Economics and business / Year 7 / Economics and Business Knowledge and Understanding

Curriculum content descriptions

The ways consumers and producers interact and respond to each other in the market  (ACHEK017)

Elaborations
  • investigating how consumers rely on businesses to meet their needs and wants
  • examining how businesses respond to the demands of consumers (for example, preference for healthy options, environmentally friendly packaging or organic food)
  • exploring why businesses might set a certain price for a product (for example, because that’s what they think consumers will pay) and how they might adjust the price according to demand
  • considering how consumers might influence producers in other countries, such as those in the Asia region, to provide goods and services
  • investigating the role and interactions of consumers and producers in the market (for example, using a simple circular flow of income model, demand, supply, price mechanism)
General capabilities
  • Critical and creative thinking Critical and creative thinking
  • Personal and social capability Personal and social capability
  • Ethical understanding Ethical understanding
ScOT terms

Supply and demand,  Pricing

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