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Economics and business / Year 8 / Economics and Business Knowledge and Understanding
Curriculum content descriptions
The ways markets in Australia operate to enable the distribution of resources, and why they may be influenced by government (ACHEK027)
Elaborations
- identifying who is involved in the market system in Australia and explaining how the market operates through the interactions of the participants (for example, household, business, finance, and government sectors)
- identifying different types of markets that operate in Australia such as retail markets, labour markets, financial markets, stock markets
- explaining how the interaction between buyers and sellers influences prices and how markets enable the distribution and allocation of resources (that is, how do businesses answer the questions of what to produce, how to produce and for whom to produce?)
- identifying examples of government involvement in the market through reallocation of resources, regulation of economic activity or redistribution of income (for example, providing some types of goods and services not being provided sufficiently by the market, such as health care)
- identifying reasons government intervenes in the market (for example, to improve economic performance and remedy market failure)
General capabilities
ScOT terms
Markets, Macroeconomics, Market failure