Criteria

• Revise key concepts: resources, the economic problem, opportunity cost, the Circular Flow of Income Model.

• Define macroeconomics.

• Identify indicators of economic performance such as economic growth rates, unemployment trends, inflation rates, sustainability indexes, etc.

• Investigate the performance of the Australian economy using key indicators.

• Define GDP economic growth: defined, causes, effects

• Unemployment: define, causes, effects

• Inflation: defined, causes, effects

• Identify recent trends in economic growth, unemployment, inflation in Australia.

• Define ‘living standards’ and explain its relationship to economic performance 

• Investigating economic performance and living standards and discussing how they can mean different things to different people and countries