ECONOMICS
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:
- applying principles, models, and terminology appropriately in a variety of economic contexts
- analysing the rationale for economic decisions and evaluating their intended and unintended consequences
- communicating reasoned arguments and evidence-based recommendations.
Data analysis
- Understand a range of qualitative and quantitative economic data.
- Use data to understand economic activity, the behaviour of people, businesses, markets and governments.
- Use appropriate graphs, diagrams, and tables to display results and make recommendations based on their data analysis.
- Understand economic modelling. (Note: students are not required to calculate the coefficient of determination (r-squared), or linear equations).
Microeconomics
- Evaluate the measures taken to redress undesirable market outcomes.
- Analyse and evaluate the consequences of subsides and taxes on markets government interventions on markets.