Assessment and reporting
SATISFACTORY COMPLETION
The award of satisfactory completion for a unit is based on a decision
that the student has demonstrated achievement of the set of outcomes
specified for the unit. This decision will be based on the teacher's
assessment of the student's overall performance on assessment tasks
designated for the unit. Designated assessment tasks are provided in
the details for each unit. The Board of Studies will publish annually
an assessment guide which will include advice on the scope of the
assessment tasks and the criteria for assessment.
Teachers must develop courses that provide opportunities for students
to demonstrate achievement of outcomes. Examples of learning
activities are provided in the Advice for Teachers section.
Schools will report a result for each unit to the Board of Studies as S
(Satisfactory) or N (Not Satisfactory).
Completion of a unit will be reported on the Statement of Results
issued by the Board of Studies as S (Satisfactory) or N (Not
Satisfactory). Schools may report additional information on levels of
achievement.
AUTHENTICATION
Work related to the outcomes will be accepted only if the teacher can attest that, to the best of
their knowledge, all unacknowledged work is the student's own. Teachers need to refer to the
current year's VCE Administrative Handbook for authentication procedures.
LEVELS OF ACHIEVEMENT
Units 1 and 2
Procedures for the assessment of levels of performance in Units 1 and 2 are a matter for school
decision. Assessment of levels of performance for these units will not be reported to the Board of
Studies. Schools may choose to report levels of performance using grades, descriptive statements
or other indicators.
ts 3 and 4
The Board of Studies will supervise the assessment of all students undertaking Units 3 and 4.
In Economics the student's level of achievement will be determined by school-assessed
coursework and an end-of-year examination. Percentage contributions to the final assessment are
as follows:
· Unit 3 school-assessed coursework: 25 per cent
· Unit 4 school-assessed coursework: 25 per cent
· Units 3 and 4 examination: 50 per cent
Details of the assessment program are described in the sections on Units 3 and 4 in this study
design.
Unit I: The Australian economy
The focus of this unit is the study of economic decision making and economic issues of importance
to the Australian economy in the twenty-first century.
AREAS OF STUDY
1. Introducing economics
An introduction to the Australian economy requires students to understand economic decision
making and economics concepts. This area of study will include:
.
· the need for economic decision making, including opportunity cost, demand and supply;
· the types of economic decision makers, for example, consumers, producers, businesses, unions,
financial institutions, governments; the influences of and the economic relationships between
these decision makers;
the predominant beliefs and values on which economies are based, for example, national self
interest and efficiency of the market;
the tools and techniques used by economists, for example, models, theories, forecasting,
interpreting data, using information technology to solve problems;
the predominant values and objectives underlying the Australian economy;
the ownership, allocation and distribution of resources in the Australian economy.
2. Economic issues facing the Australian economy All economies face issues of importance that
may impact on the level of wellbeing of people and on the stability of the economy. It is important
to have an understanding of such issues. This area of study should be explored through a
consideration of two or more of the following:
· Employment and unemployment: - definitions of employment and unemployment measurements of employment and unemployment - recent trends in levels and incidence of
employment and unemployment in Australia - factors affecting the level and incidence of
employment and unemployment in Australia - the effects of changes in the levels and
incidence of employment and unemployment on individuals, the economy, government,
businesses and the standard of living - possible strategies for lowering unemployment and
creating employment;
/
Inflation:
definitions of inflaticn
measures of inflation
recent trends in levels of inflation in Australia
factors affecting the rate of inflation
the effects of inflation on individuals, the economy, government, businesses and the
standard of living
possible strategies to lower inflation;
· The distribution of income and wealth: definitions of income and wealth measures of the distribution of
income and wealth trends in the distribution of income in Australia factors affecting the distribution of
income and wealth effects of equity and inequity in the distribution of income and wealth on
Individuals, groups, government, social structures and the standard of living possible strategies for
alleviating poverty;
·
T he economy, the environment and ecological sustainability:
the nature of environmental resources
problems in valuation of environmental resources
measurement of economic growth and limitations of tools measure
positive and negative externalities and the effect of externalities on economic decisions
the role of individuals, markets, businesses, governments, pressure groups in decision
making on the Australian environment
strategies and solutions for environmental problems: regulation, legislation. market-based
actions, group and individual action
sustainable economic growth: definition, effects on the environment, businesses and
standard of living;
- Workplace relations:
the distinction between competitive and non-competitive .
the regulation and influences of unions, employer groups, government and statutory bodies
in the determination of working conditions and in the resolution of conflict in the Australian
workplace; changes over time
historical and recent trends in wage determination systems in Australia, for example,
awards, wage indexation, enterprise bargaining, Australian workplace agreements
centralised compared with decentralised wage determination
reasons for labour market deregulation and the effects of labour market deregulation on
employers, employees, the economy and the standard of living.
