Market forces are not always reliable, and we need governments and other institutions to safeguard our democracy and our standard of living. The problem is how do we know where and when?
This unit focuses on institutions and their role in creating a sustainable and economically viable future with an analysis of current government policy, specifically the federal budget. The topics are:
Labour market institutions
Regulation of financial markets – the role and functions of current institutions
Functions of the three levels of government
Size of the public sector
Economic functions of the Australian Government
Comprehend the background and implications of contemporary economic issues.
Discuss appropriate policies to solve economic problems and issues.
How can we provide for vulnerable people in a global pandemic?
What are the economic impacts of a pandemic and how can a government respond justly?
Outcomes or desired results
P2 explains the economic role of individuals, firms and government in an economy P3 describes, explains and evaluates the role and operation of markets P5 analyses the relationship between individuals, firms, institutions and government in the Australian economy P10 communicates economic information, ideas and issues in appropriate forms P12 works independently and in groups to achieve appropriate goals in set timelines