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Jacaranda Key Concepts in VCE Economics 2 Units 3 and 4, 11e learnON & Print Mass Spectrometry Chapters cover the elements ofAbout This Resource vii Acknowledgements xiv Unit 3 Australias Living Standards 1 Area of Study 1 An Introduction to Microeconomics: the Market System, Resource Allocation and Government Intervention 1 An introduction to microeconomics 3 1. 1 Overview 4 1. 2 BACKGROUND KNOWLEDGE What is economics? 6 1. 3 Relative scarcity 8 1. 4 Choice, opportunity cost and efficiency in resource allocation 14 1. 5 Market structure and the conditions for a free and