Economics
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