BUSINESS IN THE ECONOMY.docx - UNIT 2 BUSINESS IN THE ECONOMY The focus of this unit is business economics and the role of businesses in the process of

BUSINESS IN THE ECONOMY.docx - UNIT 2 BUSINESS IN THE...

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UNIT 2: BUSINESS IN THE ECONOMY ) The focus of this unit is business economics and the role of businesses in the process of production and spending. Business knowledge Business reasoning Business decision-making The Australian Economy The importance and roles of small and medium size enterprises (SMEs) in Australia Key features of the Australian modified market economy How businesses collectively answer the four key economic questions (i.e. what to produce, how much to produce, how to produce and for whom to produce?) The concept of consumer sovereignty and its implications for business decisionmaking The concept of economic interdependence How a business produces goods and services using economic resources. Impact of economic interdependence on business decisionmaking. Basic market theory The concept of a market How markets operate – basic
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