Business standard (ASHASECOY8) covers the preceding curriculum level. Standards build progressively, with Year 9 expectations extending what was introduced in Year 8.
Is this from the latest Australian Curriculum?
Yes, this Achievement Standard is from the Australian Curriculum version 9.0 (AC v9), the most current version published by ACARA.