Senior Economics Senior Economics Its all about Decision-Making Linking together the Past, Present and Future of Decision Making A four semester course for Years 11 and 12 Produced by the Queensland Economics Teachers Association (QETA)

ECONOMICS Are you interested in ECONOMICS? Are you interested in Decision-Making? Are you able to read and comprehend written material? Are you interested in money, wealth, government or small business? Do you want to develop a line of inquiry and devote time to Research? Have you been enjoying humanities, business, or science subjects in junior high school? Do you have a curious mind? Do you consider yourself capable of working both independently and in a group?

What is Economics? Economics is thus about understanding why people around you behave in the way that they do. Think about it this way - any decision that you have to make in the course of your life is in a sense an economic decision: a trade off between. costs and benefits. Economics is more than just business studies, it is the study of the interaction between households, businesses and the government. It helps you to understand the decisions and actions of all of these entities in shaping the. distribution of income and wealth in your house, your country and the world. A Key Concept of Economics: Goods and Services ProductionDistributionConsumption

Economics – why study it? Much of what you learn in Senior Economics will be of use to you as a citizen, consumer, employer or employee. Economics is a subject that is relevant because it addresses contemporary issues. You will learn about some of the approaches that can be put into place to solve local or world problems such as unemployment or extreme poverty. Economics offers flexibility in the choice of tertiary pathways you may undertake - from careers as diverse as business, journalism, psychology, engineering, medicine and health sciences. Gain Knowledge and Understanding about decisions regarding employment, investment, taxation, inflation, wages and salaries, saving and interest rates.

Expand your Mind… Critical Thinking Categorising Information Group Work Your Decision Making Karma Research Communication Analysis

What will you STUDY?   Circular flow of Income  Contemporary Micro- economic Issues  Contemporary Macroeconomic Management  International economics Study how individuals and societies choose to use the resources that nature and previous generations have provided. Investigate issues Inquire more deeply Study societal and global affairs concerning resource allocation. Economics in Year 11 and 12 – Course Outline: Core Units – One per Semester Inquiry Method You direct Your learning

Learn about Economic models… Flow of Wealth Consumers Businesses Profits/Wages People Government Spending Savings Banks Investment Tax Is this an ideal economy?

Involve yourself in both Practical and Theoretical Activities Clarify and justify your views on taxes, multi-nationals, welfare… Analyse the viewpoints of speakers from trade unions, banks & governments. Excursions: eg. universities, stock exchanges, factories. Use critical thinking. and problem solving skills. Play share-market games - manage a portfolio on the internet. Computer simulations - manage the Australian Economy Computer assisted learning - use Excel and Access…

Course Outline – Elective Units Personal economics Personal economics Systems and development Systems and development Environmental economics Environmental economics Income and expenditure analysis Income and expenditure analysis Distribution of income and wealth Distribution of income and wealth Globalisation and Trade Globalisation and Trade Finance Industry and Market Concentration Share market Population Economic development School based inquiry e.g. tourism, transport, sport, small business… Your Economics Teacher will choose Four to Six units from the list below to work in with your core units in Year 11 and 12:

1.Knowledge and understanding : facts, concepts. 2.Investigation : selecting, examining and analysing data. 3.Synthesis and Evaluation : appraising and communicating economic ideas Your Year 11 work will be formative, (meaning it won’t be added towards your Senior certificate). This gives you the chance to train up your skills in Economics before facing summative assessment in Year 12. Assessment Group Assessment Individual Assessment Examples: Examples: Calculations, short response item exams, response to stimulus exams, essays, practical exercises… Examples: Oral, video, computer, research assignments… Your Assessment in Economics is based on FOUR criteria:

JOB SKILLS An ability to think logically Oral communication Skills Written communication skills Understanding of political and economic affairs and issues of the World Research Skills Computer literacy Internet research skills

CAREER PATHS! Economist Banker Lawyer Loan Officer Shares Trader Business Owner Financial Analyst Statistician Cost Analyst Broker ASIO Employee Demographer Market Research Analyst Tax Agent Journalist Teacher

What is that Job Anyway? Economist: someone who advises on economic policy, in areas such as industry, government and finance. a professional who buys and sells shares (ownership of part of a company) and bonds (a secure loan) in stock and commodity markets. Shares Trader: a professional who buys and sells shares (ownership of part of a company) and bonds (a secure loan) in stock and commodity markets. Financial Analyst: someone who analyses the accounts and the economic prospects of a company or firm. With Economics training you may end up in a variety of occupations: The Private sector: banking, insurance, stockbroking, marketing, small business and primary industry Government: the Treasury, foreign affairs, intelligence, trade International: the World Bank, IMF, the UN, multinational companies General: accounting, law, engineering, architecture, business management But, what do these jobs actually mean? Here are some examples:

Find out more about Senior Economics… Ask current Economics students what it is like… Speak with an Economics teacher Eg.2: QUT School of Economics Eg. 1: UQ School of Economics: Contact economists in universities, businesses, & governments... Talk to your careers counselor View relevant sites on the internet: Eg.3: Austrade