Economics is the study of how resources are allocated to meet the needs and wants of society. It attempts to explain how and why people behave the way they do and the consequences of their decision making. By unpacking economic considerations around how best to meet the needs and wants of citizens, the study of Economics provides students with valuable insights into issues that may affect them both individually and as members of society. Economics assists students in making more informed and responsible decisions and in making a contribution to public debate as active citizens.
Economics examines how resources are allocated to meet society's needs and wants, exploring why people behave in the way they do and the consequences of their decision for individuals and the broader community.
In Unit 1, students explore how consumers, businesses and governments interact, using demand and supply frameworks to explain how prices and quantities are determined in markets. The unit also introduces behavioural economics, investigating how real human decision making often diverges from traditional models and how governments and businesses apply these insights in practice.
Unit 2 broadens the focus to contemporary economic issues and living standards. Students evaluate the benefits and costs of economic growth and apply economic tools to analyse at least two contemporary issues from local, national and international perspectives, considering the responses of key economic agents.
Together, Units 1 and 2 give students a practical and engaging introduction to economics, equipping them to think critically about the world around them.
structured questions
multiple-choice questions
a case study
investigate and/or conduct and report on a behavioural economics experiment
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The main resources required are as follows:
Key Concepts in VCE Economics 1, Units 1-2, Jacaranda, 12th edition, by Richard Morris (a hard copy textbook, with access to digital materials).
64-page lined notebook.