Economics Level 4 (Years 5 and 6)
Learning focus
As students work towards the achievement of Level 4 standards in Economics, they learn about the nature of the economic problem (scarcity): that is, that our needs and wants are unlimited but the resources available to satisfy these wants are limited. They explore how the community defines, classifies and uses resources. They learn about the processes of consumption, production and distribution in meeting needs and wants, and the role of consumers, workers and producers in the economy. They consider factors affecting their spending and why it is important to be an informed consumer when making spending decisions. They investigate the importance of personal money management and the role of banking, budgeting and saving.
Students consider the nature and meaning of work and its relationship to other activities in people's lives, including leisure. They examine various types of work and enterprise in a range of settings, including home, school and the community, and identify the different natures of paid and unpaid work.
Students use the inquiry process to plan investigations about economic issues in the home (for example, which mobile phone or pair of runners to buy), school (for example, which bus company to hire for an excursion) or local community (for example, whether a small factory or residential townhouses should be built on a vacant lot next to the school) and form conclusions supported by evidence.
Students practise contesting ideas, debating and using evidence to form and express opinions on economic issues that interest and/or have an impact on themselves and on society, particularly their local community.
They expand their economic vocabulary to include such terms as consumption, production, distribution, enterprise and identify, and learn to collect and process data from a range of sources, including electronic media.
Standards
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.
Downloads
-
The Humanities − Economics booklet (
PDF - 262KB) - The Humanities − Economics standards table (Doc - 37KB)
-
Victorian Essential Learning Standards Level 4 ( PDF - 751KB)
