Using a SWOT analysis to make a business decision

SubjectEconomics & Business YearYear 8 CurriculumAC v8.4 Time50

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Introduction

Students learn to use a SWOT analysis to select a hypothetical business to start. In doing so, they identify how businesses respond to opportunities in the market.

Australian Curriculum or Syllabus

Achievement standard

By the end of Year 8, students explain how markets operate and recognise why governments may influence the market’s operation. They explain the rights and responsibilities of consumers and businesses in terms of financial and economic decision-making. They explain why different types of businesses exist and describe the different ways businesses can respond to opportunities in the market. Students describe influences on the way people work and factors that may affect work in the future.

When researching, students develop questions and gather relevant data and information from different sources to investigate an economic or business issue. They interpret data to identify trends and relationships. They propose a range of alternative responses to an issue and evaluate the costs and benefits of each alternative. They apply economics and business knowledge, skills and concepts to familiar and unfamiliar problems. Students develop and present evidence-based conclusions using appropriate texts, subject-specific language and concepts. They identify the effects of an economic or business decision and the potential consequences of alternative actions.

Content descriptions

Economics and Business Knowledge and Understanding

Types of businesses and the ways that businesses respond to opportunities in Australia (ACHEK030).

Economics and Business Skills

Generate a range of alternatives in response to an observed economic or business issue or event, and evaluate the potential costs and benefits of each alternative (ACHES035).

Apply economics and business knowledge, skills and concepts in familiar and new situations (ACHES036).

P resent evidence-based conclusions using economics and business language and concepts in a range of appropriate formats, and reflect on the consequences of alternative actions (ACHES037). 

Teacher resources

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Visualiser

SWOT analysis

Student learning resources

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Worksheet

Which business will I choose?

Suggested activity sequence

This sequence is intended as a framework to be modified and adapted by teachers to suit the needs of a class group. 

  1. Display and explain how to conduct a SWOT analysis using the visualiser
  2. Students individually complete the worksheet
  3. Discuss with students which business venture they chose and why..