Sample program: Economics Unit 3AECO – Australia and the global economy
Weeks
Economic knowledge
1/2
Global markets
 economic links between
economies
 extent, patterns and trends in
world trade
 international competitiveness
and determinants of international
competitiveness
Economic reasoning and
interpretation
Assessment
Communication
 draw conclusions from collected
economic information
Sample text
references
Investigating
Macroeconomics - A
global perspective,
2nd Edition
Internet resources
http://www.dfat.gov.au/apec/
Greg Parry and Steven
Kemp
Tactic Publications 2012
pp 1-8
Year 12 Economics
2010* Tim Riley
Riley Publications 2009
pp 3-8
* A 2012 Edition of Year
12 Economics is now
available.
Global markets
 multinational businesses and
globalisation
 extent, factors facilitating
globalisation
 positive and negative effects of
globalisation
2/3
4/5
Free trade and protection
 significance of trade
 comparative advantage
 gains from specialisation and
trade – comparative advantage
models using demand and
supply analysis and/or
opportunity cost
Analysis
 select and organise sources of
economic information on trade
and globalisation e.g.
newspapers, business
magazines, Department of
Foreign Affairs and Trade
(DFAT), Austrade, Australian
Council of Trade Unions
(ACTU), World Bank, United
Nations Organisation (UNO),
Organisation for Economic
Corporation and Development
(OECD).
Task 1
Data
interpretation/Short
response
Global markets:
Globalisation
Communication
 apply appropriate economic
methods and models to
demonstrate economic
behaviour such as the theory of
comparative advantage,
demand and supply for
exported/imported goods and
services, currencies, the debt
trap
Task 2
Extended response
Free trade and
protection: Protection
and trade
liberalisation
Parry and Kemp
pp 9-16
Riley
pp 9-31, 63-91
http://hsc.csu.edu.au/business_studies/glo
bal_business/globalisation/globalisation.ht
ml
http://www.austrade.gov.au/Global-tradeand-economic-issues/default.aspx
http://hsc.csu.edu.au/economics/global_e
conomy/
http://www.globaleducation.edna.edu.au/g
lobaled/go/cache/offonce/pid/178
Sample Economics Unit 3A program and assessment outline for teaching in 2012
Parry and Kemp
pp 21-33
http://www.tutor2u.com/ (search for
relevant terms)
Riley
pp 35-39
http://www.econlib.org/Library/Topics/Deta
ils/comparativeadvantage.html
Weeks
Economic knowledge
Economic reasoning and
interpretation
Assessment
Sample text
references
Internet resources
Analysis
 apply mathematical techniques
relevant to international
economic analysis including
opportunity cost ratios,
calculating the terms of trade
index, exchange rate
calculations, completing balance
of payments calculations
including Balance on Current
Account, Balance on Capital
and Financial Account.
 apply appropriate methods of
recording and organising
economic information e.g.
spreadsheet showing Australia’s
net foreign liabilities, graphs
showing the widening of the
CAD over time, tables
representing opportunity cost
between the production of two
goods
6
7/8
Free trade and protection
 forms of protection
 the operation of protectionist
policies including tariffs and
subsidies
 arguments for protection and
trade liberalisation
 trade agreements, trade
organisations and trading blocs
Communication
 apply appropriate economic
methods and models to
demonstrate economic
behaviour such as the theory of
comparative advantage,
demand and supply for
exported/imported goods and
services, currencies, the debt
trap
Parry and Kemp
pp 33-44
Australia and the global
economy
 the extent, composition and
direction of Australia’s trade
 major patterns and trends in the
composition and direction of
Australia’s trade
 the structure of Australia’s
Balance of Payments accounts
Analysis
 apply effective methods for
identifying relevant information
within sources e.g. skimming
and scanning.
 apply mathematical techniques
relevant to international
economic analysis including
opportunity cost ratios,
Parry and Kemp
pp 55-59
pp 65-73
Sample Economics Unit 3A program and assessment outline for teaching in 2012
http://www.austrade.gov.au/
http://www.dfat.gov.au/trade/ftas.html
Riley
pp 35-62, 40-58, 145159
Riley
pp 97-111
http://www.austrade.gov.au/
http://www.rba.gov.au/Statistics/Bulletin/s
earch.asp?text=balance+of+payments&se
ries=allseries
http://www.mrwood.com.au/unit3/es1.asp
www.abs.gov.au
Weeks
Economic knowledge
Economic reasoning and
interpretation
Assessment
Sample text
references
calculating the terms of trade
index, exchange rate
calculations, completing balance
of payments calculations
including Balance on Current
Account, Balance on Capital
and Financial Account.
Australia and the global
economy
 the concept of the Current
Account Deficit (CAD)
 reasons for, and trends in,
