Economics

Course summary

This course intends to blend theory with real-life application in the search for better ways to manage our economy, resulting in a more equitable society. Year 12: In your first year, you will develop a strong understanding of both microeconomics and macroeconomics. Microeconomic topics include: the basic economic problem, price determination in competitive markets, production, technological change, market structures (perfect competition, oligopoly and monopoly), market failure and government intervention. Macroeconomics topics include: government objectives, measuring macroeconomic performance, theories and models of the economy, economic issues (inflation, unemployment, economic growth), monetary, fiscal and supply-side policies. Year 13: The second year builds upon the economics already learnt in your first year, considering economic concepts and theories in greater depth and integrating understanding across topics. Additional topics include: competition policy, labour markets, poverty and inequality, financial markets, globalisation and international trade.