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It would be beneficial for students undertaking this subject to have acquired certain concepts and understandings from the Year 11 Economics subject. In the TEE, questions may be set requiring the use of the following concepts and understandings from the Year 11 subject: opportunity cost, production possibility curves, factors of production, demand and supply, the price mechanism and price elasticity of demand. Rationale The syllabus provides a subject which covers some of the key economic issues of our times. The three interrelated areas of macroeconomics, international economics and government economic policies affect us all. Moreover they have received extensive coverage in the media, which in turn has increased the economic literacy of the community as a whole. The subject aims to expose students to a challenging and stimulating introduction to the methodology of economics at the macro level. This allows students to acquire a worthwhile discipline which should facilitate success in future study. The designers of the syllabus believe that it will be relatively easy to relate economic theory to Australia's situation, thereby enhancing interest in the subject and contributing to informed analysis of vital economic issues. General Aims The Economics subject aims to: make students aware of contemporary economic issues and problems provide students with some of the tools of economic analysis as a means of illustrating and explaining basic economic principles and concepts promote the use of rational, objective methods in examining economic issues develop informed citizens able to participate in their changing economic and social environment. Conceptual Objectives 1. Macroeconomics Students should be able to: 1.1 Nature of Macroeconomics distinguish between macroeconomics and microeconomics explain the relevance of the study of macroeconomics describe the state of economy by reference to economic indicators. 1.2 Relationship between Total Spending, Total Output and Total Income define the terms 'total spending', 'total output' and 'total income' use the circular flow model to describe the interaction of sectors in the economy describe the relationship between total spending, total output and total income describe the concept of equilibrium identify leakages and injections in the circular flow model outline the overall consequences of leakages and injections on the level of output, income and spending explain how changes in leakages and injections can alter the level of equilibrium 1.3 The Level of Economic Activity using the Keynesian expenditure model explain the role of aggregate expenditure in determining the level of economic activity utilise the aggregate expenditure equation to identify and describe the components of expenditure examine the economic impact of changes in each of the components of expenditure outline the multiplier process as it affects the components of aggregate expenditure outline the characteristics of the business (economic) cycle and give reasons for changes in that cycle. 1.4 Problems of Macroeconomics define 'inflation' and discuss its causes and effects define 'unemployment' and discuss its causes and effects define 'economic growth', and discuss its measurement, sources, causes and effects discuss possible relationships between inflation unemployment and economic growth utilise appropriate economic models to illustrate the above concepts e.g. the Keynesian cross/aggregate expenditure model; the aggregate demand/ aggregate supply model; the Phillips Curve; the production possibilities frontier (curve). 2. International Economics Students should be able to: 2.1 Why Nations Trade outline the significance of international trade for the Australian economy use the comparative advantage model to demonstrate the global and national benefits of specialisation and free trade.
Approximate Word count = 2130
Approximate Pages = 8.5
(250 words per page double spaced)
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