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-5311140370840Sample Course OutlineEconomicsATAR Year 11Copyright? School Curriculum and Standards Authority, 2019This document – apart from any third party copyright material contained in it – may be freely copied, or communicated on an intranet, for non-commercial purposes in educational institutions, provided that the School Curriculum and Standards Authority is acknowledged as the copyright owner, and that the Authority’s moral rights are not infringed.Copying or communication for any other purpose can be done only within the terms of the Copyright Act 1968 or with prior written permission of the School Curriculum and Standards Authority. 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Their inclusion does not imply that they are mandatory or that they are the only resources relevant to the course.Sample course outlineEconomics – ATAR Year 11Semester 1 – Unit 1 – MicroeconomicsWeekKey teaching points1Economics: Communicationselect and use appropriate terminologyselect and use appropriate formats when communicating economic understandingsEconomic knowledge and understanding: Introduction to marketsthe characteristics of a market economythe distinction between product and factor marketsthe distinction between competitive and non-competitive markets2–4Economic skills: Economic researchapply appropriate methods of recording and organising microeconomic information, including spreadsheets, graphs and tablesEconomic skills: Reasoning, interpretation and analysisidentify trends and relationships in economic information and data on marketsuse economic information and data to make predictions on marketsuse economics models, including demand and supply graphs to analyse market behaviour and performanceuse evidence found in economic information and data to justify a conclusionEconomic skills: Communicationselect and use appropriate terminologyselect and use appropriate formats when communicating economic understandingsEconomic knowledge and understanding: Demandthe law of demandthe relationship between individual and market demand schedules and curves factors affecting demandpriceincomepopulationtastes and preferencesprices of substitutes and complementsexpected future pricesthe effect of changes in price on quantity demanded i.e. expansion or contraction of demandthe effect of changes in non-price factors on quantity demanded i.e. increase or decrease in demandEconomic knowledge and understanding: Supplythe law of supplythe relationship between individual and market supply schedules and curves factors affecting supplypricecosts of productionfactors of productionexpected future pricesnumber of supplierstechnologythe effect of changes in price on quantity supplied i.e. expansion or contraction of supplythe effect of changes in non-price factors on quantity supplied i.e. increase or decrease in supplyTask 1: Data interpretation/Short answer5–6Economic skills: Economic researchapply appropriate methods of recording and organising microeconomic information, including spreadsheets, graphs and tablesEconomic skills: Reasoning, interpretation and analysisuse economics models, including demand and supply graphs to analyse market behaviour and performanceuse evidence found in economic information and data to justify a conclusionEconomic knowledge and understanding: Equilibriumthe concept of market equilibriumthe effect of changes in demand and supply on market equilibriumthe concepts of market clearing, shortages and surpluseshow the price mechanism clears market surpluses and shortages7–8Economic skills: Economic researchapply appropriate methods of recording and organising microeconomic information, including spreadsheets, graphs and tablesEconomic skills: Reasoning, interpretation and analysisidentify trends and relationships in economic information and data on marketsuse economic information and data to make predictions on marketsapply mathematical techniques relevant to microeconomic analysis, including the calculation of price elasticity of demand, total revenue, price elasticity of supply, income elasticity of demanduse economics models, including demand and supply graphs to analyse market behaviour and performanceapply economic reasoning to market behaviour and performanceuse evidence found in economic information and data to justify a conclusionEconomic skills: Communicationselect and use appropriate terminologyselect and use appropriate formats when communicating economic understandingsuse economic models to convey economic theory and reasoning about microeconomic events and issuesEconomic knowledge and understanding: Elasticitythe concept, and measurement, of price elasticity of demanddeterminants of price elasticity of demandthe distinction between goods that are price elastic and price inelastic in demandthe link between price elasticity of demand and total revenuethe concept, and measurement, of income elasticity of demandthe behaviour of normal goods and inferior goods in response to changes in incomethe concept of cross elasticity of demandthe significance of substitute and complementary goods in relation to price, income and cross elasticities of demandthe concept of price elasticity of supplythe distinction between goods that are price elastic and price inelastic in supplydeterminants of price elasticity of supplythe significance of price and income