Students, Parents/Carers Handbook

Humanities -  Outsmart the Market

Subject Area: Humanities (Economics)

 

Unit of Study: Outsmart the Market

 

Brief Description: Outsmart the Market will investigate the participants in the Australian and global economy, and how they interact with each other. Students will develop an understanding of market forces and use them to make predictions about how prices and economic activity are affected by local and global events.

 

Scaffolding Learning

At the conclusion of this unit of study students will have: 

 

An understanding of key knowledge

  • Investigate Australia as a trading nation and its place within Asia and the global economy (VCEBR020)
  • Identify and explain the indicators of economic performance and examine how Australia’s economy is performing (VCEBR021)
  • Explain the links between economic performance and living standards, including the variations that exist within and between economies, and give reasons for the possible causes of variations (VCEBR022)
  • Generate a range of viable options, taking into account multiple perspectives, use simple cost-benefit analysis to recommend and justify a course of action, and predict the intended and unintended consequences of economic and business decisions (VCEBE028)

Attained these key skills 

  • Define key economic concepts and terms and use them appropriately
  • Apply economic theory to make economic predictions and create responses that communicate economic meaning
  • Gather, synthesise and use economic data and information from a wide range of sources to analyse economic issues and assess the effect of economic decisions on relevant economic agents
  • Construct, interpret and apply economic models to analyse the consequences of economic decisions
  • Identify the trade-offs and discuss the costs and benefits associated with a range of economic decisions by drawing conclusions based on economic criteria

Demonstrated the Victorian curriculum standards and capabilities

  • Personal & Social Capabilities 
  • Critical & Creative Thinking
  • Consumer and Financial Literacy

Assessment Tasks

Students will be required to complete the following assessment tasks:

  • Economic Update Report
  • Decision-making Experiment Report

Additional learning opportunities

  • Economic history of Melbourne excursion
  • Presentation of report 

Resources

  • Digital device (laptops preferred)

Pathways

This unit of study could provide students with the following pathway.