This document provides an overview of economics concepts for a Year 10 commerce class. It defines economics as how a society satisfies needs and wants with limited resources. It discusses the key players in the Australian economy like consumers, businesses, and government and how they are linked. It also covers economic resources, the economic cycle, gross domestic product, inflation, interest rates, and how changes in these factors can affect consumers and businesses. The goal is for students to understand how the Australian economy works and how economic changes impact different groups.

1. OUR ECONOMY
YEAR 10 COMMERCE

2. STUDENTS LEARN TO ASSESS CHANGES IN OUR
ECONOMY, HOW THESE CHANGES RELATE TO EXISTING
TRENDS IN THE ECONOMIC CYCLE, AND TO EXPLAIN THE
IMPLICATIONS OF THESE CHANGES FOR CONSUMERS
AND BUSINESSES
FOCUS OF THE TOPIC

3. INTRO TO
ECONOMICS

4. WHAT IS THE STUDY OF
ECONOMICS?

6. ECONOMICS DEFINITION
▸ how a nation tries to satisfy people’s needs (such as
clean water, food, shelter and health care) and wants
(non-essential goods and services) with limited
resources.

7. IDENTIFY A MOMENT IN YOUR
LIFE WHERE YOU DECIDED THE
BENEFIT OUTWEIGHED THE
COSTS

9. 1. ECONOMIC
CHANGE
SYLLABUS SECTION

10. ECONOMIC LINKS BETWEEN
AUSTRALIAN CONSUMERS, EMPLOYERS,
BUSINESSES AND GOVERNMENTS
SYLLABUS DOT POINT

11. Consumers Business
Government

12. WHAT IS ANOTHER WAY THE
AUSTRALIAN ECONOMY CAN BE
AFFECTED?

13. WHAT IS THE LINK BETWEEN
ALL KEY PLAYERS?

14. balance of trade: the difference between the money
received by a country when exporting goods/services and
the money paid to other countries when importing goods/
services. If more is imported than exported, there is a
negative balance of trade

15. RESOURCES
▸ Economic resources include
▸ 1. labour (human effort),
▸ 2. use of land (natural resources, such as soil, rivers and forests)
▸ 3. capital (such as machinery and technology that are used to
create goods and services)
▸ A 4th resource is often added which is Enterprise or entrepreneurship
SINCE EACH OF THESE RESOURCES ARE LIMITED IN THEIR SUPPLY THEY ARE
OFTEN REFERRED TO AS SCARCE RESOURCES

16. 4 TYPES OF ECONOMIES

19. Visit the Reserve Bank of Australia website to find out what it does

20. THE ECONOMIC CYCLE
SYLLABUS DOT POINT

22. THE FOUR FUNCTIONS OF AN ECONOMY
▸ Deciding what to produce
▸ How much to produce
▸ How to produce it
▸ Who to produce the goods and services for
AUSTRALIA HAS NOT HAD A RECESSION - DEFINED AS TWO CONSECUTIVE
QUARTERS OF NEGATIVE GROWTH - SINCE JUNE 1991

25. TOTAL OUTPUT AND GROSS DOMESTIC PRODUCT

26. What were the main events to the Australian economy in 2017?

27. CONSUMER CONFIDENCE AND SPENDING

28. WHAT ARE THE FACTORS FOR A REDUCTION IN CONSUMER CONFIDENCE

29. MORTGAGE STRESS

30. INFLATION

33. AUSTRALIA CASH RATE HISTORY

36. What is going to help the Australian economy in 2018?

39. GDP GDP PER CAPITA
HUMAN DEVELOPMENT INDEX

41. INTEREST RATES
SYLLABUS DOT POINT

43. Click here for interest rate activity on website

44. WHAT HAPPENS IF THE
INTEREST RATE GOES UP?
WHAT ABOUT DOWN?

46. Click Here

47. EFFECT OF RISING AND FALLING
INTEREST RATES ON CONSUMER AND
PERSONAL FINANCIAL DECISION MAKING
SYLLABUS DOT POINT

48. 2. PRICE
CHANGES
SYLLABUS SECTION

49. SOME KEY TERMS

50. INFLATION
SYLLABUS DOT POINT

51. INFLATION
▸ When the price of goods and services go up, the
cost of living goes up and the value or
purchasing power is reduced
▸ Consumer Price Index is used to measure the
inflation rate

57. EFFECT OF CHANGES IN THE VALUE
OF THE AUSTRALIAN DOLLAR ON
CONSUMERS AND BUSINESSES
SYLLABUS DOT POINT

65. Federal Budget 2014