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WS01 - Buying a car

Humanities and Social Sciences, Economics and Business, Year 8

By the end of Year 8, students explain how markets influence the allocation of resources to the production of goods and services. They explain ways that businesses adapt to opportunities in markets and respond to the work environment. They describe the importance of Australia’s taxation system and its effect on decision-making by individuals and businesses. Students explain why individuals and/or businesses budget and plan.

 

Students develop a range of questions to investigate an economic and business issue. They locate, select and organise relevant information and data. They interpret information and data to identify economic and business issues and trends, and describe economic cause-and-effect relationships. They develop a response to an economic and business issue. They identify and evaluate potential costs and benefits. Students use economic and business knowledge, concepts, terms and research findings to create descriptions and explanations.

Knowledge and understanding

AC9HE8K01

how markets influence decisions about the allocation of resources to the production of goods and services, and the effect of prices on these decisions

Knowledge and understanding

AC9HE8K05

processes that individuals and/or businesses use to plan and budget to achieve short-term and long-term financial objectives

Skills | Interpreting and analysing

AC9HE8S03

interpret information and data to identify economic and business issues, trends and economic cause-and-effect relationships

Skills | Evaluating, concluding and decision-making

AC9HE8S04

develop a response to an economic and business issue, identifying potential costs and benefits

Skills | Communicating

AC9HE8S05

create descriptions and explanations, using economic and business knowledge, concepts and terms, and referencing information and data from sources

Annotations

 

1. Interprets information to explain the impact of COVID-19 on supply and demand, through disrupting production and delaying delivery services.

 

2. Applies economic and business concepts and terms, such as “supply chain”, “ordering”, “product”, “manufacturing processes”, “delivery services”, “worker shortages”, “production”, “consumers” and “trade routes”.

 

3. Interprets information to explain how COVID-19 increased the demand for neon used in technology at the same time as the supply of neon was being disrupted.

 

4. Interprets information and data, and uses concepts and terms such as “demand” and “cost of living”, to explain how the decreased supply of new cars caused reduced consumer choices and an increased demand for used cars.

 

5. Interprets information and data, and uses business concepts and terms such as “reduced supply”, “stock” and “prices”, to explain how the increased demand for used cars caused price increases.

 

6. Interprets information and data, and uses business concepts and terms such as “scarcity”, “shortage”, “resource” and “producer”, to explain how businesses can respond to the future allocation of resources and production of goods.

7. Uses a cost-benefit analysis to determine the advantages and disadvantages of purchasing a selection of cars, and to rank those choices from one to 4.

8. Uses information from the cost-benefit analysis to explain the reasons for choosing the number one ranked car, including safety, ongoing running costs, warranty and roadside assistance, while acknowledging the cost of increased delivery time.

 

9. Uses business concepts and terms, such as “budgeting”, “planning”, “expensive”, “saving”, “needs”, “wants” and “purchasing”, to explain the importance of planning and budgeting when purchasing a car.