ECONOMICS
Stage 2
Thinking Like an Economist
Economic inquiry skills
- Use an inquiring, critical, and thoughtful approach to their study of economics
- Investigate scenarios and economic problems through:
- identifying specific economic objectives and asking relevant questions 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
- analysing the rationale for economic decisions and evaluating their intended and unintended consequences
- communicating reasoned arguments and evidence-based recommendations.
Data analysis
Microeconomics
- Understand the effects of market failure on consumers and producers, including the undersupply of goods and externalities.
- 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.
- Analyse the impact of wealth, absolute and relative poverty, and inequality on economic and social systems.