Irene McCormack Catholic College
2015 Economics 3A & 3B Program
Student: _____________________________________________
Teacher:
Ms Nancy Lo Biundo
email: lobiundo.nancy@imcc.wa.edu.au
INVESTIGATING MACROECONOMICS.
Parry & Kemp, Tactic 2015
WACE STUDY GUIDE 3A &3B ECONOMICS
Maria Coate, Academic Associates
USEFUL WEBSITES
Economics notes
https://www.youtube.com/user/ACD
CLeadership?feature=
Reserve Bank of Australia
www.rba.gov.au
Economics
Terms/definitions
Economics
Terms/definitions
Economic notes
http://www.investopedia.com
DFAT
www.dfat.gov.au
www.bized.co.uk
Austrade
www.austrade.gov.au
www.tutor2u.com
ABS
www.abs.gov.au
Economic
Commentaries
www.anz.com/aus/corporate/econo
mics-markets-research/
TERM 1
Economic Knowledge (Topics)
WEEK 1
REVISION


Global Markets
Revision Booklet
Resources
Textbook
Parry and Kemp
CH 1 & Pp25 – 37
Websites:
https://www.youtube.co
m/user/ACDCLeadership
?feature=
FREE TRADE AND PROTECTION
WEEK 2
09 – 13 FEB




Forms of protection
Demonstrate and explain how the main types of protectionist
policies operate including tariffs and subsidies
Evaluate the arguments for protection and trade liberalisation
Outline the influence of trade agreements, organisations and
blocs on world trade.
Textbook
Parry and Kemp
Text Pp. 37 -49
In Class example:
Working With Models
Q2 & 3 p53
Homework Questions
p55 Questions 1 &2,
3&4, 5&7, 6, 9 &10, 11,
12, 14, 15, 17
Study Guide
Extended writing Qs 2,3
& 4 p56
Websites:
www.austrade.gov.au
www.dfat.gov.au/trade/
ftas.htm
Assessments
AUSTRALIA AND THE GLOBAL ECONOMY
WEEK 3
16-20 FEB



discuss the extent, composition and direction of Australia’s
trade
account for the major patterns and trends in the composition
and direction of Australia’s trade
describe the structure of Australia's balance of payments
Textbook
Parry and Kemp
Text CH3 and 4
Homework Questions:
P64 Qs 2, 6, 7, 11, 12,
P85 1 and 2, 3&4, 5
&6,11, 14
3A Quiz (Not for
assessment)
Free Trade and
Protection MC
Practice
Study Guide:
Extended writing p94 Q1
Websites:
www.dfat.gov.au/public
atios/stats.html
www.abs.gov.au
WEEK 4
23-27 FEB





Textbook
Parry and Kemp CH3
Pp77-85
explain the concept of the Current Account Deficit (CAD)
explain the reasons for Australia’s current Account deficit
account for the recent trends in Australia’s current account
In Class Examples:
explain the implications of Australia’s CAD
recognise that there are different views as to the significance of Data Interpretation
Pp93-94 Qs 1, 3, 4 &5
Australia’s CAD
Homework Questions:
P90 Qs1, 3, 4, 5, 6, 10,
11, 13, 14, 15’
Study Guide:
Extended Writing p94 Q1
&3
Websites:
www.rba.gov.au
www.abs.gov.au

WEEK 5
02-06 MAR


explain the concepts of the terms of trade and the terms of
trade index
discuss recent trends in Australia’s terms of trade
explain the significance of changes in Australia’s terms of trade
WEB SEARCH – TOT
Textbook
Parry and Kemp CH5
3A QUIZ (Not for
Assessment)
In Class Examples:
Data Interpretation P106
Qs 1,2,3,4,5&6
CAD & BOP
MC Practice
Homework Questions:
Qs 1&2, 3, 6, 7, 8, 9, 11,
12, 13, 14,
Study Guide: P105
Qs 1,2,3,4,5 &6
Websites:
www.rba.gov.au
www.abs.gov.au
www.bized.co.uk (search
for appropriate terms)
www.tutor2u.com
2

WEEK 6
09 – 13 MAR



explain the concepts of exchange rates, an appreciation and a
depreciation
demonstrate and explain how a freely floating exchange rate is
determined
explain the relationship between the balance of payments and
the exchange rate
outline the factors that affect the exchange rate
Textbook
Parry and Kemp CH6
In Class Examples
Worksheet p120 Q11
Economics in the News
p125 Qs 1,2,3,4,5,6&7
Homework Questions:
P120 Qs 6, 7, 8, 9, 10, 12,
15, 16, 19, 20
Study Guide:
Extended Writing p126
1,2 &3
Websites:
www.rba.gov.au
www.anz.com/aus/corp
orate/economicsmarkets-research/

