AC9HE8K01 Year 8 Humanities and Social Sciences

AC9HE8K01 – Year 8 Humanities and Social Sciences: Economics and Business

Strand

Knowledge and understanding

Substrand

Economics and Business

This Content Descriptor from Year 8 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

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

• 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)
• 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?”
• 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
• 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

Achievement Standard This Supports

This Content Descriptor contributes to the following Achievement Standard:

Year 8 ASHASECOY8

Year 8 Humanities and Social Sciences Achievement Standard

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.