The Economic Problem and Scarcity · Economic Foundations

Economic Systems

Comparing how market, planned, and mixed economies answer the three basic economic questions.

Key Questions

  1. 1To what extent should the state intervene in private enterprise?
  2. 2How do different systems prioritize equity versus efficiency?
  3. 3What role does consumer sovereignty play in a modern economy?

ACARA Content Descriptions

AC9EC11K02
Year: Year 11
Subject: Economics & Business
Unit: The Economic Problem and Scarcity
Period: Economic Foundations

Suggested Methodologies

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