Economics Units 1 and 2
This subject introduces students to an economist’s view of the world. It looks at the behaviour of consumers and business in a market economy and how decisions are made. With case studies of particular markets they develop knowledge and understanding of the nature, operation and role of markets. It also looks at economic growth and sustainable development and students learn to evaluate policy actions in relation to this and consider impacts on our standard of living. Finally, the course explores contemporary global economic issues and how each issue is affected by the actions of decision-makers.
Who is it for?
This subject suits students who enjoy exploring current social issues and learning the economic perspective on these. It also provides a good background for students looking at commerce studies in the future.
What do you do?
Students undertake a variety of activities including:
- a study of the diamond market
- analysing current media items
- completing a folio of applied exercises
- reporting on a developing country
- Unit tests.
What skills do you need?
All you need is an interest in current social and economic issues.
What skills do you develop?
You will develop skills including:
- using a range of sources to acquire economic information and being able to sort and communicate this information
- defining key economic concepts and using them appropriately
- applying economic knowledge, concepts and theories to predict the effect of economic events on market outcomes
- applying decision-making to current economic problems within a specific market
- describing the nature of a contemporary economic issue and interpreting and analysing information about this issue. Explaining, using economic theory, how a range of aggregate demand side and aggregate supply side factors may influence this economic issue, then evaluating the impact on living standards.
The recommended textbook is Economics down under: VCE Economics units 1 & 2 (10th ed.) Jacaranda 2017 – Available in digital format only.
Things to think about
To be a successful student in economics you need to be interested in understanding the news and current affairs.
Things you can do now
Go to the VCAA website for more information about this subject.
Things to have a look at
Introduction to Economics
Watch this video to see if economics is what you think it is.
Economics and the Game of Thrones