Economies are different but they still trade. Mutual trade is beneficial but sometimes it can lead to problems. What consequences are there for our quality of life?
Identify fluctuations in the global and Australian economies and their likely effects on business.
Outcomes or desired results
P1 demonstrates understanding of economic terms, concepts and relationships P2 explains the economic role of individuals, firms and government in an economy P4 compares and contrasts aspects of different economies P6 explains the role of government in the Australian economy P8 applies appropriate terminology, concepts and theories in economic contexts P11 applies mathematical concepts in economic contexts.
Is History Important?
If we’re headed for a recession, blame the economists who flunked history class. History has long been downplayed by economists, even though it holds the keys to answering some of the most important questions today. Why did the stock market crash in 1929? Should the 2008 bank bailout been handled differently? Is there any way to stop this endless cycle of booms and busts? Economic historian Robert Skidelsky explains why the past is vital to making sense of the present.