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ECONOMICS Topic 3: Markets Students learn to: Examine economic issues  identify reasons why government may intervene in certain markets. Topic 6: Government and the Economy Students learn to: Examine economic issues  evaluate the impact of different taxes on the distribution of income and wealth on business and on the allocation of resources in the economy. Apply economic skills determine whether a specific tax is…

ECONOMICS  Unit 2: Modified markets Topic 1: Markets and efficiency describe key concepts using economic terminology, including allocative efficiency, externalities, market failure, goods (public, private, merit and demerit), and signals explain and analyse the different methods of market modification required to correct market failure, including direct and indirect taxation (e.g. Pigouvian taxes), subsidies, direct state provision…

ECONOMICS Stage 1 Thinking Like an Economist  Economic inquiry skills  Investigate scenarios and economic problems by:  communicating reasoned arguments and evidence-based recommendations. Data analysis  Understand a range of qualitative and quantitative economic data.  Use data to understand economic activity, the behaviour of people, businesses, markets and governments.  Analyse data, identify…

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. Economic policies and action The…

ECONOMICS Unit 2: Contemporary Economic Issues  Area of Study 2: Economic efficiency and equity Outcome 2 On completion of this unit the student should be able to explain the factors and policies that may influence equity in the distribution of income and efficiency of resource allocation, and analyse the potential trade-off. Key knowledge budgetary policy decisions on the achievement of equity in the distribution of income and…

The ATO simple tax calculator on the ATO website.

ECONOMICS GENERAL COURSE  Unit 4 – Macroeconomics  Economic knowledge and understanding the role of the government in a modified market economy  redistributing income through taxation and spending. Taxation types and classification of: progressive, regressive and proportional taxes. Reasoning, interpretation and analysis apply mathematical techniques relevant to macroeconomic analysis, including:…

ECONOMICS Unit 3: Economics Macroeconomic Issues Macroeconomic Theories A Course Types and forms explain the influence of political, ethical, environmental and social factors economic decision making (ECOA07). Issues, perspectives and viewpoints identify and describe trends and patterns, infers relationships, and makes predictions and inferences (ECOA09). Inquiry, research and investigation explain economic relationships…