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
Consumers
- economic factors that may influence economic decisions made by consumers such as:external influences on economic decision making for example, culture, marketing, and government.
Key skills
- investigate and evaluate alternative viewpoints on economic issues.
Unit 3: Australia's Economic Prosperity
Area of Study 2: Domestic macroeconomic goals
Outcome 2
- On completion of this unit the student should be able to analyse key contemporary factors that may have influenced the Australian Government’s domestic macroeconomic goals over the past two years and discuss how achievement of these goals may affect living standards.
Key knowledge
The nature and purpose of economic activity
- the circular flow model of income including the role of households, businesses, government, financial institutions and the external sector in an open contemporary macroeconomy
- the meaning and importance of aggregate demand and the factors that may influence the level of aggregate demand in the economy: changes in the general level of prices, disposable income, interest rates, consumer confidence, business confidence, the exchange rate and rates of economic growth overseas.