OUTCOMES
For this unit students are required to demonstrate achievement of two outcomes. As a set these
outcomes encompass both areas of study for the unit.
Outcome l
On completion of this unit the student should be able to explain how economic decisions are made
in the Australian economy and apply economic decision making to solve economic problems.
Key knowledge In achieving this outcome the student will draw on knowledge described in area of
study 1.
To achieve this outcome the student should be able to demonstrate knowledge of
facts, concepts and principles involved in the study of economics; the need for economic decision
making; opportunity cost and the laws of demand and supply; the types of economic decision
makers operating in the Australian economy; how resources are owned, allocated and distributed
in the Australian economy; the predominant beliefs, values and objectives underlying the
Australian economy.
Key' skills
To achieve this outcome the student should demonstrate the ability to
use the commonly accepted means of expressing, interpreting and analysing economics
information;
apply economic knowledge, concepts, models and skills to real or hypothetical situations;
evaluate the extent to which alternative ideas, proposals or solutions to economic problems
are appropriate;
acquire economics information from a range of sources, for example, newspapers, the Internet;
research and communicate economic information through, for example, oral, visual, written,
statistical, graphical and multimedia means;
interpret economic information using basic mathematical ideas and techniques;
use information technology to prepare and present oral and written reports;
acquire economics information and ideas through working cooperatively in groups.
Outcome 2
On completion of this unit the student should be able to use the tools and methods of economics
to analyse and evaluate contemporary Australian economic issues and appreciate the changing
nature of economic issues in Australia.
Key knowledge
In achieving this outcome the student will draw on knowledge described in area of study 2.
To achieve this outcome the student should demonstrate knowledge of
.
the meaning and measurement of a range of contemporary economic issues in the Australian
economy;
· a range of factors affecting various economic issues in the Australian economy;
· the effect of changes in the Australian economy and how they affect economic decision making
in the Australian economy and the standard of living; possible strategies, policies and solutions
for overcoming economic problems in the Australian economy.
Key skills
To achieve this outcome the student should demonstrate the ability to
express, interpret and analyse economics information using either print or electronic sources;
research and communicate economics information through, for example, oral, visual, written,
statistical, graphical and multimedia means;
apply economic knowledge, concepts, models and skills to real or hypothetical situations;
evaluate the extent to which alternative ideas, proposals or solutions to economic problems
are appropriate;
acquire economics information from a range of sources, for example, newspapers, the Internet;
interpret economics information using mathematical ideas and techniques;
evaluate economic arguments in relation to contemporary economic issues in the Australia
economy:
acquire economics information and ideas through working cooperatively in groups.
ASSESSMENT
The award of satisfactory completion for a unit is based on a decision that the student has demonstrated achievement of the set of
outcomes specified for the unit. This decision will be based on the teacher's assessment of the student's overall performance on
assessment tasks designated for the unit. The Board of Studies will publish annually an assessment guide which will include advice
on the scope of the assessment tasks and the criteria for assessment.
The key knowledge and skills listed for each outcome should be used as a guide to course design and the development of learning
activities. The key knowledge and skills do not constitute a checklist and such an approach is not necessary or desirable for
determining the achievement of outcomes. The elements of key knowledge and skills should not be assessed separately.
Assessment tasks must be a part of the regular teaching and learning program and must not unduly add to the workload associated
with that program. They must be completed mainly in class and within a limited timeframe.
Demonstration of achievement of Outcomes 1 and 2 must be based on the student's performance on a selection of assessment tasks.
Teachers must ensure that tasks selected are of comparable scope and demand. Assessment tasks for this unit are:
analysis of written, visual and statistical evidence; essays; debates; oral presentations; multimedia presentations; role-plays; media
reviews; folio of applied economics exercises; collection and analysis of current newspaper articles; report of an investigation; tests.
Unit 2: Australia and the global economy
The focus of this unit is the study of Australia's external relationships and economic issues of
importance in the global economy in the twenty-first century.
AREAS OF STUDY
1. Australia's external relationships
This area of study will include:
.
reasons for countries to engage in external relationships such as trade and international capital
flows, and the significance of these relationships for the Australian economy; the composition and
direction of Australia's trade and international capital flows; measurement of Australia's external
economic relationships, for example, balance of payments, exchange rate, foreign debt; statistical
and graphical presentation of the measurements of Australian external economic relationships and
recent trends; Australia's trade agreements and alliances.
2. Economic globalisation This area of study will include.
definitions of globalisation;
reasons for the emergence of globalisation and theories to explain the expansion of
organisations across national boundaries, such as international division of labour, economies
of scale;
effects of globalisation on consumers, labour and financial markets, the environment, the
economy, government;
a case study of a multinational transnational corporation, focusing on
- the structure and size of the organisation
- reasons for expansion of the organisation across national boundaries
- the strategies used by the organisation to gain competitive advantages in the market
- the role of technology
the relationship between the organisation and the host economies.
