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Related topic
Humanities and social sciences / Year 7 / Knowledge and Understanding / Economics and business
Version 8
Curriculum content descriptions
The ways consumers and producers interact and respond to each other in the market (ACHASSK199)
Elaborations
- investigating the role and interactions of consumers and producers in the market (for example, using a simple circular flow of income model, demand, supply, price mechanism)
- investigating how consumers rely on businesses to meet their needs and wants
- examining how businesses respond to the demands of consumers (for example, preference for healthy, environment-friendly, organic or ethical products and services)
- exploring why businesses might set a certain price for a product (for example, because that’s what they think consumers will pay) and how they might adjust the price according to demand
- considering how consumers might influence producers in other countries, such as those in the Asia region, to provide goods and services
General capabilities
ScOT terms
Supply and demand, Pricing