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ECONOMICS COURSE DRAFT
CODE: TQA Level 3, Size Value = 15
THE COURSE DOCUMENT
This document contains the following sections:
LEARNING STATEMENT ............................................................................................................................................. 1
COURSE SIZE AND COMPLEXITY .............................................................................................................................. 1
COURSE DESCRIPTION .............................................................................................................................................. 2
PATHWAYS .........................................................................................................................................................
ADVICE FOR PROVIDERS ..................................................................................................................................
LEARNING OUTCOMES .............................................................................................................................................. 2
COURSE CONTENT .......................................................................................................................................................
ASSESSMENT .............................................................................................................................................................. 6
EXTERNAL ASSESSMENT REQUIREMENTS ....................................................................................................
QUALITY ASSURANCE PROCESSES ................................................................................................................
CRITERIA ............................................................................................................................................................
STANDARDS .......................................................................................................................................................
QUALIFICATIONS AVAILABLE ............................................................................................................................
AWARDS REQUIREMENTS ................................................................................................................................
COURSE EVALUATION .................................................................................................................................................
COURSE DEVELOPER ..................................................................................................................................................
ACCREDITATION ...........................................................................................................................................................
VERSION HISTORY .......................................................................................................................................................
LEARNING STATEMENT
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 l egal systems, cultural and
environmental heritage, and the nature of business and work cultures.
Study methodologies call for informed personal appraisals based on research that has rigour and
integrity, and involves thorough, objective, and sensitive inve stigation of human heritage and beliefs
in an authentic learning environment. Disciplines within the study of society and the physical
environment contribute to a life-long capacity for rational understanding and tolerant viewpoints to be
reached in the contexts of the present-day, or of other environments and times.
Courses in this area enable students to apply the knowledge, skills, and values they acquire to make
sound judgements in their role as active and informed citizens in the work -place, and within a global
society.
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 com petencies at this
level are often those characteristic of an AQF Certificate III.
The TQA level 3 course has a size value of 15.
COURSE DESCRIPTION
Economic issues and decsions 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.
Economics 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 induividual, business and government behaviour. This involves learning economic
terminology, concepts, tools and principles.
Students of Economics 3 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, emp loyment 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; finanacial professions; business management; journalism; entrepreneur;
and economist.
ADVICE FOR PROVIDERS
Please see the Syllabus Supplement for ideas and advice.
LEARNING OUTCOMES
This course is designed for students to develop knowledge and skills that enable them to:
Understand economic terms, concepts and theories
Develop skills in and understanding of economic decision-making
Understand economics as a method of enquiry
Gain knowledge and understanding of how the Australian economy operates
Understand a range of economic problems and evaluate solutions
Develop clear and coherent communication skills
COURSE CONTENT
All content is core content (mandatory).
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

The 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.

Australia – 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.

Supply and Demand
Consumers and business in the market
Demand
- determinants
Supply
- determinants
Equilibrium - determining equilibrium, shortages, surpluses and changes in equilibrium
Government intervention in the market – subsidies, taxes (sales), minimum and maximum prices.
Price Elasticity of demand – definition, significance to business and governement, calculation using
revenue method.

The circular flow
Five sectors, flows, leakages and injections. The concept of equilibrium, increasing and decreasing
the circular flow.

The Business Cycle, Aggregate Demand and Aggregate Supply
Brief description and illustration of the Business Cycle.
The benefits and problems caused by upswings and downswings, including recesions.
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).
2. AUSTRALIAN ECONOMIC ISSUES
Issue - Economic Growth

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 stabiltiy and the
environment.
Issue – Inflation

Inflation
Define inflation, differentiate types of inflation (demand-pull and cost-push).
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.
Issue – Unemployment

Employment and Unemployment
Define unemployed, employed, population, labour force and participation rate.
Differentiate types of unemployment (structural and cyclical).
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 impact of unemployment on poverty, physical health, mental health, crime and personal
relationships.
Government Objectives and Policy
 The Objectives of Economic Policy
The objectives of economic management
 Fiscal Policy/Budgetary Policy
Define Fiscal Policy.
The budget including revenue and expenditure.
Automatic stabilisers (welfare payments and progressive taxes)
The impact of different Budget outcomes on Aggregate Demand

Monetary Policy
Define Monetary Policy.
The role of the RBA including targetting and independence. Knowledge of market operations not
required.
The transmission mechanism. The impact of interest rate changes on Aggregate Demand.
 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
3. AUSTRALIA AND THE WORLD ECONOMY
Australian 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. (no diagrams examined)
The implications of reducing protection for Australia

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)?
Australia’s Balance of Payments

The balance of payments
Brief overview of the two accounts. Focus on trade balance and income account s. No
calculations required. Very basic coverage of capital and financial account only.

