← Economics syllabus

QLDEconomics

Unit 1: Markets and models

3 dot points across 3 inquiry questions. Click any dot point for a focused answer with worked past exam questions where available.

Topic 2: The market mechanism

Explain the operation of the market mechanism including the laws of demand and supply, equilibrium price and quantity, movements along and shifts of curves, and price elasticity of demand and supply
A focused QCE Economics Unit 1 answer on the market mechanism. Defines the laws of demand and supply, identifies the non-price determinants of each, finds equilibrium price and quantity, distinguishes movements along from shifts, and explains price elasticity with the standard formula.
8 min answer →

Topic 1: The basic economic problem

Explain the basic economic problem of scarcity and the resulting need to make choices, including the concepts of opportunity cost and the production possibility frontier
A focused QCE Economics Unit 1 answer on the basic economic problem. Defines scarcity and the four factors of production, distinguishes economic from accounting cost, draws and interprets the production possibility frontier, and explains why economies face trade-offs.
7 min answer →

Topic 3: Types of markets and the role of government

Explain the different market structures (perfect competition, monopolistic competition, oligopoly, monopoly) and the role of government in regulating market conduct, including the ACCC and the Competition and Consumer Act 2010
A focused QCE Economics Unit 1 answer on market structures. Distinguishes perfect competition, monopolistic competition, oligopoly and monopoly with Australian examples, explains the role of the ACCC and the Competition and Consumer Act 2010, and analyses recent competition issues including the 2024 supermarket inquiry.
7 min answer →