Rationale
Economics is the study of how limited natural and human resources are allocated to satisfy the wants of individuals and society. The allocation of resources to meet these wants involves choice, and economics investigates the factors that inform these decisions. Economics explores human behaviour and responses to incentives and disincentives. Economics also examines the opportunity costs and other trade-offs that exist for any decision and the costs and benefits associated with different courses of action.
Economics enables students to explore and understand the ongoing economic systems of Aboriginal and Torres Strait Islander Peoples that are based on sustainability, reciprocity and Community resource management. Students build their knowledge of Aboriginal and Torres Strait Islander Peoples’ economies, their interaction with markets, sustainable economic practices, and economic self-determination.
Economic transactions are fundamental to modern society. The production, consumption and exchange of goods and services occurs constantly in the pursuit of material needs and wants. In a world where interaction with the economy is essential, knowledge of economic principles is invaluable. The discipline of economics offers a framework to interpret economic conditions and events and to comprehend their effects on individuals, businesses, institutions, governments and economies.
The study of Economics equips students with models and practical tools to understand the consumer, business and financial environments in which they live, work, spend, save and invest and the skills to make informed economic decisions. It builds awareness of the importance of government spending and taxation to fund the institutions, infrastructure and services that underpin the functioning and stability of Australia’s economic system and maintain high standards of living.
The Economics 11–12 Syllabus provides opportunities for students to engage with economic, political, social and environmental issues and policies, preparing them to contribute to public discourse as informed and responsible citizens. The syllabus provides pathways to further education and careers across economics, business, policy development and implementation, the media and communications.