Economics for People
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"95% of economics is commonsense," saya Han-Joon Chang
Watch this 11:20 minute clip and think about what Ha-Joon is telling you. Express your thoughts in a short written or illustrated response.
Course No: 15110
2 units for each of Preliminary and HSC
Board Developed Course
Exclusions: Nil
Course Description
Economics provides understanding for students about many aspects of the economy and its operation that are frequently reported in the media. It investigates issues such as why unemployment or inflation rates change and how these changes will impact on individuals in society. Economics develops students' knowledge and understanding of the operation of the global and Australian economy. It develops the analytical, problem-solving and communication skills of students. There is a strong emphasis on the problems and issues in a contemporary Australian economic context within the course.
Main Topics Covered
Preliminary Course
HSC Course
2 units for each of Preliminary and HSC
Board Developed Course
Exclusions: Nil
Course Description
Economics provides understanding for students about many aspects of the economy and its operation that are frequently reported in the media. It investigates issues such as why unemployment or inflation rates change and how these changes will impact on individuals in society. Economics develops students' knowledge and understanding of the operation of the global and Australian economy. It develops the analytical, problem-solving and communication skills of students. There is a strong emphasis on the problems and issues in a contemporary Australian economic context within the course.
Main Topics Covered
Preliminary Course
- Introduction to Economics – the nature of economics and the operation of an economy
- Consumers and Business – the role of consumers and business in the economy
- Markets – the role of markets, demand, supply and competition
- Labour Markets – the workforce and role of labour in the economy
- Financial Markets – the financial market in Australia including the share market
- Government in the Economy – the role of government in the Australian economy.
HSC Course
- The Global Economy – Features of the global economy and globalisation
- Australia's Place in the Global Economy – Australia's trade and finance
- Economic Issues – issues including growth, unemployment, inflation, wealth and management.
- Economic Policies and Management – the range of policies to manage the economy.
Rationale for Economics in the Stage 6 Curriculum
Reference: https://educationstandards.nsw.edu.au/wps/portal/nesa/11-12/stage-6-learning-areas/hsie/economics
Economic decisions have a crucial influence on the quality of life experienced by people throughout the world. The study of economics can help individuals, groups and societies make choices that assist them to improve their quality of life.
As a subject, Economics Stage 6 is distinctive because of the range of problems and issues that it investigates and the skills that it develops. A student who has completed the Preliminary and HSC courses should have knowledge and skills enabling them to:
• comprehend the background and implications of contemporary economic issues
• discuss appropriate policies to solve economic problems and issues
• understand what a change in interest rates, share values or the value of the Australian dollar means to individuals and the economy
• identify fluctuations in the global and Australian economies and their likely effects on business
• understand reasons for changes in employment patterns
• identify, using economic thinking, appropriate strategies to protect the natural environment.
The discipline of economics has a theoretical basis and economists often debate the relative merits of different theories when assessing economic issues and proposing solutions to economic problems, including economic modelling.
Discussion of economic issues dominates the media and politics. By understanding economics, students can make informed judgements about issues and policies and participate responsibly in decision-making.
Students will benefit from the study of economics if they engage in studies that include business, accounting and finance, media, law, marketing, employment relations, tourism, history, geography or environmental studies.
If selected as a specialisation at university, economics can lead to careers in:
• share, finance or commodities markets
• business
• economic forecasting
• banking
• insurance
• tourism
• resource management
• property development and management
• government
• environmental management
• town planning
• foreign affairs or economic policy development.
The study of Economics Stage 6 allows students to develop knowledge and understanding, skills, attitudes and values using subject matter and methodology that suit their interests. The course benefits students when they pursue further education and training, employment and active participation as citizens.
Economic decisions have a crucial influence on the quality of life experienced by people throughout the world. The study of economics can help individuals, groups and societies make choices that assist them to improve their quality of life.
As a subject, Economics Stage 6 is distinctive because of the range of problems and issues that it investigates and the skills that it develops. A student who has completed the Preliminary and HSC courses should have knowledge and skills enabling them to:
• comprehend the background and implications of contemporary economic issues
• discuss appropriate policies to solve economic problems and issues
• understand what a change in interest rates, share values or the value of the Australian dollar means to individuals and the economy
• identify fluctuations in the global and Australian economies and their likely effects on business
• understand reasons for changes in employment patterns
• identify, using economic thinking, appropriate strategies to protect the natural environment.
The discipline of economics has a theoretical basis and economists often debate the relative merits of different theories when assessing economic issues and proposing solutions to economic problems, including economic modelling.
Discussion of economic issues dominates the media and politics. By understanding economics, students can make informed judgements about issues and policies and participate responsibly in decision-making.
Students will benefit from the study of economics if they engage in studies that include business, accounting and finance, media, law, marketing, employment relations, tourism, history, geography or environmental studies.
If selected as a specialisation at university, economics can lead to careers in:
• share, finance or commodities markets
• business
• economic forecasting
• banking
• insurance
• tourism
• resource management
• property development and management
• government
• environmental management
• town planning
• foreign affairs or economic policy development.
The study of Economics Stage 6 allows students to develop knowledge and understanding, skills, attitudes and values using subject matter and methodology that suit their interests. The course benefits students when they pursue further education and training, employment and active participation as citizens.
