The concept of economics and business include scarcity, making choices, interdependence, allocation, markets, economic living standards and specialization and trade.
The concept of scarcity helps understand the imbalance between the demand and supply and also describes the availability of resources. According to Ossenblok et al. (2012, p.285), this also helps in recognizing the concepts of the consumers, government and the suppliers.
This concept generally knows the optimum limit of choice between the scarcity of funds and resources. The students understand this through the concept of imbalance between the demand and the supply. They also come to know the concept of opportunity costs. These are basically taught to them for better decision making. In this context, Leydesdorff et al. (2011, p.2421) has told that the students generally find the concept of market and its workings.
This concept entails the students to know the main reason behind business and what specialization means. Through this concept, they also get to know what satisfaction means and how a purchase can help them to become satisfied. The characteristics of successful entrepreneurs are also taught to them for encouraging them to become entrepreneurs in future.
This concept specially focuses upon the linkage between two or more business entity. It describes how a number of business entities come together in developing a final product. It also clarify the entities with whom Australia trade. It also clarifies the concept of globalization.
The main players are of the Australian market and the types of their businesses. It also helps in knowing their ability of influencing the purchasing power of the consumers.
This describes the overall economy of Australia, how people are living. It also describes the factors that affect the living standards of an economy.