ECONOMICS
Unit 2: Contemporary Economic Issues
Area of Study 2: Economic efficiency and equity
Outcome 1
- On completion of this unit the student should be able to explain the factors and policies that may influence equity in the distribution of income and efficiency of resource allocation, and analyse the potential trade-off.
Key knowledge
- income: earned and unearned income, transfer income, gross income, disposable income, nominal and real income and social wage income.
Key skills
- define key economic concepts and terms and use them appropriately
- gather and interpret statistical data on income distribution and poverty
- identify trends, patterns, similarities and differences in economic data and other information
- access and synthesise information gathered from a range of sources and draw conclusions