Commerce

Year 10 • MONEY AND MARKETS

SUBJECT LENGTH: SEMESTER UNIT VALUE: ONE

OVERVIEW A semester-based course where students study a combination of Accounting, Financial literacy and Economics. ACCOUNTING AND FINANCIAL LITERACY

Key Concepts covered ■ The effect that consumer and financial decisions of individuals have on themselves, their family, their broader community and the natural, economic and business environment. ■ Financial and organisational goals including budgeting strategies. ■ Managing financial risks and rewards in

Australia and the global landscape. ■ Personal financial literacy skills and the role of savings and investment. ■ Cash accounting for businesses and analysing how to improve the bank balance. ECONOMICS

Key Concepts covered ■ The basic economic problem of relative scarcity. ■ The need for economic decision-making. ■ The concept of opportunity cost. ■ The laws of demand and supply – factors that can influence consumers and supplier. ■ Effects of changes in demand and supply on equilibrium prices and quantities. ■ Apply economic theory to make economic predictions. ■ Gather and interpret relevant data and information about the economic markets. ■ Research current economic issues facing

Australia and their impact on society.

Year 10 • BUSINESS & THE LAW

SUBJECT LENGTH: SEMESTER UNIT VALUE: ONE

OVERVIEW Another semester based course where students study both Business and the Law as separate units.

BUSINESS

Key Concepts covered ■ What is a business? ■ Types of Business Structures ■ Management Skills ■ The concept of Business Change ■ Corporate Social Responsibility

LAW

Key Concepts covered ■ Legal and Non Legal Rules ■ Characteristics of an Effective Law ■ Key Principles of Criminal Law ■ Police Powers and Individual Rights ■ Court Hierarchy ■ Factors in Sentencing ■ Criminal Case Study

COMMERCE

ACCOUNTING • Units 1 to 4

OVERVIEW VCE Accounting explores the financial recording, reporting, analysis and decision- making processes of a sole trader. Students study both theoretical and practical aspects of accounting and collect, record, report and analyse financial data and report, classify, verify and interpret accounting information, using both manual methods and ICT. Students will also apply critical thinking skills to a range of business situations to model alternative outcomes and provide accounting advice to business owners, taking into account the range of ethical considerations faced by business owners when making decisions. UNIT 1 ROLE OF ACCOUNTING IN BUSINESS

Key Concepts covered ■ Establishment of a business and the role of accounting in the determination of business success of failure. ■ Types of business ownership, sources of business finance and ethical considerations. ■ The role of accounting. ■ Recording financial data and reporting accounting information for a service business.

UNIT 2 ACCOUNTING & DECISION MAKING FOR TRADING BUSINESS

Key Concepts covered ■ Accounting process for sole traders operating a trading business. ■ Analyse, evaluate the performance of the business and suggest strategies for improvement. ■ Accounting for Inventory. ■ Accounting for and managing accounts receivable and accounts payable. ■ Accounting for and managing non-current assets. UNIT 3 FINANCIAL ACCOUNTING FOR A TRADING BUSINESS

Key Concepts covered ■ Accounting and financial issues of a small trading business, operating as a sole proprietor. ■ Recording and analysing financial data using a double entry accrual basis of accounting. ■ Preparing and interpreting accounting reports, taking into account relevant ethical considerations to evaluate the performance of the business. UNIT 4 RECORDING, REPORTING, BUDGETING AND DECISION-MAKING

Key Concepts covered ■ Developing accounting information for management. ■ Extension of recording and reporting processes with the inclusion of balance day adjustments and alternative depreciation methods. ■ Budgeting and decision-making—modelling and discussing the effects of alternative strategies on the performance of a business.

BUSINESS MANAGEMENT • Units 1 to 4

OVERVIEW In studying VCE Business Management, students develop knowledge and skills that enhance their confidence and ability to participate effectively as ethical and socially responsible members of society, managers and leaders of the business community, and as informed citizens, consumers and investors. The study of VCE Business Management leads to opportunities across all facets of the business and management field such as small business owner, project manager, human resource manager, operations manager or executive manager. Further study can lead to specialisation in areas such as marketing, public relations and event management. UNIT 1 PLANNING A BUSINESS

Key Concepts covered ■ Explore the ability of entrepreneurs to establish a business and the fostering of conditions under which new business ideas can emerge are vital for a nation’s wellbeing. ■ Investigate how to take business idea and plan how to make it a reality are the cornerstones of economic and social development. ■ Explore the factors affecting business ideas and the internal and external environments within which businesses operate, as well as the effect of these on planning a business. ■ Students also consider the importance of the business sector to the national economy and social wellbeing. UNIT 2 ESTABLISHING A BUSINESS

Key Concepts covered ■ Examine the legal requirements that must be met to establish a business. ■ Investigate the essential features of effective marketing and consider the best way to meet the needs of the business in terms of staffing and financial record keeping. ■ Analyse management practices by applying key knowledge to contemporary business case studies from the past four years.

