SSEC2.1.1 QLD mapping

ECONOMICS

Unit 1: Markets and models

Topic 1: The basic economic problem

  • explain the concept of opportunity cost and recognise its significance in decision-making, where benefits are subjectively measured against costs.

Unit 2: Modified markets

Topic 1: Markets and efficiency

  • explain and analyse the different methods of market modification required to correct market failure, including direct and indirect taxation (e.g. Pigouvian taxes), subsidies, direct state provision.