QETA 2014 State Conference
The Australian
Curriculum:
Economics and Business
Bronwyn Hession
So what?
Is it ‘business as usual’? ( or ‘economics as
usual’)?
What is new?
What is different?
What new opportunities does the curriculum
provide?
What pedagogies are most effective?
Will resources shape the learning?
Will assessment shape the learning?
‘In addition, some of the content is not needed in
primary classrooms. We do not believe, for example,
that Economics and Business is an appropriate
standalone subject for primary school children’.
‘Primary school principals say Australian Curriculum
is overcrowded’
Australian Primary Principals Association,
Media release 5 March 2014
‘By the age of seven years, several
basic concepts relating broadly to
later ‘finance’ behaviours will
typically have developed’.
Habit formation and Learning in Young
Children, Whitebread and Bingham,
University of Cambridge 2013 for The Money
Advice Service, UK.
Impact of the cashless society ?
‘While children are earning and saving money
much earlier than their parents did, the
virtualisation of money is making it harder for
children to learn its value’.
Commonwealth Bank Survey of 1000 parents
Media Release 3 February 2014
O <photo.JPG>
O
JAMES, AGE 7
James and the value of money
QUESTION.
James, how much money do you think a lot of money
is?
ANSWER.
Maybe… a dollar?
QUESTION.
James, why do you think a dollar is a lot of money?
ANSWER. ( with wide eyes…)
Because one dollar is one hundred cents !.... And two
dollars is two hundred cents ! (proudly)
Key features/constructs
Context of the Melbourne
Declaration:
‘Humanities and social sciences
(including history, geography,
economics, business, civics
and citizenship)’
Economics AND Business?
O Economics as the ‘discipline; and
‘business’ as the applied body of
knowledge
O Our construct – but how does it
impact on how children learn and
what is important to learn?
O Balance a contentious issue during
the consultation
‘Four key organising ideas’ 1. Resource allocation and making choices
2. The business environment
3. Consumer and financial literacy*
4. Work and work futures
ASIC’s National Framework 2011
‘The strong links throughout the Curriculum to
the National Consumer and Financial Literacy
Framework (Framework) need to be supported
by mention of the Framework in the Rationale
as a key policy document used to develop the
Curriculum.’
http://www.mceecdya.edu.au/mceecdya/201
1_financial_literacy_framework_homepage,34
096.html
Focus on economic and business decision
making:
How decisions are made
O Factors influencing decisions
O Impact of decisions
O Futures orientation
(‘intergenerational
equity’/sustainability)
O ‘Conscience’
O
Focus on economic and business decision
making (continued)
Contribution/links to civics and
citizenship
O Contemporary issues, events, case
studies
O Transferable skills
O local, national, regional, global
contexts
O
Some questions………
F – 4 ? Assumed knowledge
(skills, dispositions, behaviours)
O Year 5- 8 compulsory? 9 and 10
optional?
O Links to Mathematics ? For example
O
Year 5 Mathematics: ‘create simple financial
plans’
Year 7 Economics and Business: ‘create simple
budgets’
Concept dense
Infographic: The Most Popular Words In Music Of
The Past 50 Years
http://www.fastcodesign.com
Nikolay Lamm, History of Music Project
LOVE
LONELY
BABY
HOME
Sequencing of the content
O Year 5: ‘everyday life’ – person and
community; needs and wants; limited
resources; factors influencing choice
O Year 6: impact of the choices we make;
introduction of business – why and how
businesses do what they do
O Year 7: ‘market’; ‘entrepreneurial
behaviour’ and business success; types of
work
Contentious issues?
O Work: Representation of work at various
year levels; essential understandings about
work; lack of relationship of work to other
areas of the content ( ‘an after thought’ – to
appease……..?????)
O Entrepreneurial behaviours/capabilities:
from ‘under-kill’ to ‘over-kill’? ( to
appease……????)
Sequencing of the content
O Year 8: markets in Australia – including
traditional Aboriginal and Torres Strait
Islander markets; government influence;
types of businesses; nature of work now and
in the future
O Year 9: Australian economy, Asia, global
economy; financial risks and rewards –
Australian and global economy; global
workplace
Sequencing of the content
O Year 10: performance of the Australian
economy; government economic
management; living standards; business
and productivity; workforce management
and business performance.
