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T A S M A N I A N
Economics
C E R T I F I C A T E
A U T H O R I T Y
Economics ECN315111: TQA Level 3, Size Value = 15
THE COURSE DOCUMENT
This document contains the following sections:
RATIONALE ............................................................................................................................... 1
COURSE SIZE AND COMPLEXITY ........................................................................................... 2
COURSE DESCRIPTION ........................................................................................................... 2
PATHWAYS ........................................................................................................ 2
LEARNING OUTCOMES ........................................................................................................... 2
COURSE CONTENT .................................................................................................................. 3
ASSESSMENT ........................................................................................................................... 8
EXTERNAL ASSESSMENT REQUIREMENTS ................................................... 8
QUALITY ASSURANCE PROCESSES ............................................................... 8
CRITERIA ........................................................................................................... 9
STANDARDS .................................................................................................... 10
QUALIFICATIONS AVAILABLE ........................................................................ 17
AWARDS REQUIREMENTS ............................................................................. 17
COURSE EVALUATION .......................................................................................................... 18
COURSE DEVELOPER ........................................................................................................... 18
ACCREDITATION .................................................................................................................... 18
VERSION HISTORY ................................................................................................................ 18
RATIONALE
Courses in the study of society and the environment examine human interrelationships, and
the diverse relationships that exist between humans and their environments over time. The
breadth of the learning area includes the study of spatial patterns and processes, human
behaviour, ethics, beliefs, social justice, sustainable development, political, economic and
legal systems, cultural and environmental heritage, and the nature of business and work
cultures.
Economic issues and decisions have a critical role to play in our society, being central to our
politics and the media. Gaining knowledge of economics will develop values, attitudes and
knowledge to enable students to participate in our society more effectively.
Copyright for part(s) of this course may be held by organisations other than the TQA
Period of Accreditation: 1 Jan 2011 – 31 Dec 2015
Date of Publishing: 28 June 2017
2
Economics
TQA 3
COURSE SIZE AND COMPLEXITY
This course has been assessed as having a complexity level of TQA level 3.
At TQA level 3, the student is expected to acquire a combination of theoretical and/or technical
and factual knowledge and skills and use judgment when varying procedures to deal with
unusual or unexpected aspects that may arise. Some skills in organising self and others are
expected. TQA level 3 is a standard suitable to prepare students for further study at the tertiary
level. VET competencies at this level are often those characteristic of an AQF Cert ificate III.
The TQA level 3 course has a size value of 15.
COURSE DESCRIPTION
Economics level 3 is the study of decision-making. It answers the question of how we - as a
society and as individuals - use our scarce resources to satisfy our needs. Students of
economics will develop greater understanding of individual, business and government
behaviour. This involves learning economic terminology, concepts, tools and principles.
Students of this course will investigate contemporary economic issues using both economic
ideas and knowledge of the features of the Australian economic system. This involves the
study of issues central to how the Australian economy operates namely growth, inflation,
employment and overseas events. Skills, knowledge and the inquiry process will be used to
enable students to identify, collate, analyse and evaluate information from multiple sources
and to form evidence based conclusions.
PATHWAYS
This course is designed for students looking for pathways to work and further study. Some
vocational links include: government positions; financial professions; business management;
journalism; entrepreneurship; and economist.
Study pathways include a range of higher education qualifications in areas such economics,
business, law.
LEARNING OUTCOMES
On successful completion of this course, learners will have knowledge and skills to:

understand and use economic terms, concepts and theories

understand and use economic decision-making skills

see economics as a method of enquiry

outline how the Australian economy operates

analyse a range of economic problems and evaluate solutions

communicate economic information and ideas.
Tasmanian Qualifications Authority
Version 1
Period of Accreditation: 1 Jan 2011 – 31 Dec 2015
Date of Publishing: 28 June 2017
3
Economics
TQA 3
COURSE CONTENT
Students will study the following three topics:
1. The Australian Economy
2. Australian Economic Issues
3. Australia and the World Economy
1 - THE AUSTRALIAN ECONOMY
T HE ECONOMIC PROBLEM

