The Humanities − Economics – Relationships To Other Domains

Introduction

The advice for this section focuses on the relationships between the domains to provide students with multi domain learning opportunities that will help support their deeper understanding of the essential knowledge and skills.

The Arts

The Humanities assist in developing an understanding of social, cultural, political economic and historic concepts and constructs. The Arts position students within society, both constructing and deconstructing world around them through different art forms. Arts education frequently takes human behaviour as its subject matter, and gives a complementary way of understanding the world to that understood in the Humanities. The Humanities can provide a stimulus for generating ideas for Arts works based on experiences and understandings; for example, through investigation of issues like sustainability in Geography, events at different times and places in History and issues of funding in Economics .

The Arts provide opportunities for students to develop understanding about how they are being positioned by world markets and economies, develop skills of societal critique that enable them to reason and interpret, create budgets based on economic predictions and to assist students to see the world from another person’s point of view. The Arts frequently challenge the status quo and raise more questions than they answer.

Civics and Citizenship

The wellbeing of individuals, communities and nations is determined by economic decision making by governments, businesses and other groups. Their decisions affect all citizens and are part of the daily discussions in the media. Through the study of economics students learn about factors which affect the Australian and international economies and the role of government in establishing conditions for economic activity. This includes decisions about taxes, wages, interest rates, trade and globalisation. Through the development of economic knowledge, language and skills, students are able to evaluate economic decisions and policies and the values which influence them, such as fairness and equality. They also form and express opinions on economic issues which impact on them personally, locally and nationally.

Communication

Economics requires students to read and process information from a variety of texts, including books, newspapers, journals, reports, magazines and the Internet; to use specialised economics language and terminology in both written reports and oral presentations. In addition, economic literacy requires the ability to read, process, analyse and interpret a variety of information from sources such as statistics, charts, tables, graphs, diagrams, photographs, cartoons, film and other non-print media. Economics students use generic communication skills to express economic information, ideas, theories, models and issues, supporting such expression (both written and oral) with statistical, visual, graphic and mathematical forms of representation.

Design, Creativity and Technology

In Economics, students differentiate between wants and needs. They consider their role as producers and consumers and learn about the process of consumption, production and distribution in meeting needs and wants. They understand the need to be informed consumers.

Students recognise the role of entrepreneurship and enterprise in the production process to operate a healthy economy. Students understand the use of cost-benefit analyses to consider and solve problems. In Level 6 Economics knowledge and understanding students analyse how goods are produced and what it means to be an ethical consumer and producer.

These understandings assist students to carefully consider the implications of using material and energy resources when designing and producing products and systems in Design, Creativity and Technology balanced against the important contribution that design and technology make to the economy.

English

Economics requires students to read and process information from a variety of texts, including books, newspapers, journals, reports, magazines and the Internet, and to use specialised economics language and terminology in both written reports and oral presentations. Economics students are required to use a range of sources to acquire, express, interpret and analyse economic information and to develop an understanding of economic principles and concepts.

Skills learnt in English and Economics, such as those for collecting and analysing information and for critically analysing texts, enable students to develop the ability to interpret and analyse social issues and to develop informed opinions.

Health and Physical Education

Economics is the study of how society allocates scarce resources to satisfy the wants and needs of its members. Within the Health and Physical Education (HPE) context consumer health helps students to be informed consumers of health products and services.

HPE provides the opportunity for students to:

• identify economic reasons for people’s food choices
• identify and analyse health needs and services provided to the community
• investigate the cost of specific behaviours, illness or disease to the community such as the economic impact of obesity and inactivity on society
• explore the influence of government spending on health outcomes for individuals and the community
• identify the services provided through Medicare.

The Humanities – Geography

Understanding different perceptions of resources, the development and use of resources by different cultures in different locations, and the different systems that organise these resources provides strong links between Economics and Geography. Patterns and interactions of physical and human phenomena on the surface of the Earth provide insights into aspects of resource allocation and ecological sustainability. The use of inquiry methodology is an essential part of both domains.

The Humanities – History

The wellbeing of individuals, communities and nations is determined by the allocation of resources and economic decision making by governments, businesses and other groups. Through the study of economics students learn about factors which affect economies and the role of government and other groups in establishing conditions for economic activity. Economic decision-making has a strong impact on societies throughout history and an important part of developing and changing societies. In history students study the impact of economic decisions such as taxes, wages and trading relationships on societies. Through the development of economic knowledge, language and skills, students are able to evaluate economic decisions and policies made in the past and their links to the present.

