Scotch College

VCE: Economics

Rationale

Economic decisions taken by individuals, groups, businesses and governments have effects on the welfare of nations and regions; today these effects are increasingly global in their impact. A study of economics will help students to become informed global citizens, able to discern economically and socially responsible decisions. Learning about economics will assist students in their everyday lives as it helps them to be more informed citizens, consumers, workers, voters, producers, savers and investors.

Structure

Unit 1: Economics - Choices and Consequences

The focus of this unit is the study of markets, economic decision-making and issues of importance to the Australian economy. It initially adopts a case study approach that provides opportunities for students to develop knowledge and understanding about the nature, operation and role of markets within the Australian economy. It then examines issues that impact upon individuals such as the creation and distribution of income and wealth, economic growth and sustainable development and inflation.

Unit 2: Economic Change - Issues and Challenges

The unit focuses on the changing demographics of Australia's population. Skill shortage, ageing population and immigration all impact upon Australia's workforce. Government policies aiming to address these changes are studied. Further, this unit examines Australia's role in the global economy. Trade issues, developing economies and globalisation are all issues explored in this unit.

Unit 3: Economic Activity and Objectives

The focus of this unit is the study of economic activity in Australia and the factors that affect the achievement of the Australian Government's economic objectives. Underlying the study of economic activity are such concepts as the market mechanism, the business cycle and the key concepts of micro and macro-economics. The key economic objectives studied include price stability, economic growth, full employment, external stability, efficiency in resource allocation and equity in personal income distribution.

Unit 4: Economic Management

The focus of this unit is the study of the management of the Australian economy, which concentrates on budgetary/fiscal, monetary and microeconomic reform policies. Students will develop a general knowledge of the operation of these policies over the past ten years and a more detailed understanding of the operation of the policies over the last three years. They will apply the language, theories and tools of economics to develop a critical perspective about the role of these policies in the current government economic policy mix.

Assessment

Units 1 and 2: Applied Economic Exercises (topic tests & other activities as set by teacher)

Investigation of an Economic Issue

Case Study (of a market in operation)

Unit 3: School Assessed Coursework 25 per cent

Unit 4: School Assessed Coursework 25 per cent

Units 3 and 4: Examination 50 per cent