SSEC11.1.1 QLD mapping

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.

Topic 2: Case options of market measures and strategies

Case option C: Inequality

  • analyse and evaluate the private and social costs and benefits of pursuing a redistribution of income and wealth, e.g. taxation, transfer payments, subsidisation of merit goods and other assistance.
  • analyse and evaluate government strategies and/or interventions to address inequality and measures aimed at alleviating inequality and improving living standards, e.g. taxation, transfer payments, subsidising of merit goods and other assistance.

Communication skills

  • create responses that communicate economic meaning using data, information, graphs and diagrams to suit the intended purpose, and demonstrate order, sequencing and development of ideas using paragraphs and extended responses.