Economics · Unit 2 · Case options of market measures and strategies · Case options of market measures and strategies
Explain the causes of inequality of income and wealth in Australia (e.g. educational attainment, employment status, gender, age, occupation, ethnic background, uneven distribution of factors of production, and family structure) and other factors that impact particular groups in society, e.g. Australian Aboriginal peoples and Torres Strait Islander peoples, migrants, and people living with disabilities.
Learning objective 13 of 17 in this subtopic
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Explain the - environmental impacts of economic activities - trade-off between economic growth and ecologically sustainable development, e.g. the environmental performance index; the environmental Kuznets curve (the optimism bias of ‘grow now and clean later’) - challenge of valuing externalities and ensuring these are reflected in market prices.
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Explain the impact of competitive pressures on innovation and investment, resource allocation and market efficiency, using economic reasoning.