AC9HE7K01 Year 7 Humanities and Social Sciences

AC9HE7K01 – Year 7 Humanities and Social Sciences: Economics and Business

Strand

Knowledge and understanding

Substrand

Economics and Business

This Content Descriptor from Year 7 Humanities and Social Sciences provides the specific knowledge and skills students should learn. Use it to plan lessons, create learning sequences, and design assessments that align with the Australian Curriculum v9.

Content Descriptor

why opportunity cost exists as decisions are made to allocate limited resources to meet unlimited needs and wants

Elaborations

• explaining the concept of “economic scarcity” in relation to “What to produce?”, “How to produce?” or “For whom to produce?”
• identifying the needs and wants of a local community, and exploring how limited resources are currently used to meet unlimited needs and wants
• explaining how economic resources might be used more sustainably to meet needs and wants into the future
• investigating how First Nations communities use exchange systems (barter) or networks (partnerships) to decide about the use of limited resources in sustainable ways
• explaining the concept of “opportunity cost” in relation to a choice; for example, if a student chooses to spend their time (resource) riding their bike after school, they cannot go for a swim (trade-off)

Achievement Standard This Supports

This Content Descriptor contributes to the following Achievement Standard:

Year 7 ASHASECOY7

Year 7 Humanities and Social Sciences Achievement Standard

By the end of Year 7, students describe how decisions are made to allocate limited resources to individuals and communities in an economy. They describe the reasons businesses exist and types of businesses, and identify how entrepreneurial characteristics contribute to the success of a business. They describe the reasons individuals choose to work, how they may derive an income and the types of work that exist. Students identify the rights and responsibilities of individuals and businesses in terms of products and services. Students develop questions to investigate an economic and business issue. They locate, select and organise data and information from sources. They interpret information and data to identify economic and business issues, trends or effects. They develop a response and identify potential costs and benefits. Students use economic and business knowledge, concepts, terms and sources to create descriptions and explanations.