Sample program: Economics Unit 3BECO – Economic policies and management
Weeks
Economic knowledge
Macroeconomic theory
 characteristics and causes of
the business cycle
 relationship between the
business cycle and the
economic indicators of inflation,
unemployment and economic
growth
1
Economic reasoning and
interpretation
Assessment
Analysis
 apply mathematical techniques
relevant to macroeconomic
analysis including calculating the
value of the multiplier and
changes in national income,
determine the budget outcome,
the inflation rate from CPI data,
the unemployment rate and
participation rate from labour
force data, calculating and
interpreting rates of change in
GDP, interpreting
macroeconomic data using
economic indicators, calculating
percentage change in economic
variables
Current text
references
Other contexts and references
Investigating
Macroeconomics - A
global perspective,
2nd Edition
www.bized.co.uk (search for
relevant terms)
Greg Parry and Steven
Kemp
Tactic Publications 2012
www.abs.gov.au (Australian Bureau
of Statistics)
pp 147-157
http://www.anz.com/aus/corporate/e
conomics-markets-research/
(or other bank commentaries such
as Westpac)
Year 12 Economics
2010* Tim Riley
Riley Publications 2009
pp 175-176, 166-167
* A 2012 Edition of Year
12 Economics is now
available.
Communication
 draw conclusions from collected
economic information and data
2/3
Macroeconomic theory
 components of, and factors
affecting, aggregate
expenditure
 the Aggregate Expenditure (AE)
model including the
consumption function
 macroeconomic equilibrium and
the impact of changes in AE on
the equilibrium level of
income/output
Analysis
 apply mathematical techniques
relevant to macroeconomic
analysis including calculating the
value of the multiplier and
changes in national income
Task 1:
Data
interpretation/short
response
Macroeconomic
theory: The multiplier
Sample Economics Unit 3B program and assessment outline for teaching in 2012
Parry and Kemp
pp 163-186
Riley
pp 165-170
http://www.anz.com/aus/corporate/E
coComm/Outlook.asp
(or other bank commentaries)
Weeks
4
5/6
Economic knowledge
Economic reasoning and
interpretation
 the multiplier and the economic
impact of changes in each of
the components of AE
Communication
 apply appropriate economic
methods and models to
demonstrate economic activity
including Keynesian aggregate
expenditure (AE) model,
aggregate-demand/aggregatesupply (AD/AS) model (using the
AS curve that can be described
as having three ranges), the
business cycle, the Phillips
Curve, the Gross Domestic
Product (GDP) gap
Macroeconomic theory
 aggregate-demand/aggregatesupply (AD/AS) model and the
factors that can shift the AD and
AS curves
 impact of changes in AD and
AS on the equilibrium level of
income/output
 use the AD/AS model to explain
the business cycle
Communication
 apply appropriate economic
methods and models to
demonstrate economic activity
including Keynesian aggregate
expenditure (AE) model,
aggregate-demand/aggregatesupply (AD/AS) model (using the
AS curve that can be described
as having three ranges), the
business cycle, the Phillips
Curve, the Gross Domestic
Economic policy objectives
 internal economic objectives of
the government
 issues associated with external
stability
 economic policy objectives of
the Reserve Bank of Australia
(RBA)
 conflicting and complementary
government economic
Communication
 apply appropriate economic
methods and models to
demonstrate economic activity
including Keynesian aggregate
expenditure (AE) model,
aggregate-demand/aggregatesupply (AD/AS) model (using the
AS curve that can be described
as having three ranges), the
Assessment
Current text
references
Other contexts and references
Parry and Kemp
pp 195-207
Task 2:
Data
interpretation/Short
response
Economic policy
objectives: Internal
economic objectives
of government
Sample Economics Unit 3B program and assessment outline for teaching in 2012
Parry and Kemp
pp 215-226
Riley
pp 265-273
www.rba.gov.au
www.bized.co.uk/learn/economics/in
dex.htm (search for relevant terms)
www.abs.gov.au
Weeks
7/8
Economic knowledge
Economic reasoning and
interpretation
objectives
 time lags – recognition, decision
(implementation) and effect
(impact) lags
business cycle, the Phillips
Curve, the Gross Domestic
Product (GDP) gap, aggregate
production function
Fiscal policy
 nature of fiscal policy and a
budget
 components of government
revenue and expenditure in the
budget
 budget outcomes and the
difference between planned
and actual budget outcomes
 financing a budget deficit/using
a budget surplus
 automatic fiscal stabilisers and
discretionary fiscal policy
 fiscal policy stances –
expansionary, contractionary
and neutral
 impact of different fiscal policy
stances on the level of
economic activity
Analysis
 apply mathematical techniques
relevant to macroeconomic
analysis including calculating the
value of the multiplier and
changes in national income,
determine the budget outcome,
the inflation rate from CPI data,
the unemployment rate and
participation rate from labour
force data, calculating and
interpreting rates of change in
GDP, interpreting
macroeconomic data using
economic indicators, calculating
percentage change in economic
variables
Communication
 apply appropriate economic
methods and models to
demonstrate economic activity
including Keynesian aggregate
expenditure (AE) model,
aggregate-demand/aggregatesupply (AD/AS) model (using the
