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Related topic
Economics and Business 7-10 / Year 9 / Knowledge and understanding
Curriculum content descriptions
the reasons Australia trades with other nations, and the patterns of trade between Australia and Asia (AC9HE9K03)
Elaborations
- explaining the reasons countries trade, such as variations in the quantity and quality of economic resources within and between countries, to sell surplus goods and services, or to buy goods and services required by individuals and businesses
- identifying the benefits of trade; for example, economic benefits (such as increased production, specialisation, increased household incomes, increased employment), benefits for individuals and businesses (such as opportunities to sell surpluses, competition encouraging greater choice, connections for inventors and entrepreneurs with future discoveries), and national benefits (such as relationships between countries, access to health and education services, and diversified sources of national income)
- analysing patterns of trade between Australia and the countries of Asia over time; for example, total value of trade each year, composition of trade (such as category, goods, services), direction of trade (such as exports to which countries, imports from which countries), percentage change over a decade (such as increase or decrease)
- identifying similarities and differences or trends in the composition and direction of trade between Australia and Asia now and 50 years ago
- explaining the interdependent nature of trade between Australia and the countries of Asia
General capabilities
Cross-curriculum priorities
ScOT terms
Regional trade, Circular income flow, International trade, Globalisation, Domestic markets