1. Australian Curriculum Economics and Business Draft shape paper - Consultation August 2012

2. Learning areas The Melbourne Declaration identifies eight learning areas including: Humanities and social sciences: which includes history, geography economics, business and civics and citizenship

3. Curriculum development phases Phase 1 EnglishMathematicsScienceHistory Phase 2 GeographyLanguagesThe Arts Phase 3 Health and Physical Education Technologies Economics, Business, Civics and Citizenship

4. Consultation Timeline 6 August 2012 Draft Shape of Australian Curriculum: Economics and Business available 6 August – 12 October 2012 ACARA National consultation period 12 September 2012 NSW Department of Education and Communities consultation closes March 2013 – June 2013 Curriculum development process followed by consultation on the curriculum and final publication.

5. Implementation NSW syllabus development Australian curriculum

6. Development of the Australian Curriculum The Australian Curriculum developed by ACARA: is being written for F-10 and Years 11-12 is described in Years not Stages has content descriptions not outcomes

7. General capabilities Literacy Numeracy Information and communication technology (ICT) capability Intercultural understanding Personal and social capability Critical and creative thinking Ethical behaviour

8. Cross-curriculum priorities Aboriginal and Torres Strait Islander histories and cultures Asia and Australia’s engagement with AsiaSustainability

9. Purpose of the Draft Shape Paper The draft Shape of the Australian Curriculum: Economics and Business: provides broad direction on the purpose, structure and organisation of the Economics and Business curriculum will guide the writing of the Australian Curriculum: Economics and Business from Years 5 to 12

10. Guiding principles underpinning the Economics and Business curriculum Economics is the underpinning discipline and in Business, the economic concepts range across a range of concepts Distinctions can be made between Economics and Business Economics and Business are interrelated and an integrated approach should be adopted

11. Aims of the Economics and Business curriculum Economics and Business aims address: I.Resource allocation and distribution II.Roles, rights and responsibilities of ethically participating in the economy III.Developing and applying consumer and financial knowledge understanding, skills and values IV.Enterprising behaviours and capabilities V.The contemporary and future nature of work and business VI.The nature of economics and business decision-making in creating a prosperous, sustainable and equitable economy VII.The interactions of the Australian economy with the global economy, particularly Asia.

12. Curriculum Organisation A formal curriculum for Economics and Business will be written for Years 5 – 8. The curriculum for Years 9 and 10 will build on Years 5 – 8 and be available for schools to use appropriate to their needs.

13. Key ideas Four overarching and interconnected key ideas are included based on the economics and business concepts for: Resource allocation and making choices Consumer and financial literacy Enterprising behaviours and capabilities Work and business environments

14. The nature of Economics and Business Provides opportunities to connect with and build on related content in History, Geography and Civics and Citizenship Links to a range of student experiences outside the formal curriculum: SRC initiatives Service learning Volunteer work Enterprise / project based learning programs Work experience, industry partnerships, vocational education and training in schools

15. Curriculum structure The Economics and Business curriculum is organised into two interrelated strands for 5-10: Economics and Business knowledge and understanding Economics and Business skills These 2 strands are consistent with other Humanities and Social Science curriculum developed by ACARA.

16. Economics and Business knowledge and understanding Will be drawn from: The nature of resource allocation The role of production, distribution and exchange Key elements of how economics and businesses operate The effect of key economic and business on sustainable development, social justice and equity

17. Consumer and financial literacy strategies The importance of the role of enterprising behaviours Aspects of business management and decision-making How the changing nature of work affects stake holders The way in which technology has transformed the business environment

18. Economics and Business skills The set of skills required to be active and informed participants in the economy are described as: Application Inquiry and research Analysis and synthesis Collaborative decision making Communication, reflection and response

19. Scope and sequence of curriculum A description of learning prior to Year 5 is included. The 4 underpinning key ideas build in complexity and with skills development embedded in the knowledge and understanding in the two content strands. The Year 9-10 curriculum will build upon the formal curriculum developed for Years 5-8.

20. Early years to Year 4 The informal learning experiences related to student’s participation in family life, their community, and from activities within other learning areas related to the four key ideas e.g. Resource allocation – goods and services locally, meeting needs and wants, using resources Consumer and financial literacy - saving and spending decisions Enterprising behaviours and capabilities – participating in planning class or school events Work and business environments – the nature of paid and unpaid work, contribution of work to society, working collaboratively with others.

