Level 1 Economics

1ECO
Course Description

Teacher in Charge: Mr R. Reddy

Recommended Prior Learning

Literacy skills from Year 9 and Year 10 English.


Introduction

Economics is the study of us. As economists, we study who we are, how we have created societies and the incentives that drive our actions. Each individual, group or nation is faced with a scarcity of resources. In economics, as an applied social science, students will gather information in order to outline possible solutions to this problem of scarcity. 

Course Outline

Level 1 Economics aims to create an understanding of the relationships between consumers and producers as they interact in the marketplace. Students will learn the underpinnings of the Demand and Supply model and use this tool to examine consumer, producer and government actions. 

Students will be introduced to the key economic concepts of scarcity, opportunity cost, interdependence and equilibrium. These concepts provide the foundation for study in Level 2, Level 3 and University Economics.  It is also an excellent one year course that provides general educational skills for everyday living.



Faculties:

Year 11 Options, Commerce


Assessment Policy & Procedures
Pathway

Level 2 Economics

Career Pathways

Auditor, Actuary, Finance Manager, Statistician, Urban/Regional Planner, Elected Government Representative, Quantity Surveyor, Foreign Policy Officer, Environmental Scientist, Economist, Financial Adviser, Policy Analyst