elasticity for consumers, business and governmentTask 2: Data interpretation/Short answer9Economic skills: Reasoning, interpretation and analysisidentify trends and relationships in economic information and data on marketsapply mathematical techniques relevant to microeconomic analysis, including the consumer surplus, producer surplus, deadweight lossuse economics models, including demand and supply graphs to analyse market behaviour and performanceuse evidence found in economic information and data to justify a conclusionEconomic skills: Communicationselect and use appropriate terminologyselect and use appropriate formats when communicating economic understandingsEconomic knowledge and understanding: Market efficiencythe concept of efficiencythe benefits to consumers as market participants, applying marginal benefit and consumer surplusthe benefits to producers as market participants, applying marginal cost and producer surplusthe efficiency of market equilibrium i.e. maximising total surplusTask 3: Extended answer (Case study/Scenario)10–11Economic skills: Reasoning, interpretation and analysisapply mathematical techniques relevant to microeconomic analysis, including the consumer surplus, producer surplus, deadweight lossuse economics models, including demand and supply graphs to analyse market behaviour and performanceuse evidence found in economic information and data to justify a conclusionEconomic skills: Communicationselect and use appropriate terminologyselect and use appropriate formats when communicating economic understandingsEconomic knowledge and understanding: Market failure and government policiesthe concept of market failurethe distinction between a competitive and an imperfect markethow under and overproduction in a market can result in a deadweight lossEconomic knowledge and understanding: Market powerthe concept of market powerbarriers to entry in a markethow market power can influence market efficiency i.e. a deadweight lossthe role of the Australian Competition and Consumer Commission (ACCC) in ensuring market efficiencypolicy options to influence market power, including regulation/deregulation and legislation12–13Task 4: Data interpretation/Short answerEconomic skills: Reasoning, interpretation and analysisapply mathematical techniques relevant to microeconomic analysis, including the consumer surplus, producer surplus, deadweight lossuse economics models, including demand and supply graphs to analyse market behaviour and performanceuse evidence found in economic information and data to justify a conclusionEconomic skills: Communicationselect and use appropriate terminologyselect and use appropriate formats when communicating economic understandingsuse economic models to convey economic theory and reasoning about microeconomic events and issuesEconomic knowledge and understanding: Externalitiesthe distinction between positive and negative externalitieshow an externality can influence market efficiency i.e. a deadweight losspolicy options to correct for externalities, including the use of taxes and subsidiesEconomic knowledge and understanding: Public goods and common resourcesthe distinction between public goods and common resourceswhy public goods suffer from the free rider effectwhy common resources suffer from the tragedy of the commonspolicy options to reduce market failure associated with public goods and common resources14Economic skills: Communicationselect and use appropriate terminologyselect and use appropriate formats when communicating economic understandingsEconomic knowledge and understanding: Equity the concept of equity (fairness)the relationship between equity and efficiencypolicy options to promote equity Task 5: Extended answer15Economic skills: Reasoning, interpretation and analysisapply mathematical techniques relevant to microeconomic analysis, including the consumer surplus, producer surplus, deadweight lossuse economics models, including demand and supply graphs to analyse market behaviour and performanceuse evidence found in economic information and data to justify a conclusionEconomic skills: Communicationselect and use appropriate terminologyselect and use appropriate formats when communicating economic understandingsuse economic models to convey economic theory and reasoning about microeconomic events and issuesEconomic knowledge and understanding: Government policiesPrice ceilings (maximum price)Price floors (minimum price)TaxesSubsidiesThe deadweight loss of a subsidy16Task 6: Semester 1 examinationSemester 2 – Unit 2 – MacroeconomicsWeekKey teaching points1Economic skills: Reasoning, interpretation and analysisuse macroeconomic models, including the circular flow model, to analyse macroeconomic events and issuesEconomics skills: Communicationselect and use appropriate terminologyselect and use appropriate formats when communicating economic understandingsuse economic models to convey economic theory and reasoning about macroeconomic events and issuesEconomic knowledge and understanding: Macroeconomic activitythe concept of macroeconomics and its relevancethe distinction between macroeconomics and microeconomicsthe concept of the circular flow of incomethe concepts of total spending, total output and total income and the relationship between themthe concepts of equilibrium, leakages and injections in the circular flow of incomethe effect of changes in leakages and