Information and Communications Technology

In Economics, students use Information and Communications Technology (ICT) skills to research and access information, to communicate information, and for presentations. They access and select relevant information on the Internet to acquire economic information and to investigate economic issues; use a range of computer-based economics programs; apply word processing, data presentation, graphics and analysis programs; use spreadsheets, data-handling packages and databases. Students also use visualising thinking tools, such as concept mapping and graphic organiser templates, to help develop their understandings of key economic concepts such as resource allocation.

Interpersonal Development

The Economics standards explore the role of work, enterprise and innovation in building a strong economy. Students develop an awareness of the importance of interpersonal skills, working cooperatively and developing enterprising behaviours in the workplace as pre-conditions for building economic growth and a strong economy. Students will have opportunities to practise working in teams when they are involved in economics investigations. Such activities may require them to undertake role plays and simulations which model economic decision making in various contexts such as the workplace, a local council meeting, an economic summit or a public forum.

Language Other Than English (LOTE)

The general intellectual benefits of bilingualism extend to all intellectual functioning and can support learners in their growing economic knowledge, understanding, reasoning or interpretation.

In their focus on other societies, students of languages are taught about societies with particular national economies, and with distinctive traditions of using natural and produced resources and goods, and histories of exchange and transfer, markets and regulation. From traditional trades and occupations, to modern global players, many non-English societies have modelled unique pathways to economic success. With globalisation advancing rapidly there is greater economic interdependence. The Australian economy is linked very closely through trade to all parts of the globe, especially to the Asian region, Europe and North America. In the last 50 years there has been a major transfer of economic wealth and trading power towards the non-English speaking economies that function in culturally distinctive ways and which use languages other than English.

The case for teaching languages of Australia’s major trading partners brings together languages and economics in some broad ways. Australia’s multicultural community also functions in multiple languages. Job advertisements often include reference to knowledge of a language other than English as an advantage. Tourism is a major industry with strong intercultural and language connections. Language teachers and teachers of business and economics can link languages and economic studies in such ways.

Mathematics

The Humanities and Mathematics are related through the use of mathematics to model a broad range of economic, political and social phenomena. Examples include the use of statistical modelling and analysis in a census, sampling populations to predict election outcomes, and modelling and forecasting economic indicators such as the Consumer Price Index (CPI) and business confidence.

The application of mathematical skills plays a key role in financial literacy, in particular the use of ratio, proportion and percentage in related calculations such as percentage increase or decrease in price of a commodity or personal income.

Personal Learning

In studying Economics, students develop an understanding about the importance of weighing up the costs and benefits when deciding how resources should be allocated and used. In developing these understandings, teachers of Economics relate this to students’ personal goal setting, and management of their time and resources. In the Economics domain, students develop skills and strategies for transition to employment and further education and training, including job seeking, job application and interview skills. In order to develop these understandings and skills, students need to acquire self-knowledge about their strengths and interests and develop skills of goal setting, time and resource management. Students learn to use and practise rational, objective decision making by applying Personal Learning skills.

Science

There are strong links between Science and Economics. For example, scientific/technological advances need to be evaluated in terms of costs and benefits to the individual and society. Markets are influenced by developments in science and technology, by impacting on conditions of demand or supply. In Science, students analyse what is needed for living things to survive, thrive or adapt, now and in the future, and explain the relationships between systems in the environment. This is supported through the Economics domain where students could consider how the classification, use and management of resources by different societies are linked to the sustainability of human and physical environments. Students evaluate the impact of economic decision-making by governments, businesses and other groups, and form and express justified opinions on public policy issues. Research and development in scientifically-based industries such as engineering, pharmaceuticals, chemicals, biotechnology, mining, medical technology; renewable energy technologies, waste reduction and disposal, and emerging Information and Communications Technology (ICT) technologies, have economic implications.

Students consider informed, responsible consumerism by distinguishing between needs and wants, and look at how these issues can be applied in their own lives. Additionally, cost-benefit analysis enables students to assess the impact of scientific and technological developments in terms of energy, resource usage and economic advantages to society. In their study of markets, students can research or predict the influences of scientific developments on demand and supply. For example, the impact of MP3 listening devices on the market for music.

Thinking Processes

In Economics, students are encouraged to develop a range of strategies closely related to the processes described in the Thinking Processes domain. For example, students:

• generate questions – What? How? Why? – and seek solutions through an inquiry-based approach. In addition, students develop and apply problem-solving skills when planning and conducting investigations
• develop data-analysis skills and apply these when evaluating alternative economic proposals and drawing conclusions based on evidence
• are able to form and express opinions, based on their understanding of economic concepts and evidence collected from their investigations, to a range of audiences.
• practise critical and creative thinking, flexible problem solving and teamwork when tackling economic problems
• develop the ability to draw on past knowledge and apply it successfully in new situations which involves higher order thinking skills.