VCE Economics
Aim
Economics is the study of how resources are allocated to meet the needs and wants of society. It attempts to explain how and why individuals behave the way they do and the consequences of their decision making. Studying Economics as a social science enables students to gain valuable insight into the economic problems that they may face on an individual basis and collectively as a society to meet the need.
https://www.vcaa.vic.edu.au/Documents/vce/economics/2023EconomicsSD.docx
Assessments
Units 1 and 2: Demonstration of achievement of outcomes and satisfactory completion of a unit is determined by evidence gained through the assessment of a range of learning activities and tasks.
Units 3 and 4: Two School-assessed Coursework (25% each)
End-of-year examination (50%).
UNIT 1: The Behaviour of Consumers and Businesses | UNIT 2: Contemporary Economic Issues |
The focus of this Unit involves the workings of markets, and looks at how the decisions made by households, businesses, governments and other relevant groups impact on the way resources are allocated in different markets, as well as on living standards.
| The focus of this Unit is on the factors that affect growth in our economy as well as equity in the distribution of income and how they influence the level of economic prosperity in the country and our living standards. The impact of two global economic issues is also examined in relation to their effect on living standards. |
UNIT 3: Australia’s Economic Prosperity | UNIT 4: Managing the Economy |
This Unit examines the factors that affect the price and quantity traded in individual markets, as well as the importance of competition and how this affects the efficiency of resource allocation. In addition, Australia’s economic activity together with the factors that affect the achievement of the government’s objectives are investigated. The influence of Australia’s relationships with trading partners and the effect that has on our economy prosperity is also examined. | This Unit focuses on how the government can influence the level of aggregate demand in the economy by utilising demand management policies such as budgetary and monetary policy. It also examines how the government aims to improve living standards through effective management of the supply side of the economy. |