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.
Economic Contexts
Markets in action
- investigate and recognise market failure.
Government involvement in the economy
- Situations where a government takes action in an economy to modify market outcomes.
- Government involvement in the economy, including:
- allocation of resources to the production of goods and services that are undersupplied by the market.
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
- communicating reasoned arguments and evidence-based recommendations.
Microeconomics
- Understand the effects of market failure on consumers and producers, including the undersupply of goods and externalities.