Australian Economics Practice Platform

Australian Curriculum Aligned | Units 1-4

Unit 1: The Behaviour of Consumers and Businesses

How do markets work and why do markets fail?

Foundation Unit (School-Assessed) 22 Skills • 3 Levels Each

Unit 1 Skill Map

Economic thinking, scarcity, opportunity cost, demand & supply, market equilibrium, and behavioural economics.

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MCQ Multiple Choice

ANALYSIS Economic Analysis

GRAPH Graph/Diagram

AoS 1: Thinking Like an Economist

8 skills

Economic Fundamentals

8 skills ▼

The Economic Problem: Scarcity FREEMCQ27000 Types of Economic ResourcesMCQ27001 Opportunity CostANALYSIS27002 Production Possibility FrontierGRAPH27003 Economic Efficiency on the PPFGRAPH27004 Positive vs Normative EconomicsANALYSIS27005 Microeconomics vs MacroeconomicsMCQ27006 Types of EconomiesANALYSIS27007

AoS 2: Markets

10 skills

Demand, Supply and Equilibrium

7 skills ▼

Competitive MarketsMCQ27008 The Law of DemandGRAPH27009 Non-Price Demand FactorsGRAPH27010 The Law of SupplyGRAPH27011 Non-Price Supply FactorsGRAPH27012 Market EquilibriumGRAPH27013 Surplus and ShortageGRAPH27014

Price Signals and Elasticity

3 skills ▼

Price as a Signal and Rationing DeviceANALYSIS27015 Introduction to ElasticityANALYSIS27016 Revenue and ElasticityANALYSIS27017

AoS 3: Behavioural Economics

4 skills

Decision-Making and Nudging

4 skills ▼

Bounded Rationality, Willpower, Self-InterestANALYSIS27018 Heuristics and Cognitive BiasesMCQ27019 Business Strategies and Consumer BehaviourANALYSIS27020 Government Nudging and Choice ArchitectureANALYSIS27021