Australia’s CAD
 implications and different views
re the significance of Australia’s
CAD
Analysis
 apply mathematical techniques
relevant to international
economic analysis including
opportunity cost ratios,
calculating the terms of trade
index, exchange rate
calculations, completing balance
of payments calculations
including Balance on Current
Account, Balance on Capital
and Financial Account.
 apply appropriate methods of
recording and organising
economic information e.g.
spreadsheet showing Australia’s
net foreign liabilities, graphs
showing the widening of the
CAD over time, tables
representing opportunity cost
between the production of two
goods
Australia and the global
economy
 the Terms of Trade (ToT) and
the ToT index
 recent trends in Australia’s ToT
 significance of changes in the
ToT
Analysis
 apply mathematical techniques
relevant to international
economic analysis including
opportunity cost ratios,
calculating the terms of trade
index, exchange rate
calculations, completing balance
of payments calculations
including Balance on Current
Account, Balance on Capital
and Financial Account.
9
10
Internet resources
www.dfat.gov.au/publications/stats.html
Task 3:
Data
interpretation/Short
response
Australia and the
global economy:
Australia’s current
account deficit
Sample Economics Unit 3A program and assessment outline for teaching in 2012
Parry and Kemp
pp 73-80
www.rba.gov.au
www.abs.gov.au
Riley
pp 108-111, 115,
217-221, 369
Parry and Kemp
pp 91-97
http://www.mrwood.com.au/unit3/es1.asp
www.rba.gov.au
Riley
pp 112-114
www.abs.gov.au
Weeks
11/12
13/14
15
Economic knowledge
Economic reasoning and
interpretation
Australia and the global
economy
 exchange rates and the Trade
Weighted Index (TWI)
 determination of freely floating
exchange rates
 appreciation and depreciation
 relationship between the
Balance of Payment (BoP) and
the exchange rate
 the factors that affect the
exchange rate
 effects of movements in the
exchange rate on sectors of the
economy
 recent trends in Australian
exchange rates
Analysis
 apply mathematical techniques
relevant to international
economic analysis including
opportunity cost ratios,
calculating the terms of trade
index, exchange rate
calculations, completing balance
of payments calculations
including Balance on Current
Account, Balance on Capital
and Financial Account.
Australia and the global
economy
 foreign liabilities i.e. foreign
investment and foreign debt
 relationship between the current
account outcome and foreign
liabilities
 extent of and recent trends in
Australia’s foreign investment
and foreign debt
 benefits and costs of foreign
investment and foreign debt
Communication
 apply appropriate economic
methods and models to
demonstrate economic
behaviour such as the theory of
comparative advantage,
demand and supply for
exported/imported goods and
services, currencies, the debt
trap
Revision/preparation for
examination
Assessment
Task 4:
Extended response
Australia and the
global economy:
Exchange rates
Sample text
references
Parry and Kemp
pp 103-115
Internet resources
www.rba.gov.au
www.mrwood.com.au
Riley
pp 123-141
http://www.abc.net.au/money/currency/fea
tures.htm
http://www.anz.com/aus/corporate/econo
mics-markets-research/
http://www.stgeorge.com.au/corporatebusiness/report-centre
Communication
 apply appropriate economic
methods and models to
demonstrate economic
behaviour such as the theory of
comparative advantage,
demand and supply for
exported/imported goods and
services, currencies, the debt
trap
Task 5:
Data
interpretation/Short
response
Australia and the
global economy:
Balance of payments
and foreign liabilities
Task 6:
Examination
Sample Economics Unit 3A program and assessment outline for teaching in 2012
Parry and Kemp
pp 125-138
http://www.mrwood.com.au/unit3/es1.asp
www.abs.gov.au
Riley
pp 219-225
www.rba.gov.au
Sample assessment outline: Economics 3AECO – Australia and the global economy
Assessment
Type
Data
interpretation/
Short
response
Assessment
Type
Weighting
When
Task
weighting
Outcome 2
The
operation
of the
economy
Outcome 3
Economic
policy and
action
Week 3
Task 1
Global markets: Globalisation
10%


Week 9
Task 3
Australia and the global economy: Australia’s current
account deficit
10%


Week 14
Task 5
Australia and the global economy: Balance of payments
and foreign liabilities
15%


Week 5
Task 2
Free trade and protection: Protection and trade
liberalisation
20%



Week 12
Task 4
Australian and the global economy: Exchange rates
15%



Week 16
Task 6
3A Examination
End of year - Mock Examination (3A and 3B)
20%
10%



35%
(CC
weighting 3050%)
35%
Extended
response
Task
Outcome 1
Economic
inquiry
(CC
weighting 3050%)

30%
Examination
(CC
weighting 2030%)
Sample Economics Unit 3A program and assessment outline for teaching in 2012