Level 1 Business
Teacher in Charge: Mr C. Hett
Year 11 Business Studies is a hybrid course and incorporates achievement standards and unit standards across year 11 Business Studies and Economics.
The Business Studies course is an opportunity for students to learn about factors influencing consumer choices including scarcity and consumer demand. The course also includes a practical Business Activity where students work in groups to write a detailed business plan and then make, market and sell products. The carry out and review of a product-based business activity is done within a classroom context with direction.
Some personal Financial Management unit standards are also completed as part of the course which provides students with essential life skills to help them manage their money more effectively in their future lives.
The course therefore offers a blend of Economics and Financial Management theory with practical business activities working in groups. As part of the group activity students get a chance to develop and practice some essential business skills including teamwork, leadership, communication and planning.
You will gain knowledge, skills and competencies to analyse how and why consumers make choices based on economic ideas of scarcity and demand. This knowledge is developed using economic concepts and models.
Students will complete a marketing activity based on a product of their choice where they assess and describe various marketing features of a product including approach to pricing, promotion and distribution. Students also to analyse the exceptional features and benefits of their product choice making it a market leader.
Develop knowledge of budgeting terms, processes and services, and produce a balanced budget to manage personal finances.
This unit standard will assist students with learning about financial goals and the importance of setting goals in order to achieve long-term objectives. Students will practice setting and making a budget and will learn about the benefit of monitoring set budgets and making any necessary adjustments. The consequences of decisions made regarding financial goal setting will also be studied.
Students will gain the knowledge, skills and experience to write a detailed business plan in groups and to then undertake the activities described in your plan within the confines of the school (market day event). Students will reflect on their business activity. As part of the group business activity students will complete their own individual marketing mix and this will be used to derive the group marketing mix that will be used in the marketing section of the business plan.
Recap ECO 1.1 in prep for external assessment
Recommended Prior Learning
Contributions and Equipment/Stationery
Any students involved in completing the requirements for carrying out a business may incur start up and running costs. The level of these costs will be dependent on the business activity undertaken. Any field trip cost will be advised during the year.
This course is eligible for subject endorsement.
Total Credits Available: 19 credits.
Externally Assessed Credits: 4 credits.
Internally Assessed Credits: 15 credits.