Economics explores the choices which all people, groups and societies face as they confront the ongoing problem of satisfying their unlimited wants with limited resources.
The Economics ATAR course aims to develop students’ ability to analyse the allocation, utilisation and distribution of scarce resources that determine our wealth and wellbeing. The study of Economics provides a framework for examining society’s issues and identifying possible solutions which assist decision making. The emphasis of the course is on the Australian economy.
WACE Breadth & Depth Requirement:
65% in HASS Standard.
The Year 11 Economics ATAR course is made up of the following two units:
This unit explores the theory that markets are an efficient way to allocate scarce resources, using real world markets with an emphasis on the Australian economy. When the forces of demand and supply do not allocate and price resources in a way that society would regard as efficient, equitable or sustainable, market failure can occur. Students examine examples of market failure along with a range of government policy options that can be applied to achieve more desirable outcomes. Students are also introduced to the language of economics and the use of theories and models to explain and interpret economic events and issues.
This unit explores the government’s role in a modified market economy and Australia’s recent (the last ten years) and contemporary (the last three years) macroeconomic performance. The cyclical fluctuations in the level of economic activity result in changes in the levels of output, income, spending and employment in the economy which, in turn, have implications for economic growth, inflation and unemployment. Students examine the role of government, through its spending and taxing powers, which can affect the allocation and price of resources, and the level of economic activity by targeting economic objectives.