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.
The study of Economics prepares student for the following specific careers:
Agricultural Economist • Bank Manager • Data Analyst • Econometrician • Economist • Economic Analyst • Economic Historian • Economic Researcher • Environmental Economist • Financial Stability Analyst • Intelligence/Policy Analyst • Interest Rate Risk Analyst • Investment Analyst • Investment Banker • Labour Market Advisor • Parliamentarian • Productivity Commissioner • Statistician • Stockbroker • Treasurer
The study of Economics can also be important for the following careers:
Academia • Banking and Finance • Business Strategy • Criminology • Demographics • Development Economics (Non-Government Organisations) • Funds Management • Government Regulation • Journalism • Law • Management Consulting • Marketing and Public Opinion • Media and Publishing • Policy Evaluation and Research • Professional Services • Project Management • Public Service • Public Sector Management • Research and Development • Secondary School Teaching
In Unit 1, students learn to think like an economist and solve economic problems, such as how do countries allocate resources to meet the needs and wants of all people? How do we decide what to produce and how much to produce? What factors determine who will benefit from what is produced? Students explore their role in the economy. They consider the behaviour of economic agents, such as businesses and consumers. They look at how prices change and how resources are allocated in the basic demand and supply model. Key insights of behavioural economics are also examined.
In Unit 2, students examine economic activity. How does economic growth contribute to better living standards and employment opportunities? What are the costs and benefits of growth? Students then undertake an applied economic analysis of two contemporary economics issues, such as international trade or environmental sustainability, from a local, national and international perspective. They evaluate the economic responses undertaken by relative economic agents to address the two issues.
an analysis of written, visual and statistical evidence
a folio of applied economics exercises
problem-solving tasks
a blog of media commentaries using print or electronic materials
a report of an investigation or an inquiry
a debate
an essay
a structured report
structured questions
a presentation (oral, multimedia, visual)
a webpage
a media analysis
a case study
fieldwork
investigate and/or conduct and report on a behavioural economics experiment
economics simulation activities.
For more detailed information, please click on the link/s below:
The main resources required are as follows:
Key Concepts in VCE Economics 1, Units 1-2, Jacaranda, 12th edition, by Richard Morris (a new hard copy textbook, with access to digital materials.
64-page lined notebook.