ECONOMICS
Unit 1: The Behaviour of Consumers and Businesses
Area of Study 1: Thinking like an economist
Outcome 1
- On completion of this unit the student should be able to describe the basic economic problem, discuss the role of consumers and businesses in the economy and analyse the factors that influence decision making.
Key knowledge
Introductory concepts
- the concept and applications of opportunity cost.
Unit 3: Australia's Economic Prosperity
Area of Study 1: An introduction to microeconomics: the market system, resource allocation and government intervention
Outcome 1
- On completion of this unit the student should be able to explain how markets operate to allocate resources, and discuss the effect of government intervention on market outcomes.
Key knowledge
- relative scarcity: needs, wants, resources and opportunity cost.