Senior EconomicsSenior Economics

Its all about Decision-Its all about Decision-MakingMaking

Linking together the Past, Present and Future of Decision Making

A four A four semester semester course for course for Years 11 Years 11 and 12and 12

Produced by the Queensland Economics Teachers Association (QETA)

Are you interested in ECONOMICSECONOMICS?

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 lineof 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 makein 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

Production Distribution Consumption

Economics – why study Economics – why study it?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

KarmaResearch

CommunicationAnalysis

What will you STUDY?

Circular flow of Income Contemporary Micro- economic IssuesContemporary 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 SemesterInquiry

MethodYou direct You direct Your Your learninglearning

Learn about Economic models…

Flow of Wealth

Consumers

Businesses

Profits/Wages

People

GovernmentSpending

Savings

Banks

Investment

Tax

Is this an Is this an ideal ideal economyeconomy??

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 EconomyComputer assisted learning - use Excel and Access…

Course Outline – Elective Units

• Personal economicsPersonal economics• Systems and Systems and

developmentdevelopment• Environmental Environmental

economicseconomics• Income and Income and

expenditure analysisexpenditure analysis• Distribution of income Distribution of income

and wealthand wealth• Globalisation and Globalisation and

TradeTrade

• 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 towork 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 AssessmentIndividual 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 SKILLSAn ability to think logically Oral communication Skills

Written communication skillsUnderstanding of political and economic

affairs and issues of the World

Research Skills

Computer literacy

Internet research skills

CAREER CAREER PATHS!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 What is that Job Anyway?Anyway?

Economist: someone who advises on economic policy, in areas such as industry, government and finance.

Shares Trader: a a professional who buys and sells shares (ownership of part of a professional who buys and sells shares (ownership of part of a company) and bonds (a secure loan) in stock and commodity markets.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 industryGovernment: the Treasury, foreign affairs, intelligence, trade International: the World Bank, IMF, the UN, multinational companiesGeneral: accounting, law, engineering, architecture, business management

But, what do these jobs actually mean? Here are some examples:

Find out more about Find out more about Senior Economics…Senior Economics…

Ask current Economics students what it is like…

Speak with an Economics teacher

Eg.2: QUT School of Economicshttp://www.bus.qut.edu.au/schools/economics/

Eg. 1: UQ School of Economics:http://www.uq.edu.au/economics/

Contact economists in universities, businesses, &

governments...

Talk to your careers counselor

View relevant sites on the internet:

Eg.3: Austradehttp://www.austrade.gov.au/