Economics Units 3 and 4
The Australian economy is constantly evolving. Economics is a social science which explores the role of consumers, businesses, governments and other organisations and how the decisions they make about the allocation of scarce resources affects the Australian economy and our living standards.
The focus of Unit 3 is Australia’s economic prosperity. The Australian economy has grown continuously for the past 25 years. We examine Australia’s role in the global economy and factors that contribute to economic success such as strong relationships with our trading partners. We also explore the role of markets in the economy and reasons for government intervention; the theory is then applied to a range of contemporary issues in Australia.
The focus of Unit 4 is managing the economy. We explore the policies that the Australian Government uses to manage the economy and achieve its economic goals. You will examine a range of current data and information in order to discuss and analyse contemporary economic policies and issues. You will gain the skills to assess the strengths and weaknesses of various policies and draw informed conclusions about both the short-term and long-term consequences in terms of the government’s goals and living standards in Australia.
Who is it for?
This subject is for you if you:
- are interested in further study in Commerce, Politics, Social Justice and Business
- enjoy following the stock market and business and commercial interests
- enjoy discussing global issues.
What do you do?
Student seminars are held at the VSV for each of the Economics Outcomes.
There will be regular online lessons and forum discussions.
Students will apply their knowledge of the theory each week in a range of applied economic activities which will include quizzes, short answer questions and the interpretation and analysis of current economic data. Students will be tested on their understanding of each of the Outcomes.
What skills do you need?
To be successful in this subject you need:
- an interest in contemporary economic issues and future scenarios for employment, the environment and living standards
- good literacy skills
- basic numeracy skills.
What skills do you develop?
You will develop a broad understanding of how economic systems work and the role of key decision-makers.
You will also develop an ability to:
- critically analyse social, economic and political arguments
- understand and use data and graphical information to explain economic events
- develop and use economic thinking to support an argument on a contemporary issue and understand media and political commentary on the issue.
Things to think about
It is not necessarily a requirement to complete Economics Units 1 or 2 but this would be helpful.
The workload is, as for any Unit 3 and 4 subjects, an average of 6 to 8 hours weekly.
Things you can do now
The economics tutor website will have some pages that you can view prior to enrolment. There will be some economic materials and exercises relevant to the course that you can try.
Go to the VCAA website for more information about this subject.