21. Years 5-6 (10-12 years of age) Students will use the inquiry process to plan investigations about contemporary economic and business issues of personal or local interest and form and communicate conclusions based on evidence. Through knowledge and understanding about: Resource allocation and making choices Allocation and use, opportunity cost, needs and wants, role of consumers, workers and producers in the economy and influence on wellbeing of self, others and the community Consumer and financial literacy Making informed decisions Enterprising behaviours and capabilities The application of initiative and problem solving in various settings Work and business environments Characteristics of work in a changing business environment.

22. Years 7-8 (12-14 years of age) Students use the inquiry process to plan economic and business investigations on contemporary issues at local, national, regional and global level. They analyse and interpret economic and business data, form and express opinions, and communicate conclusions based on evidence. About: Consumer and Financial literacy develop personal financial literacy skills and understand the importance of being an informed consumer

23. Years 7-8 (12-14 years of age) Work and business environments the nature of business, business ownership and operation, the legal and regulatory settings, and the nature of work in these environments Resource allocation and making choices markets, how buyers and sellers affect price, competition and the role of government in influencing economic activity and wellbeing and living standards Enterprising behaviours and capabilities the role and importance that enterprising behaviours and capabilities play in a market based economy.

24. Years 9-10 (14-16 years of age) The curriculum for Years 9 and 10 will provide students with a richer and more applied context. Each year’s course will comprise a number of topics to be studied across the year. These topics bring together the four key ideas of the Economics and Business curriculum in an integrated manner while studying a contemporary issue or event. The topics will be developed so that schools have the flexibility to study them in the sequence that best meets the learning needs of their students.

25. Years 9-10 (14-16 years of age) The topics will be based on an inquiry approach model. Students will investigate an event or issue of interest related to economics and business, to develop their knowledge and skills in analysis, synthesis and evaluation of economic and business information and data use relevant economic and business concepts and relationships develop their skills of economic and business reasoning the costs and benefits related to the issue or event, including cost benefit analysis

26. Topics for Years 9-10 (14-16 years of age) Topics, while taking account of local and national perspectives, should also have a regional and global relevance e.g. Topics could focus on events, issues or areas such as the sports industry; managing mobile phones, apps and games; moving out of home: understanding budgeting, renting and buying a house; managing natural resources; or an enterprise activity.

27. Structure of the Senior Curriculum It is proposed the senior secondary Economics and Business curriculum will include development of curriculum for three subjects: Economics Business Accounting Additional elective opportunities that are currently offered by states and territories in the senior secondary years will continue to be available within the secondary curriculum. The focus of the courses proposed for the Economics and Business senior secondary curriculum will be subject to the development of a shape paper that will provide the scope and detail for the curriculum in the senior years.

28. Economics senior course The Economics course should provide students with a study of microeconomics (a focus on the actions of individuals and industries) and macroeconomics (a focus on a much broader analysis of the economic activity of a country within the global economy) using contemporary economic events and issues, across local, national, regional and global contexts.

29. Business senior course The Business course should provide students with a study that considers the various dimensions of business that affect daily life. These areas could include operations systems, human resources, theories of management, basic financial operations, business plans and marketing.

30. Accounting senior course The Accounting course should enable students to undertake the recording, reporting and analysing of the financial transactions of a business; the making of informed decisions, based on financial data, concerning the future operations of the business; and the reporting of financial information to stakeholders.

31. Does the senior curriculum cater for future options for students and provide specialisation? Do the 4 key ideas provide the foundational structure and clear direction for a 21 st century curriculum? Is there evidence of adequate quality and rigour in the curriculum? Does the scope and sequence provide a logical progression from Years 5-8 and support learning in Years 9-10 ? Can the content be covered within the structure and the current time allocated to these subjects in the current NSW HSIE syllabuses? Are the 2 strands suitable curriculum organisers for all students; economics and business learning? Key questions for evaluating the draft shape of the Australian Curriculum: Economics and Business

32. ACARA Online survey ACARA online survey

33. Consultation on the draft Shape of the Australian Curriculum: Economics and Business Provide feedback to DEC via email to brian.elliott@det.nsw.edu.au by Friday 7 September brian.elliott@det.nsw.edu.au Access a printable version of the draft shape paperdraft shape paper Complete the ACARA online surveyonline survey Email feedback to ACARA at: economicsandbusiness@acara.edu.au economicsandbusiness@acara.edu.au