Economics (Units 1 & 2) - ATAR

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Course Code:
AEECO
Pathway:
University Pathway
Pre-requisites:
Humanities and Social Science B grade/ Exam 65%
Course Description:
The emphasis of Year 11 Economics is on understanding the workings of real world markets that are relevant to students, such as Whitford City, the teenage employment market and the school canteen! This course is an introduction to the microeconomic theory of scarcity, choice, demand and supply, which is at the heart of all business activity. It includes a basic understanding of the factors that make our economy work and how to demonstrate changes using models. Some very basic formulas are used to calculate values, analyse changes in variables and show the effect of actions by both consumers and producers. Students will explore the key role that markets play in determining the wellbeing of individuals and society, as well as how those markets fail.
 
The course also examines the difference between efficiency and equity, leading to government intervention to make it fairer. Australia is a nation with abundant resources yet is in debt to the rest of the world. It has a skilled and educated workforce yet imports many goods from overseas. Australia has a social security system yet many people live in relative poverty. These anomalies are examined, as are the causes and effects of economic growth, inflation, unemployment and the pattern of our trade with the rest of the world. Current social   issues, including global warming, poverty, aging, crime, health and education are used to demonstrate concepts and ensure that the study of economics remains relevant to students and their future.
Course Assessment:
Data Interpretation and Short Answer - 30%
Extended Answer - 40%
Examination - 30%

Note - A detailed assessment statement will be provided to students at the commencement of the course.
Further Study:
Economics (Units 3 & 4) - ATAR
Additional Information:
Students are invited to attend ICCA Meet the Business Leaders’ Lunch, revision seminars and other functions provided by the various universities and business organisations in Perth.
Additional Costs:
Additional costs may be incurred due to excursions - approximately $30