AC9HE8K01 Year 8 Humanities and Social Sciences

Content descriptor how markets influence decisions about the allocation of resources to the production of goods and services, and the effect of prices on these decisions

Elaborations

• • Elaboration identifying who is involved in the market system in Australia and explaining how the market operates through the interactions of participants (household, business, finance and government sectors)
• • Elaboration explaining how interaction between buyers and sellers enables the allocation of resources to the production of goods and services; that is, “What to produce?”, “How to produce?” and “For whom to produce?”
• • Elaboration discussing examples of products or services that sell for high prices and low prices, and identifying the factors that influence the setting of price; for example, factors influencing the cost of petrol include available supply, consumer demand, manufacturing costs and competition
• • Elaboration explaining how price is the means by which the decisions of consumers and businesses interact to determine the allocation of resources; for example, when the price of a good or service rises, resources are redirected to produce additional goods and services