WEEK 7
16 – 20 MAR

discuss the effects of movements in the exchange rate on
various sectors of the economy
identify the recent trends in Australian exchange rates

REVISION OF CAD; TOT & AUD
Textbook
Parry and Kemp CH6
In Class Examples
Worksheet p120 Q11
3A Assessment 3
TOT & AUD
Short Answer
7%
Economics in the News
p125 Qs 1,2,3,4,5,6&7
Homework Questions:
P120 Qs 6, 7, 8, 9, 10, 12,
15, 16, 19, 20
Study Guide:
Extended Writing p126
1,2 &3

WEEK 8
23 – 27 MAR



explain the concept of foreign liabilities i.e. foreign investment
and foreign debt
explain the relationship between the current account outcome
and foreign liabilities
account for the extent of and recent trends in Australia’s
foreign investment and foreign debt
assess the benefits and costs of foreign investment and foreign
debt to Australia.
Textbook
Parry and Kemp CH 7
In Class Example:
Economics in The News
p147 Q1,23, &4
Homework Questions:
P144 Qs 3, 4&5, 7, 10,
17&18 (cont.)
P 148 Qs 5 &6, 7, 12, 13,
14
Study Guide:
Extended Writing p152
Qs 1,2, 3, 4
3
WEEK 9
30 - 03 APR
3B ECONOMICS
MACROECONOMIC ACTIVITY


explain the characteristics and causes of the business cycle
explain the relationship between the business cycle and the
economic indicators of inflation, unemployment and
economic growth
Textbook
Parry and Kemp CH8
In Class Example
Data Interpretation p168
Q2
3A Assessment 4
~F.Inv & F.Debt
Long Ans.
7%
Homework Questions:
P168 Q1a, b, 2a, b, 3a, b,
4a, b(X,M) b (business
profitability & retail
spending), b (Govt
budget)
Websites:
www.abs.gov.au
www.anz.com/aus/corp
orate/economicsmarkets-research/
Term 1
Holidays
06 – 17 APR
EASTER BREAK / STUDY
FOR SEMESTER ONE EXAMS
 Set aside at least 3 x 1.5 hour study sessions prior to returning for Semester One Exams:
 Ensure your Semester 1 file is well organised
 Ensure your Semester 1 notes are complete and thoroughly revised
Practice exam style questions
4
TERM 2
Economic Knowledge (Topics)

Resources
REVISION 3A ECONOMICS FOR UNIT TEST
3A Assessment
5 3A Unit Test
WEEK 1
20– 24 APR
WEEK 2
27- 01 MAY
Assessments
Short Ans.
7%

REVISION OF 3B ECONOMICS UPTO THIS POINT

outline the components of aggregate expenditure i.e.
consumption, investment, government spending, net exports
explain the factors which affect the components of aggregate
expenditure

Textbook
Parry and Kemp CH9
Homework Questions:
P193 Q1, 2, 3&4, 5, 6,
7, 8, 10, 11, 12
Study Guide:
Extended Writing p200
Q 1b, 2b, 3b

WEEK 3
04-08 MAY

demonstrate and explain the relationship between the
consumption function, the marginal propensity to consume and
the marginal propensity to save
explain the concept of macroeconomic equilibrium
Textbook
Parry and Kemp CH9
Homework Questions:
P195 Q 1&3, 2, 6, 7, 8,
9, 11, 12, 13, 14
Study Guide:
Extended Writing p200
Q3 & 4
WEEK 4
11-12 MAY


REVIEW 3A ECONOMICS UNIT TEST
REVISION OF 3B ECONOMICS TO THIS POINT

SEMESTER ONE EXAMINATION PREPARATIONS
WEEK 5
18-19 MAY
WEEK 6
25 – 29 MAY
WEEK 7
01 – 05 JUN
WEEK 8
08 – 12 JUN
SEMESTER ONE EXAMS
3A 9%
3B 3%
TOTAL 12%
YEAR 12 RETREAT


demonstrate and explain the multiplier process
Revision
Textbook
Parry and Kemp CH9
In Class Questions p197
Qs 1-4
WEEK 9
15- 19 JUN



