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Content description VCEBR022

Economics and Business / Levels 9 and 10 / Resource Allocation and Making Choices
Content description
Explain the links between economic performance and living standards, including the variations that exist within and between economies, and give reasons for the possible causes of variations
  1. comparing Australia’s resource base with another economy and exploring how this may influence trading relationships, for example, why does a particular economy manufacture electronic goods, while another focuses on mining?
  2. locating a range of products in the local shopping centre that were produced overseas, and proposing reasons why they were not produced in Australia
  3. mapping the global supply chain for a product to identify the participants in the chain
  4. defining ‘living standards’, discussing why it is considered the ultimate goal for economic activity and explaining its relationship to economic performance
  5. investigating economic performance and living standards and discussing how they can mean different things to different people and countries
  6. investigating the ways living standards can be measured, for example, gross domestic product (GDP), Human Development Index (HDI) or total quality of life index
  7. identifying policy options designed to improve living standards, such as education, training and workforce development, taxation, migration, government spending on health and infrastructure, environmental policies
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