Australian Economics Practice Platform

Australian Curriculum Aligned | Units 1-4

Unit 3: Australia's Economic Prosperity

How can Australia achieve sustained economic prosperity?
25% SAC + 50% Exam (ATAR) 60 Skills • 3 Levels Each

Unit 3 Skill Map

Microeconomics, domestic macroeconomic goals, and international economics.

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MCQ Multiple Choice
ANALYSIS Economic Analysis
GRAPH Graph/Diagram
POLICY Policy Evaluation

AoS 1: Microeconomics

15 skills

Demand and Supply

5 skills ▼
Law of demand FREEGRAPH27200 Non-price demand factorsGRAPH27201 Law of supplyGRAPH27202 Non-price supply factorsGRAPH27203 Market equilibriumGRAPH27204

Elasticity

2 skills ▼
Price elasticity of demandANALYSIS27205 Price elasticity of supplyANALYSIS27206

Market Failure

3 skills ▼
ExternalitiesGRAPH27207 Public goodsMCQ27208 Asymmetric informationMCQ27209

Government Intervention

5 skills ▼
Taxes and subsidiesGRAPH27210 Price controlsGRAPH27211 Regulation and provisionPOLICY27212 Unintended consequencesANALYSIS27213 Efficiency typesMCQ27214

AoS 2: Domestic Macroeconomic Goals

30 skills

Living Standards

3 skills ▼
Material living standardsMCQ27215 Non-material living standardsMCQ27216 Measuring living standardsANALYSIS27217

Circular Flow and National Income

3 skills ▼
Circular flow modelGRAPH27218 Leakages and injectionsGRAPH27219 National income equilibriumANALYSIS27220

Aggregate Demand

7 skills ▼
Components of aggregate demandMCQ27221 Consumption determinantsANALYSIS27222 Investment determinantsANALYSIS27223 Government spending and net exportsMCQ27224 Factors affecting aggregate demandGRAPH27225 AD curve shiftsGRAPH27226 Multiplier effectANALYSIS27227

Aggregate Supply

4 skills ▼
Aggregate supply determinantsANALYSIS27228 Cost-side factorsANALYSIS27229 Productivity and capacityANALYSIS27230 AD-AS equilibriumGRAPH27231

Economic Growth

4 skills ▼
Measuring economic growthANALYSIS27232 Strong and sustainable growthANALYSIS27233 Business cycleGRAPH27234 Consequences of low/no growthANALYSIS27235

Employment

4 skills ▼
Types of unemploymentMCQ27236 Full employment and NAIRUANALYSIS27237 Labour force participationANALYSIS27238 Consequences of unemploymentANALYSIS27239

Inflation and Price Stability

5 skills ▼
Measuring inflationANALYSIS27240 Demand-pull vs cost-push inflationGRAPH27241 RBA inflation targetPOLICY27242 Consequences of inflationANALYSIS27243 Macroeconomic goal trade-offsANALYSIS27244

AoS 3: International Economics

15 skills

Trade and Exchange Rates

6 skills ▼
Reasons for international tradeMCQ27245 The exchange rateGRAPH27246 Factors affecting the exchange rateANALYSIS27247 Exchange rate effects on the economyANALYSIS27248 Terms of tradeANALYSIS27249 Effects of terms of trade changesANALYSIS27250

Balance of Payments

2 skills ▼
Balance of payments: current accountANALYSIS27251 Balance of payments: capital and financial accountANALYSIS27252

Trade Policy and Protection

4 skills ▼
Free trade and its benefitsMCQ27253 Tariffs and their effectsGRAPH27254 Other forms of protectionMCQ27255 Trade agreements and FTAsMCQ27256

Globalisation and International Linkages

3 skills ▼
Net foreign debt and equityANALYSIS27257 Globalisation and living standardsANALYSIS27258 International economic conditions and AustraliaANALYSIS27259
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