Background to the VELS − The Humanities − Economics domain
Standards in the Humanities − Economics domain were developed following a detailed analysis of the Economy and society strand of Studies of Society and Environment (SOSE) in the Curriculum and Standards Framework (CSF) II, the previous curriculum guidelines for Victorian schools. Information about the general relationships between the two curriculum frameworks is provided in commentary for each level. The VELS and CSF II standards are provided in accompanying tables.
Introduction | Level 1-3 | Level 4 | Level 5 | Level 6 | Show All
Introduction
The Humanities − Economics domain of the VELS focuses on the key themes of resource allocation; economic, consumer and financial literacy; and the role of work and enterprise in building a strong economy. The VELS aim to develop students’ economic reasoning and interpretation skills so that they are able to: act rationally and ethically when making economic judgments (including personal financial decisions), and influence others to do likewise; appreciate the complexity of economic decision making; and better understand economic decisions made by others.
The VELS emphasise the importance of inquiry and problem solving. They also place strong emphasis on the ways values influence economic decision making at the personal and societal level.
Levels 1–3
In the CSF II at Levels 1–3, Economics is integrated with History, Geography, Politics, and Legal Studies in the Studies of Society and Environment (SOSE) key learning area. However, CSF II learning outcomes related to Economics can be identified at Levels 2 and 3 (see table below). In the VELS at these levels, students are introduced to the themes of Economics, History and Geography also through an integrated approach.
There are no standards described for the Humanities – Economics at Levels 1 and 2, and no specifically Economics-related standards for the Humanities at Level 3. Specific standards for Economics are introduced at Level 4. The learning focus statements for Levels 2 and 3 provide specific advice about learning experiences that assist students to work towards the achievement of the Economics standards at Level 4.
| Victorian Essential Learning Standards | CSF II learning outcomes |
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Humanities
Students are introduced to the concept of resources and their management, and begin to understand how resource use reflects community interdependence and economic sustainability. They begin to understand how local resources are used to make products which meet local people's needs and the needs of people in other places. They also begin to understand that resources from other places may be used to make products locally to meet their needs. Level 3 Learning focus Students learn to distinguish between basic needs and wants (for example, food, clothing, shelter, and affection), saving and spending, buyers (consumers) and sellers (producers), and goods and services. They develop an understanding of the role of money and identify ways to save; for example, using a savings account, and begin to understand the importance of budgeting. They examine and compare different types of work and specific jobs. |
SOSE
Explain how and why resources are used and managed in the local community. Level 3 Compare different types of work and enterprise in the local community. |
Level 4
The Level 4 standards reflect students’ economic, consumer and financial literacy, and link with the ideas explored in the CSF II (SOSE Economy and Society). Similarly, the standards at this level requires students to explain the role of work and enterprise in the local community, linking with CSF II learning outcomes. In the VELS, rules and laws (see CSF II learning outcomes in the table below) are explored in the Civics and Citizenship domain.
| Victorian Essential Learning Standards | CSF II learning outcomes |
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Economic knowledge and understanding At Level 4, students describe the nature of the economic problem (scarcity) and explain how selected goods and services are produced and distributed. Students describe the difference between needs and wants, and their own roles as producers and consumers of goods and services. They explain the need to be an informed consumer. They explain the role of work in society and distinguish between paid and unpaid work. They compare different types of work and enterprise in the local community. Students demonstrate basic understanding of personal money management and the role of banking, budgeting and saving. Economic reasoning and interpretation At Level 4, students use the inquiry process to plan economics investigations about economic issues in the home, school or local community and form conclusions supported by evidence.
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Economy and Society Explain how economic decision making affects the use of resources. Explain how and why local rules are made and changed. Analyse factors that make work at home, school and in the community satisfying, safe and effective. |
Level 5
At this level, there are strong links between the VELS and aspects of the SOSE Economy and Society learning outcomes in the CSF II. As in the CSF II, students are required to explain key factors that influence the Australian economy, including resource use (factors of production), ownership and management, and the types of businesses in Australia. Similarly, students consider the ways that government influences economic outcomes at the personal, local and national level (in relation to, for example, employment, tolling of freeways, zoning, the distribution of income and wealtlh) and they are also required to identify key economic issues around which they may plan economic investigations. Factors that affect opportunities for current and future work remain a focus of learning at Level 5.
