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outline the effects on a local economy of changes both in consumer needs and wants and in the supply of and demand for resources
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analyse the effects of competition in the marketplace
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| | explain how factors of production including land, labour, capital, and entrepreneurship affect business decision making
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| | describe the effects of an information-based economy on business practices
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| | outline methods of resource allocation in various economic systems
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prepare and interpret a simple supply-and-demand graph and apply the interpretation to a business problem
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| | explain the significance of competition and co-operation in business
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| | outline methods used to facilitate and predict economic development
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| | describe common economic indicators and explain how they apply to the standard of living
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