Aggregate demand/aggregate supply (AD/AS) model
and the factors that can shift the AD and AS curves
Impact of changes in AD and AS on equilibrium level of
income/output
Use the AD/AS model to explain the business cycle.
Textbook
Parry and Kemp CH10
Homework Questions:
P214
Q 1&2, 10, 11, 12, 16,
17, 18, 19, 21, 23
3B Assessment
1
Business Cycle
& AE
Long Answer
7%
Study Guide
Extended Writing p220
Q1, 2, 3 &4
5
ECONOMIC POLICY OBJECTIVES
WEEK 10
22 – 26 JUN




outline the internal economic objectives of the Australian
Government i.e. sustainable economic growth, low inflation
(price stability), low unemployment (full employment), a more
equitable distribution of income and the efficient allocation of
resources
economic policy objectives of the Reserve Bank of Australia
(RBA)
Conflicting and complementary government objectives
Time lags – recognition, decision (implementation) and effect
(impact) lags.
Textbook
Parry and Kemp CH 11
In Class Examples p237
Data Interpretation
Q1 &2
Homework Questions:
P233 Q2, 4, 5, 6, 7, 8,
10, 11, 12, 13
Study Guide
Extended Writing p238
Q 1,2, 3, 4 &5
Websites:
www.rba.gov.au
www.abs.gov.au
www.bized.co.uk/learn
/economics/index.htm
(search for relevant
terms)
REVIEW:
WEEK 11
29 – 03 JUL



SEMESTER ONE EXAM
3A ECONOMICS REVIEW
3B ECONOMICS - TO THIS POINT
3B Assessment
2
Growth &
Inflation
Long Answer
7%
TERM 2
HOLIDAYS
06 - 17 JUL
STUDY FOR SEMESTER TWO EXAMS



Set aside at least 5 x 1.5 hour study sessions prior to returning for Semester Two Exams:
Ensure file is well organised
Ensure your notes are complete and thoroughly revised
Practice exam style questions
6
TERM 3
Economic Knowledge (Topics)

Resources
Assessments
REVISION OF ECONOMICS 3B TO THIS POINT
WEEK 1
20 – 24 JUL
FISCAL POLICY
WEEK 2
27 – 31 JUL



WEEK 3
03 – 07 AUG




WEEK 4
10- 14 AUG



Textbook
Parry and Kemp CH12
explain the concept of fiscal policy
identify the components of government revenue and
expenditure in the budget
outline different budget outcomes i.e. balanced, surplus and
deficit budgets
account for differences between planned and actual budget
outcomes
explain the methods of financing a budget deficit and the uses
of a budget surplus
distinguish between automatic fiscal stabilisers and
discretionary fiscal policy
explain the concepts of fiscal policy expansionary,
contractionary, neutral stances
demonstrate and explain the impact of different fiscal policy
stances on the level of economic activity
discuss the strengths and weaknesses of fiscal policy
explain recent fiscal policy stances in Australia.
Textbook
Parry and Kemp CH12
Homework Questions:
P255
Q 2, 3, 5, 6, 11, 12, 13,
14, 15, 16
Textbook
Parry and Kemp CH12
Study Guide
Extended Writing
P 262
Qs 1, 2, 3, 4, 5 &6
3B Assessment 3
Mid Unit Test
short Answer
7%
Websites:
www.abs.gov.au
www.budget.gov.au
MONETARY POLICY
WEEK 5
17 – 21 AUG





explain the concepts of monetary policy and the cash rate
outline the circumstances under which the RBA may change the
cash rate
explain the concepts of expansionary, contractionary and
neutral monetary policy stances
strengths and weaknesses of monetary policy
impact of monetary policy stances on the level of economic
activity
Textbook
Parry and Kemp CH13.
Homework Questions:
P284 Q1 &2, 9, 11&12,
13&14, 15&17
P285 Q 6&7, 10, 11, 13,
14
Study Guide
Extended Writing p292
Q1, 2, 3 &5
Websites:
www.rba.gov.au
www.abs.gov.au
www.anz.com/aus/cor
porate/economicsmarkets-research/
STRUCTURAL CHANGE AND PRODUCTIVITY
WEEK 6
24 – 28 AUG


nature of microeconomic reform
productivity and measures of productivity
Textbook
Parry and Kemp CH14
Homework Questions:
3B Assessment 4
Role of Govt
Long Answer
7%
7


WEEK 7
31 – 04 SEP
P318 Structural Change
Q 2&3, 5, 8, 9

concept of economic efficiency
examples of MER in Australia in the past decade such as
taxation reform, labour market reform, reducing levels of
protection, completion policy
MER and structural change.