As it was felt that issues related to trade and globalisation have a global focus consistent with the stages of learning at Level 6, exploration of the nature and importance of trade to Australia is now included in the Level 6 standards.
| Victorian Essential Learning Standards | CSF II learning outcomes |
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Economic knowledge and understanding At Level 5, students explain the nature of the economic problem and how economic choices involve trade-offs that have both immediate and future consequences. They explain key factors that influence the Australian economy, including the quantity and quality of factors involved in production, resource use, ownership and management, and types of businesses. Students make informed economic and consumer decisions, demonstrating the development of personal financial literacy. They describe factors that affect choice of employment and opportunities for current and future work, and explain the relationship between education, training and work opportunities. Students identify and describe ways the government influences economic outcomes at the personal, local and national level. Economic reasoning and interpretation At Level 5, students use the inquiry process to plan economic investigations, analyse and interpret data, and form conclusions supported by evidence. They form and express opinions on economic issues that interest and/or impact on them personally, or locally and/or nationally.
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Economy and Society Analyse key features of Australia's political system at local, state and federal levels. Examine the origin of Australia's legal system and how Australian laws are made. Explain key factors that influence the Australian economy. Identify and discuss factors that affect opportunities for current and future work. |
Level 6
Level 6 Economics standards explore similar themes to those in the SOSE Economy and Society strand at Level 6 in the CSF II. As in the CSF II, the standards focus on knowledge of Australia and the world economy, the role of government in the management of the economy and the role and significance of exchange, trade and globalisation in influencing Australia’s standard of living.
Similarly, students are still required to analyse vocational pathways, education and training; identify possible career paths and opportunities; and demonstrate skills required for moving from school to employment or further education.
There is a new focus on the role and significance of saving and investment for individuals and for the economy. An understanding of business financial management is no longer required, but students still consider the role of enterprise and innovation in our economy.
The standards now require students to analyse the role of markets and governments in the production of goods and services, and to consider how values affect the economic decision making of consumers, producers and governments.
Students are also required to predict the economic consequences of proposed government policies and make informed choices among alternative public policy proposals, and to explain the impact of macroeconomic and microeconomic policies on themselves and others, including businesses.
Students are expected to develop their skills of economic reasoning and interpretation through inquiry, practise cost-benefit analysis and demonstrate an awareness of the impact of values and beliefs on economic issues and how differences may be identified, negotiated, explained and possibly resolved.
| Victorian Essential Learning Standards | CSF II learning outcomes |
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Economic knowledge and understanding At Level 6, students describe how markets, government policies, enterprise and innovation affect the economy, society and environment in terms of employment, economic growth, the use of resources, exports and imports, and ecological sustainability. They analyse how goods and services are produced and how markets work. They predict how prices will change when there is either a surplus or shortage, and explain how this might influence the behaviour of consumers and producers. They analyse the role and significance of exchange, trade and globalisation in influencing Australia’s standard of living. They discuss and explain what it means to be an ethical consumer and producer and identify examples of ways values can affect the economic decision making of consumers, producers and governments. Students analyse the role that governments and financial systems other institutions ... play in the economy, and evaluate their performance in achieving appropriate economic outcomes for individuals and for society. They explain the role and significance of savings and investment for individuals and for the economy, and demonstrate the skills required to successfully plan and manage personal finances. Students predict the economic consequences of proposed government policies and make informed choices among alternative public policy proposals. Students explain the impact of macroeconomic and microeconomic policies on themselves and others, including businesses. Students analyse vocational pathways and education and training requirements and identify possible career paths and opportunities. They demonstrate skills required for moving from school to employment or further education. Economic reasoning and interpretation At Level 6, students use economic reasoning, including cost-benefit analysis, to research and propose solutions to economic issues and problems of global significance, and to clarify and justify values and attitudes. They plan and conduct investigations in order to research an economic problem and/or argue the validity or otherwise of their own hypotheses. They use relevant economic concepts and relationships to evaluate economic propositions, proposals and policies, and debate the costs and benefits of contentious economics-related issues of local, national or international concern. Students interpret reports about current economic conditions, both national and global, and explain how these conditions can influence decisions made by consumers, producers and government policymakers. Students demonstrate an awareness of the impact of values and beliefs on economic issues, and how differences may be identified, negotiated, explained and possibly resolved. |
Economy and Society Describe the management of the Australian economy in an international context. Analyse a proposed change in the law in Australia and explain the legal processes to implement the change. Analyse vocational pathways and education and training requirements to develop possible career paths and work opportunities. Demonstrate an understanding of personal and business financial management, and identify and apply enterprise skills and attributes. |
