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ECONOMICS Topic 1: Introduction to Economics  Students learn to: Examine economic issues identify the opportunity costs involved in economic decisions made by individuals, businesses and governments at local, state and national levels

ECONOMICS Unit 1: Markets and models Topic 1: The basic economic problem explain the concept of opportunity cost and recognise its significance in decision-making, where benefits are subjectively measured against costs.

ECONOMICS Stage 1 Thinking Like an Economist Economic concepts Choices Consumers, firms, and governments have to make choices. Opportunity cost The concept of trade-offs. Concept of opportunity cost.

ECONOMICS LEVEL 3 Unit 1: An Introduction to Economics  The economic problem and economic systems Economic knowledge The concept of opportunity cost and the cost benefit model are fundamental tools used in economic analysis and decision-making.

ECONOMICS Unit 1: The Behaviour of Consumers and Businesses  Area of Study 1: Thinking like an economist Outcome 1 On completion of this unit the student should be able to describe the basic economic problem, discuss the role of consumers and businesses in the economy and analyse the factors that influence decision making. Key knowledge Introductory concepts the concept and applications of opportunity cost. Unit 3: Australia's…

ECONOMICS Unit 1: Economics Unit 2: Economics Price Mechanism Market Failure A Course Nature and purpose of economics discuss the relationship between economic events and outcomes (ECOA05) explain the economic role of individuals, firms, institutions, markets and governments (ECOA06). Types and forms explain the influence of political, ethical, environmental and social factors economic decision making (ECOA07) explain the…

ECONOMICS Topic 1: Introduction to Economics  Students learn to: Examine economic issues identify the opportunity costs involved in economic decisions made by individuals, businesses and governments at local, state and national levels. Apply economic skills work in groups to investigate aspects of economics and economies. Students learn about: Nature of economics the need for choice by individuals and society governments…

ECONOMICS Unit 1: Markets and models Topic 1: The basic economic problem explain the concept of opportunity cost and recognise its significance in decision-making, where benefits are subjectively measured against costs. Unit 2: Modified markets Topic 1: Markets and efficiency explain and analyse the different methods of market modification required to correct market failure, including direct and indirect taxation (e.g. Pigouvian taxes…