Economics

ECONOMICS

2 UNIT ECONOMICS

Course Description

Economics is a social science, which studies the ways in which people and society use scarce resources to produce goods and services and distribute them among various groups in society. Economic decisions have a crucial influence on the quality of life experienced by people throughout the world. It really helps individuals to understand the workings of our economy and the difficult task faced by the government in making economic decisions. It helps a Christian understand the importance of good stewardship and learn about how the economy can improve our society. Economics is an incredibly relevant course in today’s world, which leads to many varied, exciting and rewarding careers.

Topics Covered in the Preliminary Course

Introduction to Economics

Consumers and Business

Markets

Labour Markets

Financial Markets

Government in the Economy Explores the need for choice by individuals, businesses, and governments and how this determines the operations of the economy.

Explores how consumers and businesses make decisions about the choicesthey face in a market economy.

Explores the operations of markets and the way market prices aredetermined.

Explores how labour markets operate and its importance to the other sectorsof the economy

Explores how financial markets operate and the role the RBA plays ininfluencing interest rates.

Explores the role of government and how they can manage economicproblems and issues

Topics Covered in the HSC Course

The Global Economy

Australia’s Place in the Global Economy

Economic Issues

Economic Policies and Management Examines the operations of the global economy and the impact of globalisation on individual economies. (Free Trade and Protectionism)

Examines Australia’s place in the global economy and the effect of changesin the global economy on Australia. (Balance of Payments, Exchange Rates,Trade Policies)

Explore the nature, causes and consequences of the economic issues and problems that confront economies (Economic growth, Unemployment, Inflation, External Stability, Distribution of income and wealth, EnvironmentalSustainability)

Examines the aims and operations of economic policies in the Australianeconomy (Fiscal Policy, Monetary Policy, Microeconomy policies)