Students develop an understanding of different economic systems and institutions, and can assess the degree to which these systems and institutions help satisfy people's needs and wants. They become aware that economic decisions are not value-free and have outcomes that may be inconsistent with social, moral, and ethical values. Students research, analyse, evaluate, and apply economic models that are expressed in graphical and/or diagrammatic form. They make forecasts about economic change and evaluate issues for individuals and groups in local, national, and global settings.
Stage 2 Economics is a 20-credit subject and consists of skills in economics developed in the following five key areas of study:
|Skills and Applications Tasks||30%|
Students undertake a 2-hour examination, which is divided into two parts.
Part A consists of multiple-choice, short-answer, response to stimulus, and extended-response questions, and draws on the following key areas of the subject content:
Part B requires students to write an essay from a range of questions that draw from the following key areas of the subject content:
The examination will be graded by external assessors with reference to the performance standards.
The Economics Subject Outline includes performance standards, which describe five levels of achievement that are reported with the grades A to E at the student’s completion of the subject.
The school-based assessments and the external assessment will be graded with reference to the performance standards.
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