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Economics and business / Year 10 / Economics and Business Knowledge and Understanding
Curriculum content descriptions
The links between economic performance and living standards, and how and why variations exist within and between economies (ACHEK051)
Elaborations
- defining ‘living standards’ and explaining its relationship to economic performance
- exploring the factors that can explain the variations in economic performance within or between economies (for example, high levels of foreign ownership, employment rates, levels of debt)
- investigating economic performance and living standards and discussing how they can mean different things to different people and countries
- investigating the ways living standards can be measured (for example, gross domestic product (GDP), Human Development Index (HDI) or total quality of life index)
- investigating the ways in which income and wealth are distributed in the economy, using measures such as an income distribution histogram, the Lorenz curve or the Gini coefficient
General capabilities
ScOT terms
Living standards, Business cycles, Uneven development