ECONOMICS
Stage 1
Thinking Like an Economist
Economic inquiry skills
- Use an inquiring, critical, and thoughtful approach to their study of economics
- Investigate scenarios and economic problems through:
- analysing the rationale for economic decisions and evaluating their intended and unintended consequences
- communicating reasoned arguments and evidence-based recommendations.
Microeconomics
- Analyse and evaluate the consequences of subsides and taxes on markets government interventions on markets.
Thinking Like an Economist
Government involvement in the economy
- Use the circular-flow model to explore the effects of government involvement in the economy.
Trade in the global economy
- Students develop an understanding of arguments for and against the free trade of goods and services between nations.
Stage 2
Thinking Like an Economist
Trade and globalisation
- Apply economic thinking to analyse the advantages and disadvantages of free trade, the impact of externalities, and the impact of trade and globalisation on consumers, producers, the economy, and society.