ECONOMICS
Unit 4: Managing the Economy
Area of Study 2: Aggregate supply policies
Outcome 2
- On completion of this unit the student should be able to discuss the nature and operation of aggregate supply policies and analyse how the policies may influence the Australian Government’s domestic macroeconomic goals and living standards.
Key knowledge
- the nature, operation and aims of aggregate supply policies and their relationship to the domestic macroeconomic goals, international competitiveness and living standards
- the relationship between the efficient allocation of resources and aggregate supply
- how welfare and tax reform policies are designed to influence aggregate supply and living standards
- the strengths and weaknesses of using aggregate supply policies to achieve the Australian Government’s domestic macroeconomic goals and how these goals may affect living standards.
Key skills
- define key economic concepts and terms and use them appropriately
- describe the aims of aggregate supply policies in terms of the domestic macroeconomic goals and living standards
- gather relevant data and information about the nature and operation of aggregate supply policies in Australia
- analyse the effect of aggregate supply policies on the domestic macroeconomic goals and living standards
- discuss the strengths and weaknesses of aggregate supply policies.