Week Economic Knowledge (Topics) Resources Assess. (approx.) Term 1 Week 1 Unit 1 – MICROECONOMICS Topic 1: Markets The characteristics of a market economy The distinction between product and factor markets The distinction between competitive and non-competitive markets Define - the economic problem, opportunity cost, relative scarcity, factors of production The law of increasing opportunity cost and the PPC Micro vs. Macro worksheet (DE) Chap. 1 ATAR Chap. 1 PPC worksheet Term 1 Week 2 Topic 2: Demand, Supply & equilibrium Demand The law of demand The relationship between individual and market demand schedules and curves The importance of ‘Certeris Paribas’ assumption Factors affecting demand (price, income, population, taste and preferences, prices of substitutes and compliments, expectations) The effect of changes in price on quantity demanded i.e. expansion or contraction of demand The effect of changes in non-price factors on quantity demanded i.e. increase or decrease in demand (DE) Chap. 2 ATAR Chap. 2 PPT- non-price factors affecting demand & Supply Term 1 Week 3 Supply The law of supply The relationship between individual and market supply schedules and curves Non factors affecting supply (price, cost of production, factors of production, expectation, number of suppliers, technology) The effect of changes in price on quantity supplied i.e. expansion or contraction of supply The effect of changes in non-price factors on quantity supplied i.e. increase or decrease in supply (DE) Chap. 2 ATAR Chap. 2 Term 1 Week 4 Market Equilibrium The concept of market equilibrium The effect of changes in demand and supply on market equilibrium The concepts of market clearing, shortages and surpluses. How the price mechanism clears market surpluses and shortages Using the demand and supply graph to show shortages and surpluses (DE) Chap. 2 ATAR Chap. 2 Term 1 Week 5 Revision for assessment 1 (DE) Chap. 1&2 ATAR Chap. 1& 2 Ass #1 Markets, Demand & Supply
Term 3 Week 6 The benefits from trade (both exports and imports) The composition of Australia’s trade The direction of Australia’s Australia’s major export and import markets The importance of the Asia-Pacific region The definition of the balance of payments The difference between the current account and the capital and financial account The difference between a debit and a credit entry The main categories that comprise the current account The main categories that comprise the capital and financial account (DE) Chap. 11 ATAR Chap. 12 Term 3 Week 7 The reason why the balance of payments ‘balances’ The effect of an increase in the current account on the capital and financial account The effect of an increase in the capital and financial account on the current account YEAR 12 content: structural vs. cyclical reasons for the current account deficit (DE) Chap. 11 ATAR Chap. 12 Term 3 Week 8 Revision for Assessment 4: Balance of Payments Topic 6: Income Distribution the concepts of income and wealth how the Lorenz represents inequality in the distribution of income and wealth (DE) Chap. 12 ATAR Chap. 13 Ass #4 Balance of Payments Term 3 Week 9 Topic 7: The public sector The definition of a ‘modified market economy’ The difference between the public and private sectors The role of government in a modified market economy: regulate business, stabalise the business cycle, redistribute income via tax and welfare, provision of goods & services. the size of the government sector in the Australian economy currently, over time, and relative to other economies the size and composition of government revenue and spending (fiscal policy stance) in Australia at the Commonwealth, and local government levels Topic 8: Taxation The difference between a direct tax and an indirect tax The difference between a progressive tax, a regressive tax and a proportional tax (DE) Chap. 14 ATAR Chap. 13 Term 3 The main Commonwealth government taxes: personal income tax, GST, company, capital gains, fringe benefit, excise duty The criteria to assess a tax system (simplicity, equity and efficiency) (DE) Chap. 15
Irene McCormack Catholic College Social Sciences Department 2018 Year 11 Economics ATAR Assessment Schedule NAME: _____________________________________________________ ATAR Weighting Types of assessment Assessment Weight Raw Student Result: 30% Data interpretation / Short response An answer of less than 150 words that can include discuss, explain or analyse an economic concept, event or issue. Formats can include: multiple‐choice questions, calculations and/or answer questions that can require a definition, description, explanation or application of economic concepts, theories and/or models. Typically questions require students to interpret real or hypothetical economic data or information, such as graphs, tables, text or cartoons. Typically tasks are a combination of these formats. Unit 1 Assess #1 5% / Unit 1 Assess #3 5% / Unit 1 Assess #5 5% / Unit 2 Assess #3 7.5% / Unit 2 Assess #5 7.5% / 40% Extended response / Long responses The question can require a description, discussion, explanation and/or analysis of an economic concept, event or issue, and the application of economic theories and/or models. The question can include stimulus material. Formats can include: an essay, a sectionalized long answer, an investigation and/or a response to a scenario or a case study. Unit 1 Assess #2 10% /20 Unit 1 Assess #4 10% /20 Unit 2 Assess #1 6% /20 Unit 2 Assess #2 7% /20 Unit 2 Assess #4 7% /20 30% Examination Typically conducted at the end of each semester and/or unit. In preparation for Unit 3 and Unit 4, the examination should reflect the examination design brief included in the ATAR Year 12 Semester 1 Exam 12% /100