Economics and Business / Levels 7 and 8 / Resource Allocation and Making Choices
Content description
Examine the ways consumers and producers respond to and influence each other in the market, particularly through price mechanism
Elaborations
investigating how consumers rely on businesses to meet their needs and wants
identifying and creating a list of who is involved in the market system in Australia
explaining the influence of buyers and sellers on prices and how markets enable the distribution and allocation of resources, including examining how businesses answer questions of what to produce, how to produce and for whom to produce
examining how businesses respond to the demands of consumers, such as preferences for healthy options, environmentally friendly packaging or organic food
considering how consumers might influence producers in other countries to provide goods and services, such as those in the Asia region
describing how goods and services are produced
Code
VCEBR011
Curriculum resources and support
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