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 thatâs 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)