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ECONOMICS STAGE 1 Thinking Like an Economist Economic concepts Choices Consumers, firms, and governments have to make choices. Factors affecting choices Intended and unintended consequences of decisions. Opportunity cost Concept of opportunity cost. Opportunity cost can help consumers, producers, and governments make decisions. Cause and effect Justifying decisions, and the consequences of those decisions on individuals,…

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. Economic decision-making Decisions made by individuals, business and government should reflect a rational evaluation of costs and benefits. Market failure and government policies…

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. Consumers the…

ECONOMICS ECONOMICS GENERAL COURSE Unit 1: Personal economic and financial decisions Personal earning, spending and saving decisions the opportunities people have to obtain an income and/or wealth, including: Influence of government on personal economic and financial decisions. Economic research select appropriate print and electronic media sources of economic information and data to inform personal economic and financial…

ECONOMICS Unit 2: Economics Unit 3: Economics Macroeconomic Theories  A Course Nature and purpose of economics discuss the relationship between economic events and outcomes (ECOA05). Inquiry, research and investigation explain economic relationships through the interpretation of patterns, data and information (ECOA12) compose responses drawing on data, models theories and information (ECOA13). T Course Nature and purpose of…

ECONOMICS Topic 6: Government and the Economy Students learn about: The role of government Functions of the three levels of government. Size of the public sector

ECONOMICS Unit 4: Contemporary macroeconomics Topic 2: Economic management Sub-topic A: Demand management policies — fiscal policy summarise the sources of government income (direct and indirect taxation, revenue from government enterprises and sale of government assets) and the components of government expenditure (current, capital and transfer payments) in the budget.

ECONOMICS LEVEL 3 Unit 2: Economic Management  Management Policies Economic knowledge Fiscal/Budgetary policy: major components of government revenue and government expenditure in the budget.