The Humanities – Economics
Level 10 Annotated Student Work Sample: Markets
Context
This task was part of a unit of work that focused on developing students’ understanding of the way
markets work and the factors that can influence market operation.
Through class discussion and research activities, students chose a particular market and investigated the
characteristics of that market, how prices are determined, and the demand and supply factors that
operate in this market. Students were also required to discuss an issue that was relevant to this market.
Using subject-specific language students were required to prepare a report focusing on:
 characteristics of the chosen market
 the basic economic problem
 opportunity cost
 how markets work
 an issue relevant to the market.
The element of the Economic knowledge and understanding standard addressed by this task is:
(Students) describe how markets…affect the economy, society and environment ... They
analyse... how markets work. They predict how prices will change when there is either a surplus
or shortage, and explain how this might influence the behaviour of consumers and producers.
The element of the Economic reasoning and interpretation standard addressed by this task is:
(Students) use economic reasoning, including cost-benefit analysis, to research … economic
issues ... Students interpret reports about current economic conditions, both national and global,
and explain how these conditions can influence decisions made by consumers, producers …
Sample
The following sample illustrates the kind of response that students typically produce when they have
achieved the elements of the standards addressed by this task.
©VCAA May 2013
The Humanities – Economics
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The Humanities – Economics
Annotation
Economic knowledge and understanding – Level 10
The student:
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researches and provides characteristics of selected market (A)
defines and explains a basic economic problem (B)
explains ‘opportunity cost’ (C)
identifies the three basic economic questions of market operation (D)
makes links to the selected market (E)
interprets reports and analyses how the bicycle market works (F)
identifies and researches an issue in the bicycle market (G)
proposes an hypothesis (H)
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The Humanities – Economics
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provides researched reasons to support hypothesis (I)
makes suggestions as to how consumers and producers may be influenced. (J)
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