YEARS 5 – 10 : A PATHWAY TO……..??????
Some ‘unofficial’ NSW data
O In 2013, of the students who studied
Preliminary ( Year 11) Economics, 64% had
completed Commerce.
O Of the students who achieved a ‘grade A’ in
Year 11 Economics, 73% had completed
Commerce in the previous year.
Economics and Business Skills
O Questioning and research
O Interpretation and analysis
O Economics reasoning, decision-making and
application (‘students make informed
decisions…’)
O Communication and reflection
How are these skills represented in other
curriculum areas?
How are these skills represented in the
Achievement Standards?
Challenges for writers ?
1. Economics/Business/Accounting/other
2.
3.
4.
5.
6.
interests in advisory groups
Timelines for delivering the curriculum
Economics/Business balance
Cross curriculum priorities – forced or
natural ?
Keeping the ‘big ideas’ alive
National consensus
“Unless we have (financial literacy) embedded
in the curriculum, we can’t be sure that the
people who need it will get it.”
Dr Helen Roberts, Director, US Centre for
Economics Education, February 2014
http://www.treasury.gov/resourcecenter/financialeducation/Documents/CEE%20presentation.
pdf
OECD Financial Education in Schools
http://www.oecd.org/finance/financialeducation/
O Principles and Good Practices for Financial
Education and Awareness: ‘financial
education should start as early as possible
and be taught in schools’ ( 2005)
O 2012 PISA Assessment of the financial
literacy of students: due for release later in
2014
O 2012 APEC endorsement of OECD’s
National Strategies for Financial Education
‘StartSmart’: A case study in financial
education
http://startsmart.com.au/home/startsmar
t-programs/
O Commonwealth Bank Foundation initiative
2007; 800 000 primary and secondary students
O Evidence base: metacognition; cognitive
development
O Key features: interactive workshop, dynamic
facilitators, additional resources, no cost
O ACER research looked at impact on attitudes to
financial concepts; levels of financial knowledge;
behavioural intentions; confidence and self
efficacy in managing finances.
ACER research findings
O Greatest impact: financial knowledge and
behavioural intention
O Weakest impact: confidence/self efficacy
O Does knowledge change behaviour?
O ‘Behavioural economics’ as a discipline in its
own right is increasingly a focus of government
regulation and business strategies (NudgeSunstein and Thaler)
http://www.oecd.org/regreform/regulatorypolicy/flyer%20Behavioural%20economics.pdf
Habit Formation and Learning in Young Children
Whitebread and Bingham, University of Cambridge
for The Money Advice Service, UK 2013.
1. Children are essentially social learners; they
acquire cultural practices effortlessly and gradually
assimilate values, attitudes, standards, norms,
knowledge and behaviours that contribute to their
financial well being.
2. Participating in financial activities with an adult
provides meaning and motive.
3. Strategies that support acquisition of new
knowledge and skills include co-operative group
work, self explanations of reasoning, self
assessment, and debriefing.
Economics and Business Curriculum:
rationale
- enables students to understand the process
of economic and business decision making, its
effects on themselves and others, now and in
the future
- encourage students to participate in and
contribute to the economy
- learn about decision making at the personal,
local, national, regional and global level
And………………..
- students are encouraged to develop enterprising
behaviours and capabilities such as embracing change,
seeking innovation, working with others, showing
initiative, flexibility and leadership, using new
technologies, planning and organising, managing risks
and using resources efficiently
- identify and investigate contemporary economic and
business issues or events;
- actively and effectively participate in economic and
business activities
- contribute to the development of prosperous,
sustainable and equitable Australian and global
economies, and to secure their own financial well being.
Remember James?
For your deliberations today…….
O What is new?
O What is different?
O How can we best realise this unique and
powerful ‘entitlement’ of learning about
Economics and Business for every child?
O What will James need to know and be able
to do to grow and thrive and survive, to
contribute and participate, and to be a
successful and good human being?