Needs and wants

The economic problem – definition and characteristics

Resources (labour, capital, natural and enterprise)

Four economic questions – what to produce, how much to produce, how to produce
and how to distribute the produce

Opportunity Cost and Production Possibilities – including scarcity, defining and
calculating opportunity cost and production possibility curves.
A USTRALIA – A MIXED MARKET ECONOMY

Pure market and planned economies – brief overview/contrast

The key features of a mixed market economy

Government intervention. How and why does the government intervene in the economy?
This includes market failure in terms of production, income distribution, market power,
market instability and externalities.
S UPPLY AND D EMAND

Consumers and business in the market

Demand - determinants

Supply - determinants

Market Equilibrium - determining equilibrium, shortages, surpluses and changes in
equilibrium

Government intervention in the market – subsidies, taxes (sales), minimum and
maximum prices.
Tasmanian Qualifications Authority
Version 1
Period of Accreditation: 1 Jan 2011 – 31 Dec 2015
Date of Publishing: 28 June 2017
4
Economics
TQA 3

Price elasticity of demand – definition, significance to business and government,
calculation using revenue method.
T HE CIRCULAR FLOW

Five sectors, flows, leakages and injections. The concept of equilibrium, increasing
and decreasing the circular flow.
T HE B USINESS C YCLE , A GGREGATE D EMAND AND A GGREGATE S UPPLY

Brief description and illustration of the Business Cycle.

The benefits and problems caused by upswings and downswings, including
recessions.

Define Aggregate Demand and Aggregate Supply.

The significance of Aggregate Demand

Components of aggregate demand and factors that influence these components (AD
= C + I + G + (X-M))

The multiplier, marginal propensity to consume and marginal propensity to save. The
multiplier (k) = 1 / (1-MPC).
Relevant examples of current issues and case studies concerning the Australian economy will
be studied.
2.
AUSTRALIAN ECONOMIC ISSUES
I SSUE – E CONOMIC G ROWTH
Growth
Define economic growth, sustainable economic growth and GDP.
Simple calculation of the growth rate.
Consequences of growth
Outline the benefits of growth in terms of standard of living, innovation and invention.
Differentiate between material and non-material standards of living (brief coverage only).
Outline the costs of growth in terms of unemployment, inflation, external stability and the
environment.
Tasmanian Qualifications Authority
Version 1
Period of Accreditation: 1 Jan 2011 – 31 Dec 2015
Date of Publishing: 28 June 2017
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Economics
TQA 3
I SSUE – I NFLATION
Inflation

Define inflation, differentiate types of inflation (focus is on demand-pull and costpush).

Measuring inflation. The Consumer Price Index and simple calculation of inflation.
Consequences of Inflation

The economic impact of inflation on interest rates, investment, external stability
income distribution and material standard of living.
I SSUE – U NEMPLOYMENT
Employment and Unemployment

Define unemployed, employed, population, labour force and participation rate.

Differentiate types of unemployment (focus is on structural and cyclical). This
includes hidden and underemployment.

Measuring unemployment. The ABS survey and simple calculation of unemployment.
Consequences of Unemployment

The economic impact of unemployment on output, the Budget, income distribution
and labour skills.

The social and economic impact of unemployment on poverty, physical health,
mental health, crime and personal relationships.
G OVERNMENT O BJECTIVES AND P OLICY
The Objectives of Economic Policy

The objectives of economic management.
Fiscal Policy/Budgetary Policy

Define ‘fiscal policy’

The budget including revenue and expenditure (includes stance and income)

Automatic stabilisers (welfare payments and progressive taxes)

The impact of different budget outcomes on aggregate demand

Evaluation of Fiscal policy – key strengths and weaknesses.
Tasmanian Qualifications Authority
Version 1
Period of Accreditation: 1 Jan 2011 – 31 Dec 2015
Date of Publishing: 28 June 2017
6
Economics
TQA 3
Monetary Policy

Define ‘monetary policy’

