“u01EconomicDecisionMaking_PrintPDF” — 2022/6/17 — 13:23 — page 1 — #1
UNIT
1
Economic decision-making
FS
AREA OF STUDY 1 Thinking like an economist
O
OUTCOME 1
1 Thinking like an economist
PR O
Describe the basic economic problem, discuss the role of consumers, businesses and the government in the economy, and analyse the factors that affect economic decision-making.
................................................................................................................................... 3
AREA OF STUDY 2 Decision-making in markets
E
OUTCOME 2
.............................................................................................................................. 69
PA
2 Decision-making in markets
G
Explain the role of relative prices and other non-price factors in the allocation of resources in a market-based economy and analyse the extent of competition in markets.
AREA OF STUDY 3
D
Behavioural economics OUTCOME 3
TE
Adapt or design and then conduct a scientific investigation related to function and/or regulation of cells or systems, and draw a conclusion based on evidence from generated primary data. ................................................................................................................................... 147
CO RR EC
3 Behavioural economics
U
N
Source: VCE Economics Study Design (2023–2027) extracts © VCAA; reproduced by permission.