UNIT 3 MANAGING A BUSINESS

Key Concepts covered ■ Examine different types of businesses and their respective objectives and stakeholders. ■ Investigate strategies to manage both staff and business operations to meet objectives, and develop an understanding of the complexity and challenges managing businesses. ■ Compare theoretical perspectives with current practice through the use of contemporary Australian and global business case studies from the past four years. UNIT 4 TRANSFORMING A BUSINESS

Key Concepts covered ■ The importance of reviewing key performance indicators to determine current performance and the strategic management necessary to position a business for the future. ■ Evaluate a theoretical model to undertake change and consider a variety of strategies to manage change in the most efficient and effective way to improve business performance. ■ Analyse the importance of effective management and leadership in change management. ■ Investigate contemporary business case studies from the past four years, students evaluate business practice against theory.

COMMERCE

ECONOMICS • Units 1 to 4

OVERVIEW Economics is the study of how resources are allocated to meet the needs and wants of society. It considers how and why individuals behave the way they do and the consequences of their decisions. Studying Economics enables students to explain and debate the world in which they live.

UNIT 1 THE BEHAVIOUR OF CONSUMERS AND BUSINESSES

Key Concepts covered ■ The basic economic problem of relative scarcity and the need for economic decision-making. ■ The purpose of economic activity and the influence on material and non-material living standards. ■ Economic factors that influence decisions made by consumers and businesses. ■ The role of markets in determining prices and the allocation of resources. UNIT 2 CONTEMPORARY ECONOMIC ISSUES

Key Concepts covered ■ The benefits of economic growth and the trade-off between economic growth and environmental sustainability. ■ The trade-off between equity in the distribution of income and the efficiency of resource allocation. ■ The effect of poverty and income inequality on individuals and the wider economy. ■ Investigation of a contemporary global economic issue. UNIT 3 AUSTRALIA’S ECONOMIC PROSPERITY

Key Concepts covered ■ The relationship between relative prices, resource allocation and living standards. ■ Reasons for market failure and the effect of government intervention on market outcomes. ■ The Australian Government’s domestic macroeconomic goals of low inflation, strong and sustainable economic growth and full employment. ■ The influence of Australia’s international transactions on the current account balance, the domestic macroeconomic goals and living standards in Australia. UNIT 4 MANAGING THE ECONOMY

Key Concepts covered ■ The role of budgetary policy and monetary policy in influencing the level of aggregate demand in the economy. ■ Analysis of the last two Federal Budgets and their likely effect on the economy. ■ Analysis of how changes in interest rates are likely to affect inflation, the rate of unemployment and the rate of economic growth. ■ The nature and operation of government policies to influence the level of aggregate supply in the economy.

COMMERCE

LEGAL STUDIES • Units 1 to 4

OVERVIEW Legal Studies, while quite demanding, relates extremely well to life. It offers great insight into our parliamentary and legal system, as well as the opportunity to visit the County and Supreme Court.

UNIT 1 GUILT AND LIABILITY

Key Concepts covered ■ Legal Foundations. ■ The Presumption of Innocence. ■ Civil Liability. ■ Sources of law and the existence of a court hierarchy in Victoria. ■ Criminal law and civil law and apply these to actual and/or hypothetical scenarios to determine whether an accused may be found guilty of a crime, or liable in a civil dispute. UNIT 2 SANCTIONS, REMEDIES AND RIGHTS

Key Concepts covered ■ The enforcement of criminal law and civil law. ■ The methods and institutions that may be used to determine a criminal case or resolve a civil dispute. ■ The purposes and types of sanctions and remedies and their effectiveness.

UNIT 3 RIGHTS AND JUSTICE

Key Concepts covered ■ The methods and institutions in the justice system and consider their appropriateness in determining criminal cases and resolving civil disputes. ■ The Victorian court hierarchy, as well as other Victorian legal institutions and bodies available to assist with cases. ■ The rights available to an accused and to victims in the criminal justice system. ■ The roles of the judge, jury, legal practitioners and the parties. ■ The ability of sanctions and remedies to achieve their purposes. ■ The extent to which the principles of justice are upheld in the justice system. UNIT 4 PEOPLE AND THE LAW

Key Concepts covered ■ How the Australian Constitution establishes the law-making powers of the

Commonwealth and state parliaments, and protects the Australian people. ■ The significance of the High Court in protecting and interpreting the Australian

Constitution. ■ The relationship between Parliament and the courts in law-making, and consider the roles of the individual, the media and law reform bodies in influencing law reform bodies in changing the law. ■ Application of legal reasoning and information to actual scenarios.