Economics

OVERVIEW

Economics is the study of how resources are allocated to meet the needs and wants of society. It attempts to explain how and why individuals behave the way they do and the consequences of their decision making. Studying Economics as a social science enables students to gain valuable insight into the economic problems that they may face on an individual basis and collectively as a society to meet the needs and wants of citizens, and may therefore assist them in making more informed and responsible decisions.

God has placed us as a steward over His resources. A study of Economics helps to understand that God’s resources are finite and that we have a responsibility to manage economic resources wisely. The study of Economics helps us to understand that God is the supplier of material needs for those who trust Him.

SUBJECT LENGTH

• Each Unit is 1 semester long. Units 3 & 4 must be completed together in a calendar year for a study score to be generated.

TOPICS INCLUDE

Unit 1: Economics: The Behaviour of Consumers and Businesses

• Thinking Like An Economist
• Decision Making In Markets

Unit 2: Economics: Contemporary Economic Issues

• Economic Growth, Long-Term Economic Prosperity And Environmental Sustainability
• Economic Efficiency And Equity
• Global Economic Issues

Unit 3: Australia’s Economic Prosperity

• An Introduction To Microeconomics: The Market System, Resource Allocation And Government Intervention
• Domestic Macroeconomic Goals
• Australia And The World Economy

Unit 4: Managing the Economy

• Aggregate Demand Policies And Domestic Economic Stability
• Aggregate Supply Policies

PREREQUISITES

• No prerequisites

ASSESSMENT

Units 1&2

Coursework assessment tasks for these units are chosen from the following:

• An analysis of written, visual and statistical evidence
• A folio of applied economic exercises
• Problem-solving tasks
• A blog of media commentaries using print or electronic materials
• A report of an investigation or an inquiry
• Case studies
• A debate
• Media analyses
• An essay/a structured report
• Structured questions
• A presentation (oral, multimedia, visual)
• A web page
• Economic simulation activities

School Based Assessment: Examination

Units 3&4

• School Assessed Coursework Unit 3 (25%)
• School Assessed Coursework Unit 4 (25%)
• External Examination (2 hours) (50%)