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

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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
  • Critical and creative thinking Critical and creative thinking
  • Ethical understanding Ethical understanding
ScOT terms

Living standards,  Business cycles,  Uneven development

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