impact of MER on aggregate supply
current microeconomic reform policy in Australia
Textbook
Parry and Kemp CH14
Websites:
www.rba.gov.au
www.anz.com/aus/cor
porate/economicsmarkets-research/
www.bized.co.uk
www.abs.gov.au
Policy Mix in Australia
 recent and present policy mix

P318 Productivity
Q 1&3, 5, 8, 10, 11, 12
UNIT TEST AND REVISION
3B Assessment 5
WEEK 8
07 - -11 SEP
3B Unit Test
Short Ans.
7%
 REVISION
WEEK 9
14 – 18 SEP

WEEK 10
21 – 25 SEP
TERM 3
HOLIDAYS
28-04 OCT
05–16 OCT
REVISION
STUDY FOR SEMESTER TWO EXAMS
 Revise Notes thoroughly
 Practice exam style questions
SEMESTER TWO EXAMS
3A 6% of year (~40% of exam)
3B 12% of year (~60% of exam)
TOTAL 18%
8
Irene McCormack Catholic College
Society & Environment Department
2015 Economics 3A & 3B Assessment Program
NAME: _____________________________________________________
Weight.
Stage 3
IMCC
2015
Types of assessment
Data interpretation/Short response
An answer of less than 150 words that
describes or analyses an economic concept,
event or issue.
35%
30–50%
Types of assessment can include multiplechoice questions, definitions, one-word
answers, short answer questions, paragraph
answers that interpret economic data or
information (e.g. text, graphs, tables,
cartoons), paragraph answers to case studies,
records of interviews, documented group
discussion and learning logs.
Best suited to the collection of evidence of
student achievement of all course outcomes.
Extended response
A continuous piece of prose or a sectionalised
long answer that describes or analyses an
economic concept, event or issue.
35%
30–50%
Types of assessment can include essays,
reports, extended answers to scenarios or case
studies, investigations, research assignments,
extended answers that interpret economic
information or data (e.g. text, graphs, tables,
cartoons), written speeches and written
preparation for debate.
Best suited to the collection of evidence of
student achievement of all course outcomes.
Assessment, Topic &
Weight
Raw
score
3A Assessment 2
Mid Test
7%
/
3A Assessment 3
TOT & AUD
7%
/
3A Assessment 5
3A Unit Test
7%
/
3B Assessment 3
Mid Unit Test
7%
/
3B Assessment 5
3B Unit Test
7%
/
3A Assessment 1
Glo Mkts; FT & Prot
7%
/20
3A Assessment 4
F.Inv & F. Debt
7%
/20
3B Assessment 1
Bus. Cycle & AE
7%
/20
3B Assessment 2
Grow & Inf
7%
/20
3B Assessment 4
Role of Gov’t
7%
Semester 1 Exam
3A 9%
3B 3%
12%
%
Result
/20
/100
9
Examination
30%
20–30%
A combination of both short answer and long
answer items. Types of questions can include
multiple-choice, data interpretation questions
(based on text, graphic, tables, cartoons etc.)
and extended answers (essays and
sectionalised long answers which can be based
on stimulus material).
Semester 2 Exam
3A 6%
3B 12%
18%
/100
100%
Best suited to the collection of evidence of
student achievement of all course outcomes.
100%
Economics
Examination design brief
Stage 3
Time allowed
Reading time before commencing work:
Working time for paper:
ten minutes
three hours
Permissible items
Standard items: pens (blue/black preferred), pencils (including coloured), sharpener, correction tape/fluid, eraser,
ruler, highlighters
Special items:
non-programmable calculators approved for use in the WACE examinations
Section
Section One
Multiple-choice
24% of the total examination
Supporting information
The questions are pitched at varying degrees of difficulty.
24 questions
Suggested working time: 35 minutes
Section Two
Data Interpretation/Short response
36% of the total examination
3 questions
Suggested working time: 65 minutes
The questions have parts and each question is of approximately equal value.
The parts could require the candidate to:
 engage with data, by, for example, performing calculations, identifying trends
or identifying relationships
 interpret the data or other information in stimulus material
 explain links to economic theory and analyse the concepts to which the data
relate.
Most questions refer to stimulus material. The stimulus material could include
graphs, tables, texts or cartoons.
Section Three
Extended response
40% of the total examination
2 questions from a choice of 4
The questions could have parts.
Questions could require the candidate to apply their knowledge and
understandings to recent economic experiences or conditions.
Suggested working time: 80 minutes
10