The Current Account Deficit
What is a current account defict and foreign debt?
What are the consequences of a high current account deficit and foreign debt? Include im pact 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.
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 TCE reporting should focus on what both teacher and student
understand to reflect end-point achievement.
The primary audience for assessment is the student and the teacher, but may also include
parents when appropriate.
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 fur ther
evidence through audit and requires corrective action in the future.
CRITERIA
The assessment for Legal Studies 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 information and arguments
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 assessed
STANDARDS
CRITERION 1
PLAN, ORGANISE AND COMPLETE ACTIVITIES INDEPENDENTLY AND
COLLABORATIVELY
Rating ‘C’
A student can:
Rating ‘B’
A student can:
Rating ‘A’
A student can:
 Use and reference credible
sources

Find, use and reference
credible sources

 Collate economic information
with direction

Collect and collate relevant
economic information

 respond positively to advice

about completing tasks
 in a group situation, can
positively contribute to the
planning and completion of
tasks



 complete a majority of
significant work on time

consult and negotiate with
relevant others about
individual and
collaborative tasks
actively participate in the
planning and completion
of group tasks.
generally complete all
assigned work on time

Find, use and reference
a wide variety of credible
sources
when necessary, consult
and negotiate with
relevant others about
individual and
collaborative 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
CRITERION 2 COMMUNICATE INFORMATION AND ARGUMENTS
Rating ‘C’
A student can:
Rating ‘B’
A student can:
Rating ‘A’
A student 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

communicate effectively
in a variety of appropriate
forms using accepted
conventions, including in
extended writing
extended writing
 address the basic intent of a
question

structure a response so
as to be readily
understood

demonstrate the ability to
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.
CRITERION 3
DEMONSTRATE KNOWLEDGE AND UNDERSTANDING OF ECONOMIC TERMS AND
CONCEPTS
Rating ‘C’
A student can:
Rating ‘B’
A student can:
Rating ‘A’
A student 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 appropriate economic
terms and concepts in
statements about Australia’s
economic system

use appropriate
economic terms and
concepts in describing
Australia’s economic
system

use appropriate
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
Apply economic concepts
and principles
make appropriate
connections between
relevant concepts and
facts about Australia’s
economic system
Accurately apply a wide
range of economic
concepts and principles

CRITERION 4
DEMONSTRATE KNOWLEDGE AND UNDERSTANDING OF ECONOMIC DATA IN
MATHEMATICAL FORM
Rating ‘C’
A student can:



extract basic economic
information from diagrams, graphs
and tables
prepare and present simple
diagrams, graphs and tables;
use mathematical ideas,
techniques and formulae to make
economic calculations and
statements.
Rating ‘B’
A student can:



extract and interpret
economic information from
diagrams, graphs and tables
prepare and present clearly
labelled accurate diagrams,
graphs and tables that
convey economic meaning
use mathematical ideas,
techniques and formulae
accurately to make economic
calculations and explanations
Rating ‘A’
A student can:



accurately extract and
interpret a wide variety of
economic information from
diagrams, graphs and tables
prepare and present clearly
labelled accurate and
detailed diagrams, graphs
and tables that convey
economic meaning
use a wide variety of
mathematical ideas,
techniques and formulae
accurately to make economic
calculations and explanations
CRITERION 5
* DEMONSTRATE KNOWLEDGE AND UNDERSTANDING OF ECONOMIC
PROBLEMS
Rating ‘C’
A student can:
Rating ‘B’
A student can:
Rating ‘A’
A student can:
 Use economic ideas and
principles to identify
economic problems

Use economic ideas and
principles to precisely
identify economic
problems

describe in detail facts
and concepts relevant to
economic problems
 Identify or state the causes of
economic problems

Identify and describe the
causes of economic
problems

describe in detail the
causes of economic
problems
 State the impact of economic
problems on individuals,
business and the government

Describe the impact of
economic problems on
individuals, business and
the government

Describe in detail the
impact of economic
problems on individuals,
business and the
government


Make connections
between economic
problems

CRITERION 6
DEMONSTRATE KNOWLEDGE AND UNDERSTANDING OF ECONOMIC
SOLUTIONS
Rating ‘C’
A student can:
Rating ‘B’
A student can:
Rating ‘A’
A student can:
 Use economic ideas and
principles to identify solutions
to economic problems

Use economic ideas and
principles to describe
economic solutions

 State the impact of economic
solutions on individuals,
business and the government

Describe the impact of
economic solutions on
individuals, business and
the government



Make connections
between economic
solutions

Describe in detail
solutions to economic
problems
Describe in detail the
impact of economic
solutions on individuals,
business and the
government
Show understanding of
the costs and benefits of
economic solutions
CRITERION 7
ANALYSE AND EVALUATE ECONOMIC ISSUES AND INFORMATION
Rating ‘C’
A student can:
Rating ‘B’
A student can:
 use some relevant economic
information in responses



understand that there is a
variety of perspectives on an
issue

A student can:

use a wide variety of
relevant economic
information accurately in
responses

attempt to assess the
costs and benefits of
competing arguments

identify some strengths and
weaknesses of economic
information.
use a range of relevant
economic information
accurately in responses
Rating ‘A’
assess economic issues
in the context of the
Australian economic
system.
assess the costs and
benefits of competing
arguments in a rational
and comprehensive way

assess in detail
economic issues in the
context of the Australian
economic system
QUALIFICATIONS AVAILABLE
Economics (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)
?
HIGH ACHIEVEMENT (HA)
?
COMMENDABLE ACHIEVEMENT (CA)
?
SATISFACTORY ACHIEVEMENT (SA)
?
PRELIMINARY ACHIEVEMENT (PA)
?
A student 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.
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 students 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 – Accredited on. 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.