ECONOMICS
Stage 1
Thinking Like an Economist
Cause and effect
- Justifying decisions, and the consequences of those decisions on individuals, firms, the economy, and society.
Data analysis
- Understand a range of qualitative and quantitative economic data.
- Collect and analyse data in order to explain economic activity.
- Use appropriate graphs, diagrams, and tables to display results that support their arguments.
Economic Contexts
Government involvement in the economy
- Situations where a government takes action in an economy to modify market outcomes.
- Government involvement in the economy, including:
- Redistribution of income in order to address inequality.
STAGE 2
Thinking Like an Economist
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 patterns and propose decisions, based on data contained in tables and graphs.
- Use appropriate graphs, diagrams, and tables to display results and make recommendations based on their data analysis.
Microeconomics
- Evaluate the measures taken to redress undesirable market outcomes.
Economic Contexts
Wealth, poverty and inequality
- Apply economic thinking to explore the ways in which wealth, poverty and inequality are measured, and how individuals, institutions, and governments can develop effective solutions to the problem.
- Evaluate the cost and benefits of pursuing redistribution of income and wealth in a country.