The role of the RBA including targeting and independence. Knowledge of market
operations not required

The transmission mechanism. The impact of interest rate changes on aggregate
demand

Evaluation of monetary policy – key strengths and weaknesses.
Overview of Monetary, Fiscal and Micro economic reform Policy

The role of monetary and fiscal policy in managing inflation (demand-pull),
unemployment (structural and cyclical) and economic growth

Basic coverage of policy conflicts

Basic overview of micro economic reform – aims only

The policy mix.
Relevant examples of current issues and case studies concerning the Australian economy will
be studied.
3.
AUSTRALIA AND THE WORLD ECONOMY
A USTRALIAN TRADE
Trade

Why does Australia trade with other economies? Refer to employment, income,
choice, economies of scale, access to resources, specialisation and resource
allocation

Comparative Advantage (theory only, no calculations).
Trade Protection and Reform
 Reasons for trade protection
 Trade protection using tariffs, subsidies and quotas (including diagrams)
 The implications of reducing protection for Australia.
Tasmanian Qualifications Authority
Version 1
Period of Accreditation: 1 Jan 2011 – 31 Dec 2015
Date of Publishing: 28 June 2017
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Economics
TQA 3
Exchange Rates
 Define floating exchange rate
 Define appreciation and depreciation of a floating exchange rate
 What are the causes of an appreciation/depreciation of a floating exchange rate?
Refer to supply and demand
 What are the effects of an appreciation/depreciation of a floating exchange rate?
 What is the TWI (simple coverage only)?
A USTRALIA ’ S B ALANCE OF P AYMENTS
The Balance of Payments

Brief overview of the two accounts. Focus on trade balance and income
accounts. No calculations required. Very basic coverage of capital and financial
account only.
The Current Account Deficit

What is a current account deficit and foreign debt?

What are the consequences of a high current account deficit and foreign debt?
Include impact of debt servicing. Also include alternate view that debt is not a
problem.
Globalisation
Globalisation and Development

Define and differentiate globalisation and development

Differences in economic development including HDI and standard of living.
The Impact of Globalisation
 Brief overview of the impact of globalisation on economic growth, economic
development, international trade, inequality and the environment.
Relevant examples of current issues and case studies concerning the Australian economy will
be studied.
Tasmanian Qualifications Authority
Version 1
Period of Accreditation: 1 Jan 2011 – 31 Dec 2015
Date of Publishing: 28 June 2017
8
Economics
TQA 3
ASSESSMENT
Criterion-based assessment is a form of outcomes assessment which identifies the
extent of student achievement at an appropriate end-point of study. Although
assessment – as part of the learning program - is continuous, much of it is formative,
and is done to help students identify what they need to do to attain the maximum benefit
from their study of the course. Therefore, assessment for summative reporting to the
Tasmanian Qualifications Authority should focus on what both teacher and student
understand to reflect end-point achievement.
The standard of achievement each student attains on each criterion is recorded as a
rating ‘A’, ‘B’, or ‘C’, according to the outcomes specified in the standards section of the
course.
A ‘t’ notation must be used where a student demonstrates any achievement against a
criterion less than the standard specified for the ‘C’ rating. The ‘t’ notation sits outside
the continuum of ratings and is thus not described in course standards.
A ‘z’ notation is to be used where a student provides no evidence of achievement at all.
Providers offering this course must participate in the quality assurance processes.
Internal assessment of all criteria will be made by the provider. Providers will report the
student’s rating for each criterion to the Tasmanian Qualifications Authority.
The Tasmanian Qualifications Authority will supervise the external assessment of
designated criteria (*). The ratings obtained from the external assessments will be used
in addition to those provided from the provider to determine the final award.
EXTERNAL ASSESSMENT REQUIREMENTS
The external assessment requirements for this course assess criteria 3, 4, 5, 6 and 7.
Further information regarding external assessment processes and requirements is
articulated in the TQA issued Assessment Guidelines.
QUALITY ASSURANCE PROCESSES
The following processes will be facilitated by the TQA to ensure there is:
 a match between the standards for achievement specified in the course and the
standards demonstrated by students
 community confidence in the integrity and meaning of the qualification.
Processes – the Authority gives course providers feedback about any systematic
differences in the relationship of their internal and external assessments and, where
appropriate, seeks further evidence through audit and requires corrective action in the
future.
Tasmanian Qualifications Authority
Version 1
Period of Accreditation: 1 Jan 2011 – 31 Dec 2015
Date of Publishing: 28 June 2017
9
Economics
TQA 3
CRITERIA
The assessment for Economics TQA level 3 will be based on the degree to which the student
can:
1.
Plan, organise, research and complete activities independently, and collaboratively
2.
Communicate economic information
3. * Demonstrate knowledge and understanding of economic terms and concepts
4. * Demonstrate knowledge and understanding of economic data
5. * Demonstrate knowledge and understanding of economic problems
6. * Demonstrate knowledge and understanding of economic solutions
7. * Analyse and evaluate economic issues and information.
*= externally and internally assessed criteria
Tasmanian Qualifications Authority
Version 1
Period of Accreditation: 1 Jan 2011 – 31 Dec 2015
Date of Publishing: 28 June 2017
10
Economics
TQA 3
STANDARDS
CRITERION 1
PLAN, ORGANISE, RESEARCH AND COMPLETE ACTIVITIES
INDEPENDENTLY, AND COLLABORATIVELY
Rating ‘C’
A learner can:
Rating ‘B’
A learner can:
Rating ‘A’
A learner can:
 use and reference credible
sources

