ECONOMICS
Stage 1
Thinking Like an Economist
Economic inquiry skills
- Investigate scenarios and economic problems by:
- identifying specific economic objectives and asking relevant questions
- applying economic concepts, including scarcity, choice, opportunity cost, and cause and effect of economic decisions in a variety of economic contexts
- applying principles, models, and terminology appropriately in a variety of economic contexts
- analysing the rationale for economic decisions and their intended and unintended consequences
- constructing reasoned arguments.
Economic Contexts
Government involvement in the economy
- Situations where a government takes action in an economy to modify market outcomes.
- Government involvement in the economy, including:
- redistribution of income in order to address inequality.
Stage 2
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:
- identifying specific economic objectives and asking relevant questions applying economic concepts, including scarcity, choice, opportunity cost, and cause and effect of economic decisions in a variety of economic contexts
- applying principles, models, and terminology appropriately in a variety of economic contexts
- communicating reasoned arguments and evidence-based recommendations.
Wealth, poverty and inequality
- Analyse the impact of wealth, absolute and relative poverty, and inequality on economic and social systems.