Course: Economics
Overview:
Economics provides understanding for students about many aspects of the economy and its operation that are frequently reported in the media. It investigates issues such as why unemployment or inflation rates change and how these changes affect individuals in society. Economics develops students' knowledge and understanding of the operation of the global and Australian economy. It develops the analytical, problem-solving and communication skills of students. There is a strong emphasis on the problems and issues in a contemporary Australian economic context within the course.
Economics is the study of how to best solve the universal economic problem of scarcity. Two distinct branches of Economics are macroeconomics and microeconomics, each of which approach Economics from an opposing perspective. A rigorous, stimulating and relevant Economics framework enables students to develop valuable analytical skills which are critically important, given that economic decisions have a crucial influence on the standard of living as well as quality of life experienced by individuals and economies throughout the world.
This course is ideal for students who are interested in rigorous reading plus complex and deep writing regarding the Australian economy and its place in the global economy, as well as, economic issues, policies and management. Economics assists in the development of investigative, analytical, evaluative and synthesis skills. It prepares you to make better informed decisions about consumption, business, law and politics.
Topics:
Preliminary Course
Introduction to Economics: The nature of economics and the operation of an economy
Consumers and Business: The role of consumers and business in the economy
Markets: The role of markets, demand, supply and competition
Labour Markets: The workforce and role of labour in the economy
Financial Markets: The financial market in Australia, including the share market
Government in the Economy: The role of government in the Australian economy
HSC Course
The Global Economy: Features of the global economy and globalisation
Australia's Place in the Global Economy: Australia's trade and finance
Economic Issues: Issues including growth, unemployment, inflation, wealth and management
Economic Policies and Management: The range of policies to manage the economy
Possible Internal Assessment Types:
| Preliminary | HSC |
Objective and short response examination as well as an extended response submission Formal Examination |
Objective and short response examination as well as an extended response submission Trial Examination |
HSC Examination Format:
The examination will consist of a written paper worth 100 marks.
The time allowed is 3 hours plus 5 minutes reading time.
Section I (20 marks)
● There will be objective-response questions worth 20 marks.
Section II (40 marks)
● There will be four short-answer questions.
Section III (20 marks)
● There will be two stimulus-based extended response questions where candidates will be required to answer one question.
● The expected length of response will be around six pages of an examination writing booklet (approximately 800 words).
Section IV (20 marks)
● There will be two extended-response questions where candidates will be required to answer one question
● The expected length of response will be around six pages of an examination writing booklet (approximately 800 words).
Other helpful information: