1. What is Economics and Business?

2. It focuses on how resources are allocated to meet needs and wants.
There are two parts.
Economics explores how individuals, groups, businesses and governments interact with each other in markets.
It focuses on how resources are allocated to meet needs and wants.
Business explores how producers interact with consumers to provide goods and services that satisfy needs and wants.
It focuses on the factors that contribute to business success.
There are two parts to Economics and Business.
Economics explores how individuals, groups, businesses and governments interact with each other in markets. It focuses on how resources are allocated to meet needs and wants.
Business explores how producers interact with consumers to provide goods and services that satisfy their needs and wants. It focuses on the factors that contribute to business success.

3. Why study Economics and Business?
contribute to a prosperous and sustainable Australian economy
become an active participant in economics and business activities
secure your own financial wellbeing
There are may reasons for studying economics and business. It can help you:
become an active participant in economic and business activities – whether it be through starting a business, investing, working or being an informed consumer.
contribute to a prosperous and sustainable Australian economy – so we can all live in a country that has a strong economy that supports our way of life, including health, employment, education and other vital services.
secure your own financial wellbeing – this involves making informed financial decisions so that you can have type of lifestyle you enjoy.

4. The four big ideas I’m Bobbi Business. Pleased to meet you.
Hi! I’m Eva Economist.
I’m Bobbi Business. Pleased to meet you.
My name’s Carl Consumer.
Hello. I’m Wes Worker.
There are four big ideas in Economics and Business. Each of these ideas is represented by a person that you will meet throughout the Economics and Business units. They will act as our guides.
click – This is Eva Economist. For her, this subject is about resource allocation and making choices.
click – This is Bobbi Business. For her, Economics and Business is about the business environment and how businesses operate.
click – This is Carl Consumer. For him, this subject is about consumer and financial literacy and making informed decisions.
click – This is Wes Worker. For him, Economics and Business is about work, work environments and the rights and responsibilities of all participants. You will spend more time with Wes in later units.

5. Economics and Business is a balance of knowledge and skills
Economics and Business is a balancing act between knowledge and skills. When you have a good mix of both, you can then apply them to real-lie situations including things like: purchasing items you need or want, saving money for a holiday or starting your own business.
When people are able to use their knowledge and skills in a balanced way it is called enterprising behaviour.
knowledge skills

6. This knowledge is really important.
role of businesses
consumer and financial decisions
opportunity costs
types of resources and the ways societies use them
needs, wants and choices about limited resources
consumer choices and influences
While you are exploring issues and events in Economics and Business, you will be developing knowledge of:
click – needs, wants and choices about limited resources
click – consumer choices and influences
click – types of resources and the ways societies use them
click – opportunity costs
click – consumer and financial decisions
click – the role of businesses
All of this economic knowledge is very important, but it is equally important to develop the skills that let you put your ideas into action in the business world.
knowledge skills

7. These skills will balance my knowledge and understanding.
economic reasoning and decision-making
communication and reflection
questioning and research
Economics and Business skills allow us to apply our knowledge and understanding to real-life problems and issues.
We will practice the following skills:
click – questioning and research
click – interpretation and analysis
click – economic reasoning and decision-making
click – communication and reflection
interpretation and analysis
knowledge skills

8. Now I have the right balance of knowledge and skills to be financially literate in my everyday life and community.
interpretation and analysis
needs, wants and choices about limited resources
types of resources and the ways societies use them
questioning and research
consumer and financial decisions
Economic reasoning and decision-making
opportunity costs
role of businesses
consumer choices and influences
communication and reflection
What a great balance.
When we combine Economics and Business knowledge and understanding with skills, we are able to be active participants in economic and business communities. We can make decisions which improve the quality of life for ourselves, our families and the community.
knowledge skills