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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…

BUSINESS INNOVATION Existing business Finding and solving problems use business and customer information to iteratively propose and develop solutions develop and apply strategies to test and refine proposed solutions, making effective decisions during the process. Financial awareness and decision-making analyse and respond to business and financial information that confirms or denies their initial hypotheses and assumptions. assess…

BUSINESS STUDIES FOUNDATION An Introduction to Business Environments  Small business ownership Business knowledge Forms – sole trader, partnership and small proprietary company . Characteristics Business reasoning Advantages and disadvantages of each form. Business decision making Most appropriate ownership structure depends on a particular context. Unit 5: Operating a Small Business - Accounting and Finance (30 hours)…

BUSINESS MANAGEMENT Unit 1: Planning a Business  Area of Study 2: External environment Outcome 2 describe the external environment of a business and explain how the macro and operating factors within it may affect business planning. Key knowledge an overview of the factors within the external (macro and operating) environment and internal environment that affect business planning. Operating factors that affect business planning…

BUSINESS MANAGEMENT AND ENTERPRISE GENERAL Environments classification of businesses sole traders partnerships private companies Unit 3 Environments types of business ownership in small to medium enterprises (SMEs) sole traders partnerships small proprietary companies not-for-profit organisations franchises

ECONOMICS LEVEL 3 Unit 1: An Introduction to Economics Market failure and government policies Economic knowledge Concept of market failure Main types of market failure: income inequality: relative and absolute positive and negative externalities. Economic decision-making Analysis of market failure in terms of public goods and common resources. Economic policies and action The link between market failure and the role of…

ECONOMICS Unit 3: Australia's Economic Prosperity Area of Study 1: An introduction to microeconomics: the market system, resource allocation and government intervention Outcome 1 On completion of this unit the student should be able to explain how markets operate to allocate resources, and discuss the effect of government intervention on market outcomes. Key knowledge reasons for market failure: public goods, externalities, asymmetric…

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…