Economic Skills

select and use appropriate terminology

apply mathematical techniques relevant to markets, including calculating:

opportunity cost

marginal benefits and marginal costs

price elasticity of demand, i.e. total revenue, coefficient method

price elasticity of supply

consumer surplus, producer surplus, deadweight loss

use economic models to analyse and convey economic theory related to markets, including: 

the Production Possibility Frontier

demand and supply graphs to analyse market behaviour and performance 

use economic information and data to:

identify trends and relationships in markets

analyse microeconomic issues and events 

predict market behaviour

link economic theory to contemporary microeconomic events and issues 

justify a conclusion

use a clear structure when communicating economic understandings, including:

using a relevant and accurate diagram/model

making reference to a diagram/model/data to support a written response

applying problem-solving, critical thinking and decision-making strategies to predict a market outcome 

recommending a range of action/policies to achieve market efficiency.