ECONOMICS LEVEL 3
Unit 1: An Introduction to Economics
Market failure and government policies
Economic knowledge
Main types of market failure:
- income inequality: relative and absolute positive and negative externalities.
Economic decision-making
- Analysis of market failure in terms of economic and social problems caused by income inequality. Inequity of free market for those on low or no income.
Unit 4: Investigation into a Contemporary Economic Issue
Economic Issue 2: Income and Wealth Distribution in Australia
Key ideas
- Poverty – absolute and relative
- Causes
- Incidence