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Elaboration ACHEK038

identifying participants in the open Australian economy including household, business, finance, government and foreign sectors

Elaboration (1) ACHEK038

explaining the objectives of the Australian economy to satisfy needs and wants through the production and distribution of goods and services

Elaboration (2) ACHEK038

identifying Australia’s major trading partners in the Asia region and the items of trade

Elaboration (3) ACHEK038

explaining the impact of global events on the Australian economy and its trade and investment relations with other countries (for example, a natural disaster in a country of the Asia region)

Elaboration (4) ACHEK038

identifying examples of global events that impact on economic activity (for example, environmental, financial, economic, political, technological, social, cultural, sporting events)

Elaboration ACHEK039

exploring Australia's interdependence with other economies and brainstorming the ways that consumers, producers, workers and governments interact with other economies

locating a range of products in the local shopping centre that were produced overseas, and proposing reasons why they were not produced in Australia (for example, comparative advantage and gains from specialisation and trade)

Elaboration (2) ACHEK039

examining the implications of participating in an interdependent global economy for consumers, workers, businesses and government (for example, mapping the global supply chain for a product to identify the advantages and disadvantages for participants …

Elaboration (3) ACHEK039

investigating the activities of transnational corporations in supply chains and global business activities

Elaboration ACHEK040

explaining the role of banks and other deposit-taking institutions (for example, credit unions or building societies, in collecting deposits, pooling savings and lending them to individuals and business)

Elaboration (1) ACHEK040

identifying financial risks such as scams and identity theft

Elaboration (2) ACHEK040

investigating different types of investment that enable people to accumulate savings for the future (for example, shares, term deposits, managed funds)

Elaboration (3) ACHEK040

debating the difference between good and bad debt, how to manage debt, the risks of over-indebtedness, and the importance of having a savings buffer

Elaboration (4) ACHEK040

identifying ways consumers can protect themselves from risks (for example, through setting financial goals, insurances, savings, investments, diversification, scam avoidance and superannuation)

Elaboration (5) ACHEK040

explaining the financial landscape of Australia and overseas and the forces that shape and affect the financial industry (for example, financial deregulations, technological changes, economic and business activities, consumer and business sentiment about …

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