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Elaboration (4) ACHEK051

investigating the ways in which income and wealth are distributed in the economy, using measures such as an income distribution histogram, the Lorenz curve or the Gini coefficient

identifying examples of fiscal and monetary policy options designed to improve the standard of living, such as productivity policy, training and workforce development, taxation, work visas, migration, buying or selling government securities

Elaboration (1) ACHEK052

identifying examples of government intervention that aim to redistribute income (for example, pensions, youth allowance and job search), and goods and services such as health care and education

Elaboration (2) ACHEK052

investigating how Australia supports economic growth in the Asia region through participating in the Asia-Pacific Economic Cooperation (APEC) forum

Elaboration (3) ACHEK052

explaining the impact of minimum wage, government payments, taxation and government-funded services on living standards

Elaboration (4) ACHEK052

identifying examples of externalities (that is, costs or benefits associated with the production or consumption of goods and/or services that affect the wellbeing of third parties or society more generally) and exploring the ways governments can influence …

Elaboration ACHEK053

identifying and explaining factors that influence major consumer decisions (for example, price, availability and cost of finance, marketing of products, age and gender of consumer, convenience, ethical and environmental considerations)

Elaboration (1) ACHEK053

evaluating the outcomes of buying (for example, a car, using criteria such as the effect of loan repayments on disposable income, depreciation, maintenance and insurance costs compared with the benefits of independence, convenience and social status)

Elaboration (2) ACHEK053

identifying the difference between minor and major consumer and financial decisions and listing examples of each

Elaboration ACHEK054

describing ways in which businesses can improve productivity (for example, training, capital investment, investment in applications of technology, use of just-in-time inventory systems)

Elaboration (1) ACHEK054

exploring ways businesses structure their working environment to provide flexible, efficient approaches (for example, horizontal (flat) or vertical (tall) organisational structures)

Elaboration (2) ACHEK054

exploring the use of technology and the extent to which it has driven and allowed innovative responses by business

Elaboration (3) ACHEK054

exploring the reasons for triple bottom line business planning and the possible implications for employees, competitors and the broader economy

Elaboration (4) ACHEK054

identifying ethical and unethical workplace practices and investigating the impact of these practices on individuals

Elaboration (5) ACHEK054

investigating ways that businesses have responded to improving economic conditions (for example, increasing their research and development funding to create innovative products, adjusting marketing strategies to expand their market share, upskilling their …

Elaboration ACHES055

establishing questions to form the basis of an economic or business investigation into an issue or event, such as ‘Why do standards of living differ within an economy?’, or formulating a hypothesis such as ‘Responding to an upswing in the economy with …

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