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