ECONOMICS
Unit 2: Contemporary Economic Issues
Area of Study 2: Economic efficiency and equity
Outcome 2
- On completion of this unit the student should be able to explain the factors and policies that may influence equity in the distribution of income and efficiency of resource allocation, and analyse the potential trade-off.
Key knowledge
- economic costs and benefits, and social costs and benefits of achieving equity in the distribution of income
- compatibility and conflict between the goals of equity in the distribution of income and efficiency of resource allocation.
Key skills
- identify trends, patterns, similarities and differences in economic data and other information
- discuss the costs and benefits associated with a more equitable distribution of income.