Nature of markets within the economy

Students: 

• explain the price mechanism and the interaction of demand and supply within a market 

• investigate the concept of a market and the various types of markets, for example retail markets, labour markets, financial markets, stock markets

• explore customary trading practices of Aboriginal Peoples and Torres Strait Islander Peoples and the nature of participation in historical and contemporary markets, for example trade in rare and valuable goods, changes in technologies and ideas, use of cultural knowledge in enterprising ways 

• examine the reasons for government intervention in the market, for example energy pricing, prevention of environmental degradation, conservation of natural resources