SSEC8.1.1 SA mapping

ECONOMICS

Stage 1

Thinking Like an Economist 

Economic inquiry skills

  • Investigate scenarios and economic problems by:
    • applying economic concepts, including scarcity, choice, opportunity cost, and cause and effect of economic decisions in a variety of economic contexts
    • applying principles, models, and terminology appropriately in a variety of economic contexts.

Data analysis

  • Use appropriate graphs, diagrams, and tables to display results that support their arguments.

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:
    • regulation of situations where the market solution may be inconsistent with society’s values, or may incur costs for those not involved in making the economic decision.

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
    • communicating reasoned arguments and evidence-based recommendations.

Data analysis

  • Understand economic modelling. (Note: students are not required to calculate the coefficient of determination (r-squared), or linear equations).

Microeconomics

  • Understand the effects of market failure on consumers and producers, including the undersupply of goods and externalities.
  • Evaluate the measures taken to redress undesirable market outcomes