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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 5 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 7 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