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Elaboration ACHEK027

identifying who is involved in the market system in Australia and explaining how the market operates through the interactions of the participants (for example, household, business, finance, and government sectors)

Elaboration (1) ACHEK027

identifying different types of markets that operate in Australia such as retail markets, labour markets, financial markets, stock markets

Elaboration (2) ACHEK027

explaining how the interaction between buyers and sellers influences prices and how markets enable the distribution and allocation of resources (that is, how do businesses answer the questions of what to produce, how to produce and for whom to produc …

Elaboration (3) ACHEK027

identifying examples of government involvement in the market through reallocation of resources, regulation of economic activity or redistribution of income (for example, providing some types of goods and services not being provided sufficiently by the …

Elaboration (4) ACHEK027

identifying reasons government intervenes in the market (for example, to improve economic performance and remedy market failure)

Elaboration ACHEK028

exploring traditional practices that enabled fast and expansive exchange in technology, ideas and rare and valuable goods within and between Aboriginal and Torres Strait Islander communities (for example, through trade, songlines and ceremony), and how …

Elaboration (1) ACHEK028

recognising that Aboriginal and Torres Strait Islander communities participate in contemporary markets (for example, employment, social contribution) and identifying the barriers to access to contemporary markets (for example, distance, poverty)

Elaboration (2) ACHEK028

investigating the innovative ways Aboriginal and Torres Strait Islander Peoples utilise their cultural knowledge in contemporary contexts in enterprising ways (for example, cultural tourism and other business ventures that harness traditional knowledge …

Elaboration ACHEK029

distinguishing the difference between rights and responsibilities and creating a list of the rights and responsibilities of consumers and businesses

Elaboration (1) ACHEK029

investigating the ways the rights of consumers are protected through the law (for example, warranties, cooling off periods)

Elaboration (2) ACHEK029

identifying examples of how businesses are required by government to protect the safety of consumers (for example, mandatory and voluntary standards, product safety recalls)

Elaboration (3) ACHEK029

discussing different financial and economic decisions that consumers and businesses make

Elaboration ACHEK030

comparing different forms of business ownership (for example, sole proprietorship, partnership, corporation, cooperative, franchise)

Elaboration (1) ACHEK030

explaining why a person or group of people would choose to establish one type of business rather than another

Elaboration (2) ACHEK030

exploring different external factors that influence business opportunities, such as government and government policy, competitors in the market, demographics, technological innovations in production processes and product design, economic conditions, globalisation, …

Elaboration (3) ACHEK030

identifying examples of the different ways businesses respond to opportunities in the market (for example, developing a new product to satisfy demand, changing the way they deliver their products or services to consumers)

Elaboration (4) ACHEK030

exploring different internal factors that influence business opportunities, such as the product, location, resources, management and business culture including ability to be adaptable and demonstrate enterprising behaviours and skills

Elaboration ACHEK031

investigating present influences on the ways people work, such as technological change, outsourced labour in the global economy, rapid communication changes, casualisation of the workforce

Elaboration (1) ACHEK031

identifying changes to the workforce over time, such as the jobs available, the way individuals or communities value particular work, career length and human resource development, changing demography, corporate social responsibility and sustainability …

Elaboration (2) ACHEK031

predicting changes to work in the future and possible outcomes (for example, ‘What could be the effect of a changing attitude to work–life balance or the decline of some industries?’)

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