Grade C or better in Economics (Units 1 & 2)
“Australia and the global economy” explores our economic relationships with other counties, and current global economic events and issues of significance to Australia. This includes the impact of war, droughts, political instability, resource booms and natural disasters. A detailed analysis of our pattern of trade will give students an insight to the future opportunities and growth areas within Australia. Students will examine the reasons other nations choose to invest in Australia and the effect this has on our economy and exchange rate. This unit evaluates the impact of increasing globalisation on Australia and our major trading partners, our move towards free trade agreements and their impact on inflation and unemployment.
The focus for this unit is Economic Policies and Management. It explores how the political priorities of the government and other authorities, such as the Reserve Bank, can affect the lives of all Australians. There are three ways that these objectives can be implemented: fiscal policy; monetary policy; and microeconomic reform. Students will examine and interpret the current and recent Federal Budgets, the Statements by the Governor of the Reserve Bank and policies of the Productivity Commission, amongst other documents, to evaluate the success of the government in managing the economy. A keen interest in the news and current affairs is highly beneficial as all theory must be related back to the Australian economy.
Data Interpretation/ Short Answer - 30%
Extended Answer - 30%
Examination - 40%
Note – A detailed assessment statement will be provided to students at the commencement of the course.
The Economics course develops 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. Students can relate theory to practice and are flexible in their approach to solving problems. The knowledge and analytical skills learned in this context will be used in a variety of other areas such as commerce, law, government administration, accounting, finance and management in a wide range of fields including the sciences and engineering.
Throughout the year organisations such as the Chartered Accountants in Australia + New Zealand, the Western Australian Chamber of Commerce and Industry, the WA Economics Teachers’ Association and various universities offer seminars, forums and briefing session to students. All students are encouraged to attend whenever possible.