SSEC19.1.1 NSW mapping

ECONOMICS

Topic 4: Economic Policies and Management

Apply economic skills

  • explain, using economic theory, the general effects of macroeconomic and microeconomic policies on an economy.

Students learn about:

Microeconomic policies

  • rationale for microeconomic policies including shifts in aggregate supply, efficiency
  • effects of microeconomic policies on individual product and factor markets, individual industries and the economy.

Limitations of economic policies

  • Policy responses and their effects in dealing with the economic objectives:
    • economic growth and quality of life
    • full employment
    • price stability
    • distribution of income.