The Year 12 Help Site - Economics Tutorial

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Economics
Choose from one of the following sections:

Course Content of the Year
What is involved?
What can be done before year 12 or what should be done ASAP?
General Advice and Tips For Year 12 Economics

Course Content of the Year
Here is a complete listing of the sections and specific topics studied in Year 12 Economics (South Australian & Western Australia)

The economic Problem
- The Economic Problem
- The Production Possibility Curve
- The Fundamental Functions of the Economy
- The Cost-Benefit Approach to Economic Decision Making
- The Major Types of Economic System
The Price Mechanism
- The Price Mechanism
- Elementary Demand and Supply Analysis
- The Equilibrium Price
- The Price Elasticity of Demand
- The Price Elasticity of Supply
- Applying the Theory of Elasticity
Markets
- Markets and the Market Mechanism
- Market Structures
- The Types of Market Structure
- The Strengths of the Market: Market Success
- Government Intervention within the Market
- Government Regulation of Anti-competitive Behavior: Competition Policy
- Evaluating Market Structures - Market Success and Market Failure
The Nature of Inflation, Unemployment and Economic Growth
- Inflation
  - Nature of inflation
  - Types of Inflation
  - The Effects of Inflation
  - The Measurement of Inflation
- Unemployment
  - Nature of Unemployment
  - The Types of Unemployment
  - The Effects of Unemployment
  - The Measurement of Unemployment
- Economic Growth
  - Nature of Economic Growth
  - The Determinants of Economic Growth
  - Constrains on Australia's Economic Growth
  - The Benefits and Costs of Economic Growth
  - Measurement of Economic Growth
The Macro Economic Objectives
- The Price Stability Objective
- The Full Employment Objective
- The Economic Growth Objective
- The External Balance Objective
- The Social Role of the Government
- The Conflicts of the Macro-economic Objectives
- Economic Fluctuations
- Economic Indicators
- The Phases of the Business Cycle
The Circular Flow Model
- The Elementary Two Sector Circular Flow Model
- The Financial Sector : The effect of Saving and Investment
- The Government Sector
- The Overseas Sector
- The Determination of National Income : The Open Economy
The Determination of Production, Income, Employment and Prices
- Macroeconomics Analysis
- The Aggregate Demand-Aggregate Supply (AS-AS) Model
- Aggregate Demand
- Aggregate Supply
  - The Equilibrium Level of Output : Macroeconomic Equilibrium
  - Changes in the Equilibrium level of Real GDP, Employment and Prices
  - The Causes of Unemployment and Inflation
  - Determining the Levels of Real GDP, Employment and Prices :Government Policy Implications
The Financial Sector
- The Role of the Financial Institutions
- The Major Financial Institutions
- Money
- The Liquidity of Assets
- The Components of Money Supply
- The Credit Creation Process
- The Role and Functions of the Reserve Bank
- The Means of Implementing Monetary Policy
- Interest Rate Determination
- Factors Influencing the General Level of Interest Rates
The International Sector
- The Reasons for International Trade
- The Composition and Direction of Australia's Trade
- The Structure of Australia's Balance of Payments Account
- The Current Account Deficit (CAD)
- Australia's Foreign Debt
- The Effects of Current Account Deficits and Foreign Debts on the Domestic Economy
- The Terms of Trade
- Fixed and Floating Exchange Rates
- Foreign Investment
- Protection in International Trade
- International Trade Agreements
Economic Policies
- The Federal Government Budget
- The Australian Taxation System
- Fiscal Policy
- Monetary Policy
- Prices & Incomes Policy
- External Policy
- The Major Problems of Economic Management
- The State of the Australian Economy - Past and Present

What is involved?
Economics is a progressive knowledge subject, which means that advancing through the subject requires a firm understanding of previously studied topics. Therefore, it is of the utmost importance that you understand work you are doing and apply it at other times, especially in tests. If you choose to ignore your weaknesses, exam-time will be impossibly busy.
Throughout the entire year, Economics is quite a heavy subject. Every day that you have a lesson, you will be set homework and quite often there will be a major assignment or essay to write on top of that homework. On top of all that, there will be tests to study for about every two or three weeks and of course a mid-year exam. This may seem like a lot, unfortunately, the biggest challenge for most students is to actually grip and master the concepts of Economics. However, if my basic advice (given below) is followed, the whole task of Year 12 Economics will seem easier and is bound to be more successful.

What can be done before year 12 or what should be done ASAP?
Admittedly, there is not a great deal that can be done in preparation for Economics. It is probably best to ask your teacher what to do, since the course varies depending on the teacher. However, there is often an assignment which involves collecting newspaper articles, which is a real hassle to do through the year. So speak to the teacher to arrange something.

General Advice and Tips For Year 12 Economics

the best thing that you can possibly do for yourself throughout the year is to take good notes - if you don't know how to note well learn NOW this is a skill that will save you hours and gain you an automatic pass
It is even better if you have several books and you collect all the relevant information together, the most important thing to do while noting is
- not to make it too detailed
- make sure that you will understand it later!
start all assignments and essays early - these often take a lot more time than you can predict but don't end up being as involved as they first look, plus you should take a long time checking through them and editing the English & facts - remember, content is only half the marks, presentation and punctuation are the others
follow the general guide of learning for tests like a bible - find them here
strive for understanding of concepts and don't just memorize lists of information
you will get more marks if you actually understand and apply information in stead of just regurgitating information from a text book
make use of class time - this may be important in all subjects but it is especially important in Economics... WHY? concepts only stick if you are constantly reminded about them, therefore the more you hear about them the more you will remember them in tests etc

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