Economics produces future thinkers who can chance the chaos of an increasingly digitised and globalised economy.
Economics is everywhere and it is for people. Most people who haven't studied economics think it is all about money, but it is a lot more than that.
This course is not just about terms of trade and inflation, although these are important concepts. It is about how the ideas of economics can sharpen your thinking about such diverse things as your career choices, what sports you play and even dating! None of which have anything to do with money! Economics is really about maximising your well-being and your happiness, not just your financial security.
Applying economic thinking can not only change lives but save them.
Some of the areas we will be looking at are:
incentives can change behaviour,
our world has finite resources,
decisions are made at the margins,
trade is mutually beneficial,
transaction costs are barriers to trade,
and profits act as a magnet for innovation and progress.
Turn and talk to a trusted partner. Read this list of areas we will be looking at and order them from most important to least important for you. As a pair, compare your priorities with another pair. What is the consensus? Which of these is most important to you individually? As a community? As a country? As part of a global community?
Context for the Study of Economics
A key feature of this syllabus is its ‘problems and issues’ approach to the teaching and learning of economics. The goal of this approach is to relate the content of economics to the economic problems and issues experienced by individuals and society.
The key issues are: • economic growth and quality of life • unemployment • inflation • external stability • distribution of income • environmental sustainability.
The focus of the Preliminary course is on the practical problems and issues that affect individuals, firms and governments.
The Preliminary course is essentially microeconomic in nature, focusing on aspects of the economic behaviour of consumers, business and governments. Much of this behaviour is influenced by the operation of markets. Two key markets, the labour market and the financial market, are examined in detail. The Preliminary course provides an essential foundation for the HSC course.
These topics are integrated into: 1. The Economics of Everything