injections on the level of equilibrium in the circular flow of income model2–3Economics skills: Communicationselect and use appropriate terminologyselect and use appropriate formats when communicating economic understandingsEconomic knowledge and understanding: Macroeconomic activitythe components of aggregate expenditureconsumptioninvestmentgovernment spendingnet exportsfactors affecting each of the components of aggregate expenditure4Task 7: Data interpretation/Short answerEconomic skills: Reasoning, interpretation and analysisuse macroeconomic models, the business cycle, to analyse macroeconomic events and issuesEconomics skills: Communicationselect and use appropriate terminologyselect and use appropriate formats when communicating economic understandingsuse economic models to convey economic theory and reasoning about macroeconomic events and issuesEconomic knowledge and understanding: The business cyclethe concept of the business cyclethe phases of the business cycle, and the characteristics of each phaseindicators of economic activityleading indicators, including share prices, building loan approvals, new employment vacancies, business and consumer confidence, and stock/inventory levelscoincident indicators, including retail sales, and new car registrationslagging indicators, including unemployment rates/levels and inflation rate5Economic skills: Reasoning, interpretation and analysisidentify and organise relevant information within sourcesidentify trends and relationships in economic information and data on the macroeconomyuse economic information and data to make predictions on the macroeconomyapply mathematical techniques relevant to macroeconomic analysis, including: calculating and interpreting rates of change in gross domestic product (GDP) use macroeconomic models, including the production possibility frontier, the Lorenz curve and the Phillips curve to analyse macroeconomic events and issuesapply economic reasoning to evaluate Australia’s macroeconomic performanceuse evidence found in economic information and data to justify a conclusionEconomic skills: Communicationselect and use appropriate terminologyselect and use appropriate formats when communicating economic understandingsuse economic models to convey economic theory and reasoning about macroeconomic events and issuesEconomic knowledge and understanding: Economic growththe concept, and measurement, of economic growththe distinction between nominal gross domestic product (GDP), real GDP, and real GDP per capitaGDP as a measure of economic growthdeterminants of economic growththe costs and benefits of economic growth6Economic skills: Reasoning, interpretation and analysisidentify and organise relevant information within sourcesidentify trends and relationships in economic information and data on the macroeconomyuse economic information and data to make predictions on the macroeconomyapply mathematical techniques relevant to macroeconomic analysis, including: calculating the inflation rate using the Consumer Price Index (CPI)use macroeconomic models, including the Phillips curve to analyse macroeconomic events and issuesapply economic reasoning to evaluate Australia’s macroeconomic performanceuse evidence found in economic information and data to justify a conclusionEconomic skills: Communicationselect and use appropriate terminologyselect and use appropriate formats when communicating economic understandingsuse economic models to convey economic theory and reasoning about macroeconomic events and issuesEconomic knowledge and understanding: Inflationthe concept, and measurement, of inflationthe distinction between headline and underlying inflationtypes of inflationdemand pullcost pushthe costs of inflation and the benefits of low inflation7Economic skills: Reasoning, interpretation and analysisidentify and organise relevant information within sourcesidentify trends and relationships in economic information and data on the macroeconomyuse economic information and data to make predictions on the macroeconomyapply mathematical techniques relevant to macroeconomic analysis, including: calculating the unemployment rate from labour force datause macroeconomic models, including the production possibility frontier and Phillips curve to analyse macroeconomic events and issuesapply economic reasoning to evaluate Australia’s macroeconomic performanceuse evidence found in economic information and data to justify a conclusionEconomic skills: Communicationselect and use appropriate terminologyselect and use appropriate formats when communicating economic understandingsuse economic models to convey economic theory and reasoning about macroeconomic events and issuesEconomic knowledge and understanding: Unemploymentthe concepts of unemployment, full employment, the natural rate of unemployment, the participation rate and underemploymentthe measurement of unemploymenttypes and causes of unemployment, including cyclical, structural and frictionalthe effects of unemploymentthe implications of full employment for the economythe possible short-term trade-off between unemployment and inflationTask 8: Data interpretation/Short answer8–9Economic skills: Reasoning, interpretation and analysisidentify and organise relevant information within sourcesidentify trends and relationships in economic information and data on the macroeconomyuse economic information and data to