Economics Overview: 🌐💰
Economics is the study of how individuals, businesses, and governments make choices to allocate resources in order to satisfy their needs and wants. It delves into understanding economic systems, market dynamics, and the impact of policies on both a national and global scale.
Year 11 – Preliminary Course (120 Indicative Hours): 📊🏦
- Introduction to Economics:
- An introductory module providing the foundational concepts of economics, including the basic principles of supply and demand, scarcity, and opportunity cost.
- Consumers and Business:
- Exploration of the interactions between consumers and businesses, understanding factors influencing consumer choices and how businesses operate within markets.
- Markets:
- In-depth study of market structures, competition, and the forces shaping supply and demand in different market scenarios.
- Labour Markets:
- Examination of labor markets, covering topics such as employment, wages, and the factors influencing the supply and demand for labor.
- Financial Markets:
- Focus on financial markets, exploring the functions of banks, stock markets, and the role of financial institutions in the broader economy.
- Government in the Economy:
- Study of the role of government in economic activities, including fiscal and monetary policies, government intervention, and their impact on economic outcomes.
Year 12 – Higher School Certificate Course (120 Indicative Hours): 💡🌏
- The Global Economy:
- Comprehensive exploration of the global economic landscape, including global trade, international economic organizations, and the interconnectedness of economies worldwide.
- Australia’s Place in the Global Economy:
- Examination of Australia’s economic position on the global stage, considering trade relationships, economic policies, and the nation’s economic performance.
- Economic Issues:
- Analysis of contemporary economic issues, such as inequality, environmental sustainability, and the impact of technological advancements on economic structures.
- Economic Policies and Management:
- Study of economic policies, their formulation, and their impact on economic outcomes. Includes an exploration of government management of economic challenges.
Economics equips students with analytical skills to understand and critically assess economic phenomena, fostering an awareness of the complexities inherent in economic decision-making at both national and global levels. 📈🌐
