Learning
Economics

Learning Area: Humanities

Subject Description

Economics at Year 10 is a semester long elective subject that covers elements of Business Management, Accounting and Economics. Students participate in a number of activities including designing a personal budget, the ASX competition, investigation of a small business operation, examing the workngs of a real market and researching a current economic issue.

The course focuses on the ability to research, analyse and develop economic thinking strategies. Team work and individual research are key features. Practical and applied knowledge is used to develop these skills.

Areas of Study  

  • How markets work  
  • The big economic issues  
  • Managing personal finances  
  • What is a business?
  • Starting a business

VELS Dimension

Economic knowledge and understanding

This dimension focuses on economic concepts, principles, methods and models. Students learn how their needs and wants are met and understand their roles as producers, workers and consumers and recognise the impact of market forces. They learn that economic decisions are about the allocation of resources in producing goods and services and about the distribution of the proceeds of production and that these decisions have local, national and global consequences. They explore the importance and the role of enterprise and entrepreneurship in the production process and in the construction, development and prosperity of an economic system.

Students learn how to manage their personal finances and how to be informed consumers. They explore the world of work in order to develop the ability to make informed decisions about their future education and training needs, and employment.

Students investigate factors affecting the Australian and international economies and the role of government in establishing conditions for economic activity and they develop the ability to use economic knowledge and understanding to evaluate economic decisions and policies.

Economic reasoning and interpretation

This dimension covers the nature of economic thinking. Students learn to use and practise rational, objective decision making by applying economic reasoning, including the fundamental economic concepts of opportunity cost and cost-benefit analysis, to solve problems which assist them in understanding the economy, society and environment. They develop an ability to identify, collect and process data from a range of sources, including electronic media, and to interpret tables, charts and graphs displaying economic data.

Assessment  

Analysis Task  
Presentation
Semester Examination