Economics (ATAR)
Course Outline
Economics investigates the choices which all people, groups and societies face as they
confront the ongoing problem of satisfying their unlimited wants with limited resources.
Economics aims to understand and analyse the allocation, utilisation and distribution
of scarce resources that determine our wealth and wellbeing. Economics develops the
knowledge, reasoning and interpretation skills that form an important component of
understanding individual, business and government behaviour at the local, national and
global levels.
The Economics ATAR course encompasses the key features which characterise an
economist’s approach to a contemporary economic event or issue: the ability to simplify
the essence of a problem; to collect economic information and data to assist analysis and
reasoning; to think critically about the limits of analysis in a social context; and to draw
inferences which assist decision-making. Students develop reasoning, logical thinking and
interpretation skills demanded by the world of work, business and government. These
skills relate to a variety of qualifications in vocational, technical and university education
contexts. The learning experiences available through studying this course explore the
knowledge, values and options which surround the complex range of economic events
and issues facing our community, such as unemployment, income distribution, business
strategy and international relations. Economics literacy developed through this course
enables students to actively participate in economic and financial decision-making which
promotes individual and societal wealth and wellbeing.
• Unit 1 – Microeconomics: This unit explores the theory that markets are an efficient
way to allocate scarce resources, using real world markets with an emphasis on the
Australian economy. When the forces of demand and supply do not allocate and price
resources in a way that society would regard as efficient, equitable or sustainable, market
failure can occur. Students examine examples of market failure along with government
policy options that can be applied to achieve more desirable outcomes. Students are also
introduced to the language of economics and the use of theories and models to explain
and interpret economic events and issues.
• Unit 2 – Macroeconomics: This unit explores the government’s role in a modified
market economy and Australia’s recent (the last ten years) and contemporary (the
last three years) macroeconomics performance. The cyclical fluctuations in the level
of economic activity result in changes in the levels of output, income, spending and
employment in the economy which, in turn, have implications for economic growth,
inflations and unemployment. Students examine the role of government, through its
spending and taxing powers, which can affect the allocation and price of resources, and
the level of economic activity by targeting economic objectives.
Assessment Profile
The course is assessed through a variety of tasks that include Data Interpretation and
Short and Extended Responses. These include multiple choice questions, calculations, case
studies, data interpretations as well as tests and examinations requiring critical analysis and
interpretation.
Formal Prerequisites
• Students require at least a C grade in Year 10 Humanities and Social Sciences.
Contact:
Mrs Leah Truscott
Head of Humanities and Social Sciences Faculty
(08) 9377 8513
[email protected]
22