World of Commerce
The purpose of this Economics unit is to explore the ways individuals, families, the community, businesses and governments make decisions in relation to the allocation of resources. It aims to enable students to understand the process of economic and business decision-making and its effects on themselves and others, now and in the future. The study of economics and business develops the knowledge, understanding and skills that will inform students about the economy and encourage them to participate in and contribute to it. The curriculum examines those aspects of economics and business that underpin decision-making at personal, local, national, regional and global levels. Students learn to appreciate the interdependence of decisions made, as well as the effects of these decisions on consumers, businesses, governments and other economies. The areas of Government and Democracy, Laws and Citizens and Citizenship, Diversity and identify are also explored. This unit aims to introduce students to the four VCE disciplines of Accounting, Business Management, Economics and Legal Studies.
This introduction will enable students to make more informed VCE subject selections
|Accounting||The Accounting section of the course focuses on small business. Students explore the importance of financial record keeping and construct a number of financial reports, namely, cash journals, profit and loss statements and balance sheets.||Students are required to complete a number of financial records for an imaginary client.|
|Economics||The focus of this part of the course is on the Australian economy. A number of key economic performance indicators are explored, namely, gross domestic product, unemployment, inflation, interest rates and the relationship between inflation and interest rates. Students define ‘living standards’ and explain the link between these standards and economic performance.||Students are required to form a hypothesis related to living standards and economic performance indicators and undertake research comparing living standards in Australia and another country.|
|Laws and Civics and Citizenship||Students explore the historical background and key features of Australia’s legal system, in particular, the role of the High Court in interpreting the Commonwealth Constitution. Students investigate Government and Democracy, Laws and Citizenship as well as the diversity of an Australian citizen.||Students complete a comparative investigation of Australia’s political system in comparison to an Asian country.|
|An end of semester examination covers all four parts of the course.|