1.1 Overview

1Economic decision-making

AREA OF STUDY 1 Thinking like an economist OUTCOME 1 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. 1 Thinking like an economist ...................................................................................................................................3 AREA OF STUDY 2 Decision-making in markets OUTCOME 2 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. 2 Decision-making in markets ..............................................................................................................................69 AREA OF STUDY 3 Behavioural economics OUTCOME 3 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. 3 Behavioural economics ................................................................................................................................... 147 Source: VCE Economics Study Design (2023–2027) extracts © VCAA; reproduced by permission.UNCORRECTED PAGE PROOFS