make predictions on the macroeconomyapply mathematical techniques relevant to macroeconomic analysis, including: calculating balances (surplus/deficit) for balance of payments datause evidence found in economic information and data to justify a conclusionEconomic skills: Communicationselect and use appropriate terminologyselect and use appropriate formats when communicating economic understandingsEconomic knowledge and understanding: Balance of paymentscomposition and direction of Australia’s tradethe concept of the balance of paymentsthe general structure of the current account, and the capital and financial accountthe distinction between the current account and the capital and financial accountthe relationship between the current account and the capital and financial account10Task 9: Data interpretation/Short answerEconomic skills: Reasoning, interpretation and analysisapply mathematical techniques relevant to macroeconomic analysis, including constructing and interpreting Lorenz curvesEconomic skills: Communicationselect and use appropriate terminologyselect and use appropriate formats when communicating economic understandingsuse economic models to convey economic theory and reasoning about macroeconomic events and issuesEconomic knowledge and understanding: Income distributionthe concepts of income and wealthhow the Lorenz curve represents inequality in the distribution of income and wealth11Economic skills: Reasoning, interpretation and analysisidentify and organise relevant information within sourcesidentify trends and relationships in economic information and data on the macroeconomyEconomic skills: Communicationselect and use appropriate terminologyselect and use appropriate formats when communicating economic understandingsEconomic knowledge and understanding: The public sectorthe role of the government in a modified market economyregulation of business enterprisesstabilising the business cycleredistributing income through taxation and spendingthe provision of goods and servicesthe size of the government sector in the Australian economy currently, over time, and relative to other economiesthe size and composition of government revenue and spending in Australia at the Commonwealth, state and local government levels12Economic skills: Reasoning, interpretation and analysisidentify and organise relevant information within sourcesidentify trends and relationships in economic information and data on the macroeconomyEconomic skills: Communicationselect and use appropriate terminologyselect and use appropriate formats when communicating economic understandingsEconomic knowledge and understanding: Taxation the distinction betweendirect/indirect taxationprogressive/regressive/proportional taxationtaxes on income/expendituretypes of Commonwealth taxes, including personal and income tax, goods and services tax, company tax, capital gains tax, fringe benefits tax and excise dutythe concepts of equity, efficiency and simplicity in the context of Australia’s taxation system13Task 10: Extended answerEconomic skills: Reasoning, interpretation and analysisidentify trends and relationships in economic information and data on the macroeconomyEconomic skills: Communicationselect and use appropriate terminologyselect and use appropriate formats when communicating economic understandingsEconomic knowledge and understanding: Economic objectivesthe economic objectives of the Australian Governmentsustainable economic growthlow unemployment (full employment)low inflation (price stability)a more equitable distribution of incomethe efficient allocation of resourcesTask 11: Extended answer (investigation) – Australia’s macroeconomic performance14–15Economic skills: Economic researchidentify research questions to investigateselect appropriate print and electronic media sources of economic information and data on the macroeconomyapply appropriate methods of recording and organising macroeconomic information, including spreadsheets, graphs and tablesapply problem-solving, critical thinking and decision-making strategies to achieve outcomes which may be predictable and contestable by natureEconomic skills: Reasoning, interpretation and analysisidentify and organise relevant information within sourcesidentify trends and relationships in economic information and data on the macroeconomyapply mathematical techniques relevant to macroeconomic analysis, including: calculations relating to the circular flow of income; calculating the participation rate from labour force data; calculating marginal and average rates of taxationapply economic reasoning to evaluate Australia’s macroeconomic performanceuse evidence found in economic information and data to justify a conclusionEconomic skills: Communicationselect and use appropriate terminologyselect and use appropriate formats when communicating economic understandingsreflect on the investigation process usedEconomic knowledge and understanding: Macroeconomic performancetrends in, and influences on, Australia’s recent (the last ten years) economic performance using a range of economic indicators, including inflation, unemployment, economic growth and the current account balancethe impact of recent (the last ten years) domestic and international events on the performance of the Australian economy16Task 12: Semester 2 examination ................
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