AS curve that can be described
as having three ranges), the
business cycle, the Phillips
Curve, the Gross Domestic
Product (GDP) gap
Sample Economics Unit 3B program and assessment outline for teaching in 2012
Assessment
Current text
references
Parry and Kemp
pp 233-245
Riley
pp 277-296
Other contexts and references
www.abs.gov.au
http://www.anz.com/aus/corporate/e
conomics-markets-research/
(or other bank commentaries such
as Westpac)
http://www.stgeorge.com.au/corpora
te-business-centre
Weeks
9
10/11
11
12/13
Economic knowledge
Economic reasoning and
interpretation
Assessment
Current text
references
Fiscal policy
 strengths and weaknesses of
fiscal policy
 recent fiscal policy stances in
Australia
Analysis
 apply effective methods for
identifying relevant information
within sources e.g. skimming
and scanning.
Parry and Kemp
pp 245-248
Monetary Policy
 nature of monetary policy and
the cash rate
 changes in the cash rate by the
RBA
 the transmission mechanism
 monetary policy stances –
expansionary, contractionary
and neutral
 impact of monetary policy
stances on the level of
economic activity
Communication
 apply appropriate economic
methods and models to
demonstrate economic activity
including Keynesian aggregate
expenditure (AE) model,
aggregate-demand/aggregatesupply (AD/AS) model (using the
AS curve that can be described
as having three ranges), the
business cycle, the Phillips
Curve, the Gross Domestic
Product (GDP) gap
Parry and Kemp
pp 257-274
Monetary policy
 strengths and weaknesses of
monetary policy
 recent monetary policy stances
in Australia
Analysis
 apply effective methods for
identifying relevant information
within sources e.g. skimming
and scanning.
Task 3
Extended response
Monetary policy:
Recent monetary
policy in Australia
and impact of
monetary policy
stances on the level
of economic activity
Parry and Kemp
pp 275-278
Analysis
 select and organise sources of
economic information on
economic policy and
management e.g. newspapers,
business magazines, Australian
Bureau of Statistics (ABS), RBA,
Task 4
Extended response
Microeconomic
reform: Current
microeconomic
reform policy in
Australia and the
Parry and Kemp
pp 287-302
Microeconomic reform
 nature of microeconomic reform
 productivity and measures of
productivity
 concept of economic efficiency
 examples of MER in Australia
Other contexts and references
www.abs.gov.au
www.budget.gov.au/
Riley
pp 363-365
www.abs.gov.au
www.rba.gov.au
Riley
pp 301-312
Sample Economics Unit 3B program and assessment outline for teaching in 2012
Riley
pp 312-315, 363-365
Riley
pp 319-331
www.rba.gov.au
www.bized.co.uk (search for
relevant terms)
http://www.anz.com/aus/corporate/e
conomics-markets-research/
(or other bank commentaries such
as Westpac)
www.rba.gov.au
http://www.anz.com/aus/corporate/e
conomics-markets-research/
(or other bank commentaries such
as Westpac)
Weeks
Economic knowledge
in the past decade such as
taxation reform, reducing levels
of protection, competition policy
 MER and structural change
Microeconomic reform
 impact of MER on aggregate
supply
 current microeconomic reform
policy in Australia
14
15
Policy mix in Australia
 recent and present policy mix
e.g. policy mix during the
Global Financial Crisis
Revision/preparation for
examination
Economic reasoning and
interpretation
banks, OECD, World Bank
Assessment
Current text
references
Other contexts and references
impact of MER on
aggregate supply
Communication
 apply appropriate economic
methods and models to
demonstrate economic activity
including Keynesian aggregate
expenditure (AE) model,
aggregate-demand/aggregatesupply (AD/AS) model (using the
AS curve that can be described
as having three ranges), the
business cycle, the Phillips
Curve, the Gross Domestic
Product (GDP) gap
Communication
 apply appropriate economic
methods and models to
demonstrate economic activity
including Keynesian aggregate
expenditure (AE) model,
aggregate-demand/aggregatesupply (AD/AS) model (using the
AS curve that can be described
as having three ranges), the
business cycle, the Phillips
Curve, the Gross Domestic
Product (GDP) gap
 draw conclusions from collected
economic information and data
Parry and Kemp
pp 302-303
Riley
pp 363-365
Task 5
Examination
Sample Economics Unit 3B program and assessment outline for teaching in 2012
www.bized.co.uk (search for
relevant terms)
www.abs.gov.au
Sample assessment outline: Economics 3BECO – Economic policies and management
Assessment
Type
Assessment
Type
Weighting
When
Week 3
Data
interpretation/
Short
response
Task
weighting
Outcome 2
The
operation
of the
economy
Outcome 3
Economic
policy and
action
Task 1
Macroeconomic theory: Multiplier
20%


Task 2
Economic policy objectives: internal economic
objectives of government
15%



20%



15%



30%



35%
(CC
weighting
30-50%)
Extended
response
Task
Outcome 1
Economic
inquiry
Week 6
Week 11
Task 3
Monetary policy: Monetary policy: recent monetary
Week 13
Task 4
Microeconomic reform: Microeconomic reform:
35%
(CC
weighting
30-50%)
policy in Australia and impact of monetary policy stances
on the level of economic activity
Current microeconomic reform policy in Australia and the
impact of MER on aggregate supply
30%
Examination
(CC
weighting
20-30%)
Week 16
Task 5
Mock Examination (3A and 3B)
Sample Economics Unit 3B program and assessment outline for teaching in 2012
Sample Economics Unit 3B program and assessment outline for teaching in 2012