Economics

Economics.pdf

ECONOMICS (BDC)

PRELIMINARY THEN HSC 2 UNIT CATEGORY A HSC AND ATAR


Prerequisite None


Course Description

Economics provides an understanding for students about the many issues relating to the economy and its operation that dominate our news media and public debate. The operation of Government and politics is inextricably linked to Economics. Economic decisions have a crucial influence on the quality of life experienced by people throughout the world. The study of economics can help individuals, groups and societies make choices that assist them to improve their quality of life.


By understanding economics, students can make informed judgements about issues and policies and participate responsibly in decision-making. There is a strong emphasis on the problems and issues in a contemporary Australian economic context within the course.


For whom is this subject intended

Students will benefit from the study of Economics if they engage in studies that include business, accounting and finance, media, law, marketing, politics, government, sociology, industrial relations, tourism, history, geography, environmental studies or international studies. It develops the analytical, problem solving and communication skills of students which are demanded by modern employers and organisations.


Main Topics Covered

Year 11 course

  • Introduction to Economics – scarcity and the need for choice by individuals, businesses and governments

  • Consumers and Business - how consumers and businesses make decisions, motivated largely by self-interest

  • Markets - way in which prices are determined and the means available for governments to intervene

  • Labour Markets - the contemporary institutions and outcomes of the labour market

  • Financial Markets - the contemporary institutions and controls and the influence of the RBA on interest rates

  • Government in the Economy - management of the economy, and problems arising from the free markets


HSC Course

  • The Global Economy - the operation of the global economy and the impact of globalisation

  • Australia’s Place in the Global Economy - the effect of changes in the global economy on Australia

  • Economic Issues - the nature, causes and consequences of economic issues and problems

  • Economic Policies and Management - the aims and operation of economic policies in Australia