Economics is a dynamic and constantly evolving field of social science. It provides students with the opportunity to better understand the workings of the world around them. It is not just for students who are looking for a career in business. In this subject, they will develop skills and knowledge which can be applied to many different careers, and throughout all stages of their lives. Economics explores simple theories which will help students to understand basic ideas such as why prices change and why imported products may be cheaper than Australian made products. More complex ideas allow students to learn how the government manages the economy, with the ultimate objective of improving living standards.
In Units 3 & 4, students develop a deep understanding of the macroeconomy. They learn about the three fundamental government goals which are important in managing the Australian economy: low inflation, strong and sustainable economic growth and full employment. Through an analysis and examination of the details of these goals, they understand the importance of each in helping maintain a stable economy. The achievement of these goals can help to improve individual living standards and national welfare. In addition, there is a particular focus on international trade and its influence on living standards. Students look at specific government policies that are used in an effort to achieve the fundamental goals. Students examine how monetary policy is operated by the Reserve Bank of Australia to help manage inflation. They also discuss the effect of the Federal Government’s budgetary, immigration and trade liberalisation policies.
There are two types of assessment used for VCE Economics, Units 3 and 4:
Firstly, there is School Assessed Coursework: In total, this contributes 50% of the year’s final assessment. Here, the teacher rates a student’s performance by using a total of five SACs. There are three SACs for Unit 3, along with two SACs for Unit 4. Typically, these involve structured short answer and multiple-choice questions or data analysis that are completed under test conditions.
Secondly, there is the end-of-year examination. This contributes 50% of the final assessment. It consists of both multiple-choice and structured short-answer questions (but not essays).
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The main resources required are as follows:
Key Concepts in VCE Economics 2, Units 3-4, Jacaranda, 11th edition, by Richard Morris (a new hard copy textbook, with access to digital materials)