Stage 2

Economics

Assumed Knowledge

Nil.

Prerequisites

A ‘C’ grade or better in Stage 1 Economics A or B, Stage 1 English or any Stage 1 Humanities subject​.

Focus Capabilities

Communication, Citizenship, Personal Development, Work, Learning.

Related Subject
Subject Description

Studying economics enables students to understand how an economy operates, the structure of economic systems and the way in which they function. Students develop an understanding of different economic systems and institutions, and can assess the degree to which these systems and institutions help satisfy people’s needs. Students become aware that economic decisions are not value free and have outcomes that may be inconsistent with social, moral and ethical values.

Students research, analyse, evaluate, and apply economic models that are expressed in graphical and/or diagrammatic form. They make forecasts about economic change and evaluate issues for individuals and groups in local, national and global settings. They learn how some of these issues affect their lives and how they can use the knowledge and skills of economics to inform their participation in society.

Content
Five key areas of study:

  • The Economic Problem: Resources, Economic Systems

  • Microeconomics:The Price Mechanism, Market Structures

  • Macroeconomics: Economic Objections, Economic Policy Tools

  • Globalisation: Trade

  • Poverty and Inequality: Developing Nations

Assessment

  • Assessment Type 1: Folio

  • Assessment Type 2: Economic Project

  • Assessment Type 3: External Examination (30%).

Students provide evidence of their learning through five assessments, including the external assessment component. Students complete:

  • three folio tasks

  • one economic project

  • one examination.

Topics:

  • Core topic: Thinking like an economist:

        ·   economic inquiry skills

        ·   data analysis

        ·   microeconomics

        ·   macroeconomics


  • Potential choice of the following economic scenarios

        ·   firms

        ·   macroeconomic management

        ·   trade and globalisation

        ·   wealth, poverty, and inequality

        ·   innovation and the networked economy

        ·   the environment

        ·   health

        ·   sport and entertainment

        ·   elective scenario

Course Fees

Nil.

Additional Costs

Students may choose to purchase: Economics Past Exams and Answers (approximately $20.00) and Essentials Workbook (approximately $40.00).​

Assessment Type 1:

Skills & Applications: Assignments, test, short answer questions, multiple choice questions: in response to stimuli.

Assessment Type 2:

Folio: Two directed tasks, one of Poverty and Inequality.

Assessment Type 3:

External Assessment: A two hour external examination: Part A – multiple choice questions, response to stimuli and extended response questions; Part B – one essay from a range of questions​.

Assessment Type 4:

N/A

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