Economics

Course No: 15110

Course 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.

What Students Learn

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

What kinds of activities will we do?

Typical lessons in Economics involve class discussions on the current state of the Australian economy. Students also look at how economists solve real world problems such as high inflation, unemployment and low economic growth. Students also explore how our economy is connected with the rest of the world and the impact this has on our lives.

How is this subject assessed?

Assessment tasks in Economics often involve researching current economic events and trying to analyse why these events are happening. Students are encouraged to think critically and engage in problem solving. Tasks are designed to develop the skills required for the HSC examination and for working in the business world. They include research projects, essays, exams, tests and class presentations.

Why should students study Economics?

Many economists end up in very powerful and highly paid positions of leadership in business and government. Economists are often called upon to advise Government ministers about policy decisions that will affect the Australian people. Economists also advise business leaders about the impacts of the economy on their future business prospects.

Will Economics help with further study?

A good result in Economics will contribute significantly to your ATAR if you wish to go to university.

Important NESA Information

2 units for each of Year 11 and Year 12

Board Developed Course

Exclusions: Nil

Course Description

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 will impact on 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.

Main Topics Covered

Year 11 Course

Introduction to Economics (10%) – the nature of economics and the operation of an economy
Consumers and Business (10%) – the role of consumers and business in the economy
Markets (20%) – the role of markets, demand, supply and competition
Labour Markets (20%) – the workforce and role of labour in the economy
Financial Markets (20%) – the financial market in Australia including the share market
Government in the Economy (20%) – the role of government in the Australian economy.

Year 12 Course

The Global Economy (25%) – Features of the global economy and globalisation
Australia’s Place in the Global Economy (25%) – Australia’s trade and finance
Economic Issues (25%) – issues including growth, unemployment, inflation, wealth and management.
Economic Policies and Management (25%) – the range of policies to manage the economy.

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