ECONOMICS GENERAL COURSE
Unit 3 – Microeconomics
Economic knowledge and understanding
Market failure and government policies
- the concept of market failure
- the distinction between positive and negative externalities
- policy options to correct for externalities including the use of taxes and subsidies
- policy options to reduce market failure associated with public goods and common resources.
Effects of government policies
- the effects of a tax on a market
- the effects of a subsidy on a market.
Economic research
- select appropriate print and electronic media sources of economic information and data on markets
- apply appropriate methods of recording and organising microeconomic information, including spreadsheets, graphs and tables.
Reasoning, interpretation and analysis
- identify and organise relevant information within sources
- use economics models, including demand and supply graphs, to analyse market behaviour and performance
- apply economic reasoning to market behaviour and performance
- use evidence found in economic information and data to justify a conclusion.
Communication
- select and use appropriate terminology
- select and use appropriate formats when communicating economic understandings.
-
use economic models to convey economic theory and reasoning about microeconomic events and issues.
ECONOMICS ATAR COURSE
Unit 1 – Microeconomics
Economic knowledge and understanding
Market failure and government policies
- the concept of market failure
- the distinction between positive and negative externalities
- policy options to correct for externalities including the use of taxes and subsidies
- policy options to reduce market failure associated with public goods and common resources.
Effects of government policies
- the effects of a tax on a market
- the effects of a subsidy on a market.
Economic research
- select appropriate print and electronic media sources of economic information and data on markets
- apply appropriate methods of recording and organising microeconomic information, including spreadsheets, graphs and tables.
Reasoning, interpretation and analysis
- identify and organise relevant information within sources
- use economics models, including demand and supply graphs, to analyse market behaviour and performance
- apply economic reasoning to market behaviour and performance
- use evidence found in economic information and data to justify a conclusion.
Communication
- select and use appropriate terminology
- select and use appropriate formats when communicating economic understandings.
- use economic models to convey economic theory and reasoning about microeconomic events and issues