Economics

2ECOY

In this subject students learn how an economy operates, the structure of economic systems and the way in which they function.

About the subject

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.

Course content

Stage 2 Economics is a 20-credit subject and consists of skills in economics developed in the following five key areas of study:

  • Key Area 1: The Economic Problem
  • Key Area 2: Microeconomics
  • Key Area 3: Macroeconomics
  • Key Area 4: Globalisation
  • Key Area 5: Poverty and Inequality

Assessment

School-based AssessmentWeighting
Skills and Applications Tasks30%
Folio40%
External Assessment 
Examination30%

Information on the External Assessment - Examination (2 hours)

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:

  • All parts of Key Area 1: The Economic Problem
  • All parts of Key Area 2: Microeconomics
  • All parts of Key Area 3: Macroeconomics
  • All parts of Key Area 4: Globalisation.

Part B requires students to write an essay from a range of questions that draw from the following key areas of the subject content:

  • All parts of Key Area 3: Macroeconomics
  • All parts of Key Area 4: Globalisation.

The examination will be graded by external assessors with reference to the performance standards.

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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Economics
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