AC9HE8S04
Evaluating, concluding and decision-making
develop a response to an economic and business issue, identifying potential costs and benefits
Elaborations
- AC9HE8S04_E1developing a response to an issue by combining known knowledge with new ideas; for example, using a personal budget and savings plan to decide whether to purchase a good or service
- AC9HE8S04_E2identifying and describing reasons informing a recommendation; for example, the reasons the government collects taxation revenue and provides services to individuals and communities
- AC9HE8S04_E3identifying the potential costs and benefits of a decision; for example, doing casual work involves identifying benefits such as money earned, and costs such as less certainty about work hours each week
- AC9HE8S04_E4explaining that making an economic and business decision involves choice and foregoing an alternative want; for example, the goods and/or services they must forgo or give up in order to satisfy a particular want
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