find, use and reference
credible sources

find, use and reference
a wide variety of
credible sources
 with direction provided,
collate economic
information

collect and collate
relevant economic
information

collect and collate
relevant economic
information
 respond positively to
advice about completing
tasks

consult and negotiate
with relevant others
about individual and
collaborative tasks

when necessary,
consult and negotiate
with relevant others
about individual and
collaborative tasks
 in a group situation,
contribute positively to the
planning and completion of
tasks

actively participate in
the planning and
completion of group
tasks.

reflect upon previous
planning and make
changes to improve
performance in group
tasks.

initiate, lead and
manage a collaborative
task

complete all work on
time.
 complete a majority of
significant work on time.
Tasmanian Qualifications Authority
Version 1

generally complete all
assigned work on time.
Period of Accreditation: 1 Jan 2011 – 31 Dec 2015
Date of Publishing: 28 June 2017
11
Economics
TQA 3
CRITERION 2
COMMUNICATE ECONOMIC INFORMATION
Rating ‘C’
A learner can:
Rating ‘B’
A learner can:
Rating ‘A’
A learner can:
 describe basic economic
information

accurately describe
economic information

accurately and
comprehensively
describe economic
information
 effectively convey
information, including in
extended writing

communicate
effectively using
accepted conventions,
including in extended
writing

communicate
effectively in a variety
of appropriate forms
using accepted
conventions, including
in extended writing
 address the basic intent of
a question

structure a response
so as to be readily
understood

sequence information
and arguments to
create a logical whole
 present some points of
view other than one’s own.

convey the central
aspects of an issue
effectively

focus on the objective
of the assigned task
and communicate
relevantly

present the essential
arguments of both
sides of an issue.

communicate in a
balanced and
comprehensive way,
given the parameters
of the task

set aside a personal
perspective in the
interests of objective
analysis.
Tasmanian Qualifications Authority
Version 1
Period of Accreditation: 1 Jan 2011 – 31 Dec 2015
Date of Publishing: 28 June 2017
12
Economics
TQA 3
CRITERION 3
* DEMONSTRATE KNOWLEDGE AND UNDERSTANDING OF
ECONOMIC TERMS AND CONCEPTS
Rating ‘C’
A learner can:
Rating ‘B’
A learner can:
Rating ‘A’
A learner can:
 outline basic facts about
Australia’s economic
system

outline key facts and
concepts about
Australia’s economic
system

describe in detail key
facts and concepts
about Australia’s
economic system
 use and interpret
economic terms and
concepts to produce
statements about
Australia’s economic
system

use and interpret
economic terms and
concepts to produce
descriptions of
Australia’s economic
system

use and interpret
economic terms and
concepts in
comprehensively
describing Australia’s
economic system
 identify some links in
Australia’s economic
system.

