SSEC11.1.1 Tasmania mapping

ECONOMICS LEVEL 3

Unit 1: An Introduction to Economics

The economic problem and economic systems

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 link between market failure and the role of government
  • Government policy options to correct market failure – the use of taxes and subsidies, assigning property rights, regulating the use of common property, providing public goods and services.

Unit 2: Economic Management 

The objectives of economic policy

Economic knowledge

  • Roles of government in a modified market economy:
    • stabilising the business cycle redistributing income through taxation and spending and the provision of goods and services.

Unit 4: Investigation into a Contemporary Economic Issue

Economic Issue 2: Income and Wealth Distribution in Australia 

Focus

  • Market outcomes can produce inequity. Economic policy can play a role in altering income and wealth distribution.

Key ideas

  • Fiscal policies, intergenerational policies, microeconomic policies, regulations 
  • Welfare policy (social services, health care and education).