ECONOMICS
Stage 1
Thinking Like an Economist
Economic inquiry skills
- Investigate scenarios and economic problems by:
- communicating reasoned arguments and evidence-based recommendations.
Data analysis
- Understand a range of qualitative and quantitative economic data.
- Use data to understand economic activity, the behaviour of people, businesses, markets and governments.
- Analyse data, identify patterns and propose decisions, based on data contained in tables and graphs.
- Use appropriate graphs, diagrams, and tables to display results and make recommendations based on their data analysis.
Economic Contexts
Wealth, poverty and inequality
- Apply economic thinking to explore the ways in which wealth, poverty and inequality are measured, and how individuals, institutions, and governments can develop effective solutions to the problem.
Stage 2
Thinking Like an Economist
Economic concepts
Choices
- Intended and unintended consequences of decisions.
Cause and effect
- Justifying decisions, and the consequences of those decisions on individuals, firms, the economy, and society.
- Constructing reasoned arguments.
Data analysis
- Understand a range of qualitative and quantitative economic data.
Economic contexts
Government involvement in the economy
- Government involvement in the economy, including:
- redistribution of income in order to address inequality.
Thinking Like an Economist
Economic inquiry skills
- Investigate scenarios and economic problems by:
- communicating reasoned arguments and evidence-based recommendations.
Data analysis
- Understand a range of qualitative and quantitative economic data.
- Use data to understand economic activity, the behaviour of people, businesses, markets and governments.
- Analyse data, identify patterns and propose decisions, based on data contained in tables and graphs.
- Explore the difference between causality and correlation.
- Use appropriate graphs, diagrams, and tables to display results and make recommendations based on their data analysis.
Economic Contexts
Wealth, poverty and inequality
- Apply economic thinking to explore the ways in which wealth, poverty and inequality are measured, and how individuals, institutions, and governments can develop effective solutions to the problem.