ECONOMICS
Topic 3: Markets
Students learn to:
Examine economic issues
- identify reasons why government may intervene in certain markets
- identify some of the problems that can ensue with a heavy reliance on market solutions in an economy.
Students learn about:
Demand and supply
Alternatives to market solutions – the role of government
- the role of government (market failure – merit goods, public goods, externalities).
Topic 6: Government and the Economy
Students learn to:
Examine economic issues
- assess the need for government intervention in a market economy
- examine how the operation of the free market without government intervention might affect the distribution of income, quality of life of individuals and the management of the environment.
Students learn about:
Government intervention in the economy
Limitations of the operation of the free market
- provision of goods and services, public goods, merit goods.