Year 12 Economics 3AB
Overview
The focus for the 3A unit is on the importance of foreign trade and foreign investment to the Australian economy. Topics such as the balance of payments, exchange rates and the terms of trade are examined as well as issues such as trade liberalisation and protection.
The focus for the 3B unit is economic policies and management. It explores how economic actions and policies such as fiscal policy, monetary policy and microeconomic reform operate in the pursuit of the government's economic objectives.
Topics
3A and 3B are delivered concurrently
3A Global markets: Outlines the causes and consequences of Globalisation. Looks at patterns and trens in world trade.
3A Free trade and protection: The gains from Comparative Advantage. Different forms of trade protection and arguments for and against protection.
3A Australia and the global economy: The patterns and trends in Australia's trade. Structure of the Balance of Payments, Terms of Trade, Exchange Rates and Foreign Investment
3B Macroeconomic theory: The Keynes and AD/AS models that explain the relationship between aggregate expenditure and output, employment and inflation. The Business Cycle
3B Economic policy objectives: Current Australian economic objectives. Conflicts and complements of these objectives.
3B Fiscal policy: FP, impact on the economy and strengths and weakness.
3B Monetary policy: MP, impact on the economy and strengths and weakness.
3B Microeconomic reform: Examples of MER. Relationship between MER and structural change. Measures of productivity and efficiency.
Assessments
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Weight
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Types of assessments
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Number of assessments
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35%
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Short answer
Types of assessment can include multiple-choice questions, definitions, one-word answers, short answer questions, paragraph answers that interpret economic data or information
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Six assessments over the year. Set approximately every 4 weeks. Usually 50 minutes in duration
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35%
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Long answer
Types of assessment can include essays, reports, extended answers to scenarios or case studies, investigations, research assignments, extended answers that interpret economic information or data outcomes.
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Six assessments over the year. Set approximately every 4 weeks. Usually 50 minutes in duration
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30%
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Examination
A combination of both short answer and long answer items. of student achievement of all course outcomes.
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Two exams. Held at the end of each semester. 2.5 hours in duration.
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Reporting
A grade will be assigned following the completion of the course unit.
Grade Interpretation
A Excellent achievement
B High achievement
C Satisfactory achievement
D Limited achievement
E Inadequate achievement
Each grade is based on the student's overall performance for the course unit as judged by reference to a set of pre-determined standards. These standards are defined by grade descriptions.
Student Expectations/Homework
Students will be expected to complete approximately 3 hours of homework each week. This time should be spent consolidating material covered in class and working through questions in their workbook.
