Economics is about choice and the impact of our choices on each other. It relates to every aspect of our lives, from the decisions we make as individuals or families to the structures created by governments and firms. An economic way of thinking can help you make better choices.

Course content:

Year 12

The course introduces students to the operation of markets and market failure, learning about price determination, the economic problem, the market mechanism, market failure and government intervention. It also examines the national economy in a global context, learning about how to measure macro-economic performance, circular flow of income, AD/AS analysis, macro-economic policy.

Year 13

Students will build upon the concepts and ideas introduced in Year 12 by looking at the areas in more depth as well as exploring the labour market, distribution of income and wealth, the national and international economy, financial markets, fiscal and monetary policy.

Assessment criteria:

Paper 1 – 100 mark, 120 minute duration exam worth 35% of the grade.

Paper 2 – 100 mark, 120 minute duration exam worth 35% of the grade.

Paper 3 – 100 mark, 120 minute duration exam worth 30% of the grade.

Questions include multiple-choice, short answer, data interpretation, use of diagrams and essays. Quantitative skills are an important part of the course and the ability to think in a logical, analytical and evaluative way is essential.