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

View on Australian Curriculum website Australian Curriculum, Assessment and Reporting Authority
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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