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Economics and business / Year 10 / Economics and Business Knowledge and Understanding

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Australian Curriculum, Assessment and Reporting Authority

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

Ethical understanding

ScOT terms

Government policy, Social indicators, Business cycles

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