Year 12 Economics & Business

Introduces the fundamental economic problem of scarcity and the need for choice, opportunity cost, and production possibility frontiers.

Examines the PPF model to illustrate concepts of scarcity, choice, opportunity cost, efficiency, and economic growth.

Examines the law of demand, the demand curve, and factors influencing consumer demand for goods and services.

Investigates the law of supply, the supply curve, and factors influencing producers' willingness and ability to supply goods and services.

An analysis of how markets clear and how shifts in consumer preferences or production costs change price signals.

Investigates the responsiveness of demand to changes in price and its implications for revenue.

Examines the responsiveness of supply to changes in price and factors affecting producer flexibility.

Explores how demand responds to changes in income and the price of related goods (substitutes and complements).

Examines situations where the market fails to allocate resources efficiently due to external costs or benefits, such as pollution or vaccinations.

Investigates the characteristics of public goods (non-rivalrous, non-excludable) and the free-rider problem.

Explores situations where one party in a transaction has more or better information than the other, leading to adverse selection and moral hazard.

Explores government interventions like price ceilings and price floors, and their intended and unintended consequences.

Examines the use of taxes and subsidies as government interventions to influence market outcomes and correct market failures.

Examines the characteristics of perfect competition and its implications for efficiency and consumer welfare.

Investigates the characteristics of monopoly, sources of monopoly power, and its impact on prices and output.

Explores the characteristics and strategic behavior of firms in oligopolistic markets, including game theory.

Examines the characteristics of monopolistic competition and the role of product differentiation.

Examines the role of government in promoting competition and regulating monopolies to protect consumer interests.

Analyzes the distribution of income and wealth in Australia, measures of inequality, and the role of government in redistribution.

Analyzes the drivers of Gross Domestic Product (GDP) and its limitations as a measure of economic well-being.

Explores alternative indicators beyond GDP, such as the Human Development Index (HDI) and Genuine Progress Indicator (GPI), to assess societal well-being.

Examines the phases of the business cycle (boom, downturn, trough, recovery) and their impact on economic variables.

Introduces the aggregate demand-aggregate supply (AD-AS) model to explain macroeconomic equilibrium and fluctuations.

Examines the causes (demand-pull, cost-push) and consequences of price instability on the Australian economy.

Investigates the economic and social impacts of inflation, including redistribution of income, uncertainty, and international competitiveness.

Explores different measures of unemployment and underemployment, and their limitations.

Investigates types of unemployment (frictional, structural, cyclical, seasonal) and their underlying causes.

Examines the social and economic impact of joblessness on individuals, the economy, and government budgets.

Explores factors influencing wage determination, labor market flexibility, and the link between productivity and living standards.

Detailed analysis of factors influencing household consumption expenditure, including income, wealth, and consumer confidence.

Examines factors influencing business investment decisions, such as interest rates, business expectations, and technological change.

Analyzes the role of government expenditure and net exports as components of aggregate demand.

Introduces the concept of the multiplier and its role in amplifying changes in autonomous spending on overall economic activity.

Analyzes the drivers of Gross Domestic Product and the distinction between material and non-material well-being.

Examines the key macroeconomic objectives of the Australian government: economic growth, full employment, and price stability.

Detailed study of how the Reserve Bank of Australia uses interest rates to influence economic activity.

Examines the specific tools used by the RBA, including open market operations and unconventional monetary policies.

Assesses the effectiveness and limitations of monetary policy in achieving macroeconomic objectives.

Analyzes the components of the Australian Federal Budget, including sources of revenue and categories of government expenditure.

Examines the use of discretionary fiscal policy (expansionary/contractionary) and the implications of budget deficits and surpluses.

Assesses the effectiveness and limitations of budgetary policy in achieving macroeconomic objectives, including political constraints and time lags.

Examines microeconomic reforms aimed at improving efficiency and productivity in specific markets.

Investigates policies aimed at increasing labor market flexibility and efficiency, such as industrial relations changes and training programs.

Investigates the role of infrastructure investment and policies promoting innovation in increasing the economy's productive capacity.

Assesses the effectiveness and limitations of aggregate supply policies, including long time lags and potential equity concerns.

Examines how monetary, budgetary, and aggregate supply policies are coordinated and potential conflicts between them.

Applies understanding of policy tools to analyze contemporary economic challenges facing Australia, such as cost of living or housing affordability.

Explores the institutional structure, independence, and functions of the RBA beyond monetary policy.

Examines the concept of fiscal sustainability, the accumulation of public debt, and its long-term implications for the economy.

Deepens the understanding of productivity as a key driver of long-term economic growth and living standards.

Explores the economic implications of technological advancements, automation, and artificial intelligence on labor markets and productivity.

Explores the theory of comparative advantage as the fundamental reason for international trade and specialization.

Evaluates the economic arguments supporting free trade and the various justifications for protectionist policies.

Examines different types of trade barriers, including tariffs, quotas, subsidies, and local content rules, and their economic effects.

Investigates Australia's approach to international trade, including multilateral and bilateral trade agreements.

Examines the components of the Current Account (goods, services, primary income, secondary income) and its significance.

Investigates the components of the Capital and Financial Account (direct investment, portfolio investment, other investment) and its relationship with the current account.

Analyzes the factors influencing the value of the Australian Dollar, including demand and supply for AUD.

Examines the impact of exchange rate fluctuations on trade, investment, and inflation, and the role of exchange rate policy.

Investigates the process of globalization, its drivers, and its economic consequences for Australia and the world.

Explores the role and influence of key international economic organizations such as the WTO, IMF, and World Bank.

Examines the role of foreign direct investment (FDI) and multinational corporations (MNCs) in the global economy and their impact on host countries.

Deepens the understanding of the terms of trade, its determinants, and its implications for Australia's national income and balance of payments.

Analyzes recent trends in global trade, including the rise of protectionism and trade wars, and their economic consequences.

Examines the causes and consequences of global debt crises and financial instability, and policy responses.

Explores the economic impacts of climate change and the policy challenges of transitioning to a sustainable economy.

Synthesizes understanding of international trade, finance, and globalization to assess Australia's economic position and outlook in the global context.