make appropriate
connections between
relevant facts about
Australia’s economic
system

make connections
between a wide range
of relevant concepts
and facts about
Australia’s economic
system

apply economic
concepts and
principles.

accurately apply a
wide range of
economic concepts
and principles.
Tasmanian Qualifications Authority
Version 1
Period of Accreditation: 1 Jan 2011 – 31 Dec 2015
Date of Publishing: 28 June 2017
13
Economics
TQA 3
CRITERION 4
* DEMONSTRATE KNOWLEDGE AND UNDERSTANDING OF
ECONOMIC DATA IN MATHEMATICAL FORM
Rating ‘C’
A learner can:

extract basic economic
information from diagrams,
graphs and tables
Rating ‘B’
A learner can:

extract and interpret
economic information
from diagrams, graphs
and tables
Rating ‘A’
A learner can:

accurately extract and
interpret a wide variety
of economic
information from
diagrams, graphs and
tables
 prepare and present simple
diagrams, graphs and
tables

prepare and present
clearly labelled
accurate diagrams,
graphs and tables that
convey economic
meaning

prepare and present
clearly labelled
accurate and detailed
diagrams, graphs and
tables that convey
economic meaning
 use mathematical ideas,
techniques and formulae to
make economic
calculations and
statements.

use mathematical
ideas,
techniques and
formulae accurately to
make economic
calculations and
explanations.

use a wide variety of
mathematical ideas,
techniques and
formulae accurately to
make economic
calculations and
explanations.
Tasmanian Qualifications Authority
Version 1
Period of Accreditation: 1 Jan 2011 – 31 Dec 2015
Date of Publishing: 28 June 2017
14
Economics
TQA 3
CRITERION 5
* DEMONSTRATE KNOWLEDGE AND UNDERSTANDING OF
ECONOMIC PROBLEMS
Rating ‘C’
A learner can:
Rating ‘B’
A learner can:
Rating ‘A’
A learner can:
 identify and use economic
ideas and principles to
identify straight-forward
economic problems

identify and use
economic ideas and
principles to precisely
identify economic
problems

identify, use and
explain in detail facts
and concepts relevant
to economic problems
 identify and state the
causes of straight-forward
economic problems

identify and outline the
causes of economic
problems

identify and describe in
detail the causes of
economic problems
 identify some of the impact
of common economic
problems on individuals,
business and the
government.

describe the impact of
particular economic
problems on
individuals, business
and the government

describe in detail the
impact of a range of
economic problems on
individuals, business
and the government

make connections
between particular
economic problems.

make connections
between economic
problems.
Tasmanian Qualifications Authority
Version 1
Period of Accreditation: 1 Jan 2011 – 31 Dec 2015
Date of Publishing: 28 June 2017
15
Economics
TQA 3
CRITERION 6
* DEMONSTRATE KNOWLEDGE AND UNDERSTANDING OF
ECONOMIC SOLUTIONS
Rating ‘C’
A learner can:
Rating ‘B’
A learner can:
Rating ‘A’
A learner can:
 outline reasonable
economic solutions for
particular, relatively
straight-forward, economic
problems

select and use
economic ideas and
principles to describe
economic solutions to
particular economic
problems

identify, use and
explain in detail highly
appropriate solutions
to a range of economic
problems
 identify and state the likely
impact of particular
economic solutions on
individuals, business and
the government.

identify and describe
the impact of particular
economic solutions on
individuals, business
and the government

identify and describe in
detail the impact of
economic solutions on
individuals, business
and the government

make connections
between particular
economic solutions.

