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Related topic
Economics and business / Year 10 / Economics and Business Knowledge and Understanding
Curriculum content descriptions
The ways that governments manage economic performance to improve living standards (ACHEK052)
Elaborations
- identifying examples of fiscal and monetary policy options designed to improve the standard of living, such as productivity policy, training and workforce development, taxation, work visas, migration, buying or selling government securities
- identifying examples of government intervention that aim to redistribute income (for example, pensions, youth allowance and job search), and goods and services such as health care and education
- investigating how Australia supports economic growth in the Asia region through participating in the Asia-Pacific Economic Cooperation (APEC) forum
- explaining the impact of minimum wage, government payments, taxation and government-funded services on living standards
- identifying examples of externalities (that is, costs or benefits associated with the production or consumption of goods and/or services that affect the wellbeing of third parties or society more generally) and exploring the ways governments can influence or regulate these impacts to ensure prices reflect external costs
General capabilities
ScOT terms
Government policy, Social indicators, Business cycles