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Elaboration (4) ACHEK017

investigating the role and interactions of consumers and producers in the market (for example, using a simple circular flow of income model, demand, supply, price mechanism)

Elaboration (4) ACHEK027

identifying reasons government intervenes in the market (for example, to improve economic performance and remedy market failure)

exploring different internal factors that influence business opportunities, such as the product, location, resources, management and business culture including ability to be adaptable and demonstrate enterprising behaviours and skills

Elaboration (4) ACHEK038

identifying examples of global events that impact on economic activity (for example, environmental, financial, economic, political, technological, social, cultural, sporting events)

Elaboration (4) ACHEK040

identifying ways consumers can protect themselves from risks (for example, through setting financial goals, insurances, savings, investments, diversification, scam avoidance and superannuation)

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

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 (4) ACHEK054

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

Elaboration (2) ACHEK017

exploring why businesses might set a certain price for a product (for example, because that’s what they think consumers will pay) and how they might adjust the price according to demand

Elaboration (2) ACHEK018

explaining how financial records such as income statements, balance sheets, budgets and cash flow statements inform business decision-making

Elaboration (2) ACHEK020

investigating alternative sources of income such as through owning a business, being a shareholder, providing a rental service

Elaboration (2) ACHES025

identifying links between entrepreneurial behaviour and successful businesses

Elaboration (2) ACHES026

discussing the consequences of an economic or business decision, and reflecting on the effect of alternative actions

Elaboration (2) ACHEK027

explaining how the interaction between buyers and sellers influences prices and how markets enable the distribution and allocation of resources (that is, how do businesses answer the questions of what to produce, how to produce and for whom to produc …

Elaboration (2) ACHEK028

investigating the innovative ways Aboriginal and Torres Strait Islander Peoples utilise their cultural knowledge in contemporary contexts in enterprising ways (for example, cultural tourism and other business ventures that harness traditional knowledge …

Elaboration (2) ACHEK029

identifying examples of how businesses are required by government to protect the safety of consumers (for example, mandatory and voluntary standards, product safety recalls)

Elaboration (2) ACHEK030

exploring different external factors that influence business opportunities, such as government and government policy, competitors in the market, demographics, technological innovations in production processes and product design, economic conditions, globalisation, …

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