Economics Level 5 (Years 7 and 8)
Learning focus
As students work towards the achievement of Level 5 standards in Economics, they develop an understanding of the nature of scarcity, opportunity cost and resource allocation, and how these influence the Australian economy.
They consider the use, ownership and management of resources in personal, business and community contexts, and participate in activities in which they begin to appreciate that economic choices involve trade-offs that have both immediate and future consequences. They learn that a market, consisting of buyers and sellers, is one method of allocating resources. Students begin to identify markets in which they participate, and how the interaction of buyers and sellers influences prices. They explore how access to resources is a significant factor in determining income levels and appreciate that people's incomes, in part, reflect choices they have made about education, work, careers and skill development.
Students develop personal financial literacy skills and an understanding of the importance of being an informed consumer. They practise making informed consumer decisions. They consider the nature of current and future work opportunities and factors that influence such opportunities. They learn about the nature of business and business ownership, and begin to gain an understanding of concepts such as risk-taking, competition, and supply and demand.
Students learn about the role of government in influencing economic activity and managing the economy.
Students use the inquiry process to plan economic investigations, analyse and interpret data, and form conclusions supported by evidence. For example, students investigate the way resources are allocated in various markets such as the housing market, the Australian Football League players’ market, the local community market and the chocolate market. They begin to form and express opinions on economic issues that interest and/or impact on them personally, or locally and nationally.
Standards
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 economics 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.
Downloads
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The Humanities − Economics booklet (
PDF - 262KB) - The Humanities − Economics standards table (Doc - 37KB)
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Victorian Essential Learning Standards Level 5 ( PDF - 755KB)