show understanding of
the costs and benefits
of economic solutions.
Tasmanian Qualifications Authority
Version 1
Period of Accreditation: 1 Jan 2011 – 31 Dec 2015
Date of Publishing: 28 June 2017
16
Economics
TQA 3
CRITERION 7
* ANALYSE AND EVALUATE ECONOMIC ISSUES AND
INFORMATION
Rating ‘C’
A learner can:
Rating ‘B’
A learner can:
Rating ‘A’
A learner can:
 use some relevant
economic
information when
describing economic issues

use a range of relevant
economic information
accurately when
describing economic
issues

accurately use a wide
variety of relevant
economic information
when describing and
analysing economic
issues
 understand that there may
be a variety of
perspectives on an issue

attempt to assess the
costs and benefits of
competing arguments

assess the costs and
benefits of competing
arguments in a rational
and comprehensive
way
 identify some strengths
and weaknesses of
particular economic
information.

assess particular
economic issues in the
context of the
Australian economic
system.

assess in detail
economic issues in the
context of the
Australian economic
system.
Tasmanian Qualifications Authority
Version 1
Period of Accreditation: 1 Jan 2011 – 31 Dec 2015
Date of Publishing: 28 June 2017
17
Economics
TQA 3
QUALIFICATIONS AVAILABLE
Economics TQA level 3 (with the award of):
EXCEPTIONAL ACHIEVEMENT
HIGH ACHIEVEMENT
COMMENDABLE ACHIEVEMENT
SATISFACTORY ACHIEVEMENT
PRELIMINARY ACHIEVEMENT
AWARD REQUIREMENTS
The final award will be determined by the Tasmanian Qualifications Authority from 12 ratings (7
ratings from internal assessment and 5 ratings from the external assessment).
EXCEPTIONAL ACHIEVEMENT (EA)
10 ‘A’ ratings, 2 ‘B’ rating (with 4 ‘A’ ratings and 1 ‘B’ rating in the external assessment)
HIGH ACHIEVEMENT (HA)
4 ‘A’ ratings, 5 ‘B’ ratings, 3 ‘C’ ratings (with 2 ‘A’ rating, 2 ‘B’ ratings and 1 ‘C’ rating in
the external assessment)
COMMENDABLE ACHIEVEMENT (CA)
6 ‘B’ ratings, 5 ‘C’ ratings (with 2 ‘B’ ratings and 2 ‘C’ rating in the external assessment)
SATISFACTORY ACHIEVEMENT (SA)
10 ‘C’ ratings (3 ‘C’ ratings in the external assessment)
PRELIMINARY ACHIEVEMENT (PA)
6 ‘C’ ratings
A learner who otherwise achieves the ratings for a CA (Commendable Achievement) or SA
(Satisfactory Achievement) award but who fails to show any evidence of achievement in one or
more criteria (‘z’ notation) will be issued with a PA (Preliminary Achievement) award.
Tasmanian Qualifications Authority
Version 1
Period of Accreditation: 1 Jan 2011 – 31 Dec 2015
Date of Publishing: 28 June 2017
18
Economics
TQA 3
COURSE EVALUATION
Courses are accredited for a specific period of time (up to five years) and they are evaluated in
the year prior to the expiry of accreditation.
As well, anyone may request a review of a particular aspect of an accredited course throughout
the period of accreditation. Such requests for amendment will be considered in terms of the
likely improvements to the outcomes for learners and the possible consequences for delivery of
the course.
The TQA can evaluate the need and appropriateness of an accredited course at any point
throughout the period of accreditation.
COURSE DEVELOPER
The TQA acknowledges the significant leadership of Mr Adrian Lewis, Mr Bernd Meyer and
Mr Chris Hoare in the development of this course.
ACCREDITATION
The accreditation period for this course is from 1 Jan 2011 until 31 Dec 2015.
VERSION HISTORY
Version 1 – Accredited version. This course replaces ECN5C.
VERSION CONTROL
This document is a Word version of the course. It is not a TQA controlled version. The
current PDF version of the course on the TQA website is the definitive one.
Tasmanian Qualifications Authority
Version 1
Period of Accreditation: 1 Jan 2011 – 31 Dec 2015
Date of Publishing: 28 June 2017