VCEBR022
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
Elaborations
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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?
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locating a range of products in the local shopping centre that were produced overseas, and proposing reasons why they were not produced in Australia
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mapping the global supply chain for a product to identify the participants in the chain
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defining ‘living standards’, discussing why it is considered the ultimate goal for economic activity and explaining its relationship to economic performance
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investigating economic performance and living standards and discussing how they can mean different things to different people and countries
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investigating the ways living standards can be measured, for example, gross domestic product (GDP), Human Development Index (HDI) or total quality of life index
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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
VCEBR022 | The Humanities | Economics and Business | Levels 9 and 10 | Resource Allocation and Making Choices