Economics
In Economics, students study the allocation of limited resources to a satisfy unlimited wants and needs. In doing so they address the economic problem of scarcity: what to produce, how much to produce and for whom to produce. They use a range of approaches and perspectives on economics to investigate these fundamental problems to form conclusions and make predictions. Students develop their knowledge and understanding of the history and development of economic theories and concepts, the application of theories in real world contexts, and the roles of stakeholders in addressing economic scarcity, inefficiencies, and inequalities. They develop an understanding of the significance of economics to interpreting their day to day lives and choices, and their subsequent impact.
In Economics, students study the allocation of limited resources to a satisfy unlimited wants and needs. In doing so they address the economic problem of scarcity: what to produce, how much to produce and for whom to produce. They use a range of approaches and perspectives on economics to investigate these fundamental problems to form conclusions and make predictions. Students develop their knowledge and understanding of the history and development of economic theories and concepts, the application of theories in real world contexts, and the roles of stakeholders in addressing economic scarcity, inefficiencies, and inequalities.
They develop an understanding of the significance of economics to interpreting their day to day lives and choices, and their subsequent impact. Students develop the skills to apply ethical, critical, and creative thinking to problem solving in economics. They apply disciplinary methodologies to research, analyse and communicate predictions and solutions. They develop skills to communicate and collaborate to make predictions and draw balanced conclusions.
The study of Economics enables students to develop their knowledge, understanding and skills to enhance the well-being of all citizens locally, nationally, and globally, and in developing societies. The study of economics provides a continuity with many pathways into tertiary and industry studies.
The Economics course is written under the BSSS COMMERCE Framework
Achievement Standards for COMMERCE courses can be found within the Framework.
Commerce is the study of the exchange of goods and services between stakeholders, as well as the management of resources and provision of services locally, nationally and globally. Students explore the actions of stakeholders within the market and how and why that conduct is regulated. They study and interpret various commerce ideologies and their use and the impact they have on stakeholders Students understand how people individually and collectively can act to, create wealth, plan for sustainability, alleviate poverty and insist upon ethical practices.
Students develop their knowledge and understanding of the structure and operation of commerce models. They examine the relationship between theory and practice including the role of stakeholders and decision-making. Students develop insights into the impact of change on the commerce environment and how that might be planned for and managed. Courses written under this framework examine representations and interpretations of commerce issues.
Students develop the skills to create innovative solutions to commerce problems. They apply theories to case studies to understand and compare alternate solutions to problems, or where appropriate, students deduce theories from case studies. They research and analyse information to present logical and coherent arguments through an inquiry approach to learning. Students generate, analyse, represent and interpret data to inform decisions making and problem solving. Students assess the ethical implications and consequences of a changing commercial environment. Skills implicit in the study of commerce empower students to communicate in a variety of contexts and collaborate with others to reach their goals.
The study of commerce enables learners to develop their knowledge, understanding and skills to enhance the advancement of all citizens locally, nationally and globally by understanding how to combat poverty and generate wealth. They understand how sustainability issues, and the ethical conduct of the commerce activities that permeate people’s lives, are vital parts of planning for the future in commerce. Students become able to actively participate in the political, social and economic discussions about the allocation of resources, the distribution of wealth, and the regulation of contemporary commerce activity from an informed and critical perspective.
Commerce courses provide continuity with many pathways into work and tertiary studies. These key skills will allow students access to the entrepreneurial world that creates wealth and sustains lives.
Microeconomic Foundations
In this unit, students investigate the nature and purpose of a range of economic theories and concepts related to microeconomics to better understand human behaviour. In investigating scenarios in local, national, global economies, and developing societies, they evaluate theories, models, and numerical analyses. Students evaluate explanations of microeconomic phenomena provided by economists to draw conclusions about the nature and actions of economic agents.
Debates in Microeconomics
In this unit, students analyse complex scenarios in microeconomics to understand choices of policy makers. They will engage with debate in the discipline on explanations for contemporary economic dilemmas and the range of possible solutions to problems facing people. Students collaborate to make predictions and propose solutions to problems facing policy makers and citizens.
Macroeconomic Foundations
In this unit, students investigate the nature and purpose of a range of economic theories and concepts related to macroeconomics. They evaluate theories, models, and numerical analyses through investigating scenarios in local, national, global economies and developing societies to understand how policy makers foster prosperity. Students evaluate explanations of macroeconomic phenomena provided by economists to draw conclusions about the effectiveness of decision making.
Debates in Macroeconomics
In this unit, students critically analyse in-depth scenarios in macroeconomics to understand the functional role of economics in bettering lives. They will engage with debate in the discipline around explanations for contemporary economic dilemmas and the range of possible solutions to problems facing people. Students make predictions and propose solutions to problems facing policy makers and citizens.
Independent Study
An Independent Study unit has an important place in senior secondary courses. It is a valuable pedagogical approach that empowers students to make decisions about their own learning. An Independent Study unit can be proposed by an individual student for their own independent study and negotiated with their teacher. The program of learning for an Independent Study unit must meet the unit goals and content descriptions as they appear in the course.
Independent Study units are only available to individual students in Year 12. A student can only study a maximum of one Independent Study unit in each course. Students must have studied at least three standard 1.0 units from this course. An Independent Study unit requires the principal’s written approval. Principal approval can also be sought by a student in Year 12 to enrol concurrently in an Independent Study unit and their third or fourth 1.0 unit in this course of study.
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