What you need to know about doing this subject! ATAR ECONOMICS What you need to know about doing this subject!

Why do the subject? Economics investigates the choices that different groups of society make each and everyday. It attempts to explain these choices by exploring economic theory as well as examining current economic issues. Economics covers concepts such as supply and demand, elasticity, economic growth, inflation and unemployment in year 11. In year 12 the course takes a more global approach to economics by studying Australia’s position in the global economy.

Economics enables you to develop an understanding of key issues in current affairs such as: Government policy, Interest rate movements Property market Changes in prices Improvements in technology Investment into the mining industry International trade Exchange rates

Economics skills employers want: Develop skills to interpret and analyse economic information and data Understand key economic and financial terms Deepen understanding of current economic, political and international current affairs Develop skills that will prepare students for university studies in business, finance and further economic studies Written and communication skills

Economics – the course What kinds of things will I learn about in this course? Economics is the study of satisfying unlimited wants with limited economic resources. You will learn about economic theory as well as be able to relate it to real life economic events and issues. What kinds of skills do the successful students in the course have? You will be required to have good written skills to clearly explain concepts. Basic mathematic skills including learning and using formula will be important for the study of economics. The ability to draw and develop economic diagrams neatly and accurately will also be important skills to develop.

Assessment What kinds of assessment will I do? Extended answer Short answer and source analysis Document study Research

Course combinations What other courses go well with this course? Past students have found this course combines well with ATAR English, Politics and Law, Geography, Modern History and Mathematics. On several occasions top achieving Economics students at Newman College have also been top achievers in Chemistry and/or Physics.

Most enjoyable aspects Students enjoy keeping up with current events and learning to understand the world of business. “One of the greatest pieces of economic wisdom is to know what you don’t know” John Kenneth Galbraith

Careers using Economics