ACHEK017

The ways consumers and producers interact and respond to each other in the market

Elaborations

• investigating how consumers rely on businesses to meet their needs and wants (Skills: Literacy, Critical and Creative Thinking)
• examining how businesses respond to the demands of consumers (for example, preference for healthy options, environmentally friendly packaging or organic food) (Skills: Literacy, Critical and Creative Thinking, Personal and Social Capability, Ethical Understanding)
• exploring why businesses might set a certain price for a product (for example, because that's what they think consumers will pay) and how they might adjust the price according to demand (Skills: Literacy, Critical and Creative Thinking, Ethical Understanding)
• considering how consumers might influence producers in other countries, such as those in the Asia region, to provide goods and services (Skills: Literacy, Critical and Creative Thinking, Personal and Social Capability, Ethical Understanding, Intercultural Understanding)
• investigating the role and interactions of consumers and producers in the market (for example, using a simple circular flow of income model, demand, supply, price mechanism) (Skills: Critical and Creative Thinking)

(View this topic on www.australiancurriculum.edu.au )