Using the volcanic eruption in Iceland and the economic impact of the resultant ash clouds as a case study, this student resource provides an introduction to a study of economics, with a focus on basic economic concepts and an overview of Australia’s economic system.
The Economics domain of the Victorian Essential Learning Standards (VELS) aims to develop students’ economic and financial literacy, including economic reasoning and interpretation skills. Economics focuses on how scarce resources are allocated to satisfy needs and wants, and how goods and services are distributed. VELS Economics aims to help students make informed and ethical decisions, and understand the complexity of economic decision-making at all levels in the economy.
 

Back