ECONOMICS
Stage 1
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
Microeconomics
- Understand the effects of market failure on consumers and producers, including the undersupply of goods and externalities