3. Other economies Economies throughout the world vary with respect to stages of development,
regional characteristics and type of economic system. This area of study should be explored
through a consideration of at least one of the following:
Asian economies
· the economic characteristics of Asian economies, including their diversity;
· economic relationships between Asian economies and the Australian economy;
a case study of an Asian economy, including
- predominant values and economic objectives
- the ownership, allocation and distribution of resources
- the influence of the market, the government and other institutional forces in econorr..c decision making
- economic performance
- economic development strategies
- relationship with the Australian economy;
Global distribution of income and wealth
· the economic characteristics of high-income and low-income economies and the diverse nature of such economies;
· the role of Australian foreign aid;
· a case study of a low-income economy, focusing on
- the ownership, allocation and distribution of resources
- the influences of the market, the government and other institutional forces in economic
decision making
- economic performance
- causes of underdevelopment
- economic development strategies;
Economies in transition
the forces of change characteristic of transition economies and the diverse nature of such
economies;
the underlying values and beliefs of the Australian economic system compared with other
economic systems and the changing nature of the Australian economic system and other
economic systems, for example, China, Cuba, Hong Kong, Japan;
an economy in transition in a theoretical, historical or current context, focusing on
the predominant values and objectives underlying the system
the ownership, allocation and distribution of resources
- the influence of government, the market and other institutional forces in economic decision
making
- recent changes in the system (where appropriate)
economic performance.
/
.
OUTCOMES
For this unit students are required to demonstrate achievement of three outcomes. As a set these
outcomes encompass all areas of study for the unit.
Outcome l
On completion of this unit the student should be able to apply economic concepts, skills and
knowledge to the operation of the Australian economy in the global context.
Key knowledge
In achieving this outcome the student will draw on knowledge described in area of study 1.
To achieve this outcome the student should demonstrate knowledge of
national trade and patterns of world trade;
composition and direction of capital flows in and out of Australia;
Australia's balance of payments;
Australia's foreign debt;
exchange rates;
market forces and their influence on trade and international capital flows;
Australia's trade agreements and alliances.
Key skills
To achieve this outcome the student should demonstrate the ability to
use the commonly accepted means of expressing, interpreting and analysing economics
information;
acquire economics information from a range of sources;
interpret and use statistical and graphical material;
research and communicate economics information through, for example, oral, visual, written,
statistical, graphical and multimedia means;
apply economic knowledge, concepts and models to real or hypothetical situations;
evaluate the extent to which alternative ideas, proposals or solutions to economic problems
are appropriate;
acquire economics information and ideas through working cooperatively in groups.
Outcome 2
On completion of this unit the student should be able to explain the reasons for the emergence of
globalisation and evaluate the impact of globalisation on the nature and performance of the
Australian economy.
Ke~ knowle.dge
In achieving this outcome the student will draw on knowledge described in area of study 2.
To achieve this outcome the student should demonstrate knowledge of
the meaning of globalisation;
theories to explain the emergence of globalisation;
the effects of globalisation on economic decision makers, different economies, the
environment;
the economic and social context of multinational/transnational corporations.
To achieve this outcome the student should demonstrate the ability to
use the commonly accepted means of expressing, interpreting and analysing economic
information;
evaluate economic arguments about contemporary global economic issues;
acquire economics information from a range of sources;
interpret and use statistical and graphical material;
research and communicate economics information through, for example, oral, visual, written,
statistical, graphical and multimedia means;
apply economic knowledge, concepts and models to real or hypothetical situations;
evaluate the extent to which alternative ideas, proposals or solutions to economic problems
are appropriate;
acquire economics information and ideas through working cooperatively in groups.
Outcome 3
On completion of this unit the student should be able to explain the diverse and changing nature
of economic systems.
Key knowledge
In achieving this outcome the student will draw on knowledge described in area of study 3.
To achieve this outcome the student should demonstrate knowledge of
· the diverse nature of economic systems in relation to either stages of development or types of economic systems or regional
characteristics;
· the relationship between the Australian economy and other economies.
Key skills
To achieve this outcome the student should demonstrate the ability to
.
use the commonly accepted means of expressing, interpreting and analysing economic
information;
evaluate economic arguments about contemporary global economic issues;
acquire economics information from a range of sources;
interpret and use statistical and graphical material;
research and communicate economics information through, for example, oral, visual, written,
statistical, graphical and multimedia means;
apply economic knowledge, concepts and models to real or hypothetical situations;
evaluate the extent to which alternative ideas, proposals or solutions to economic problems
are appropriate;
acquire economics information and ideas through working cooperatively in groups.
ASSESSMENT
The award of satisfactory completion for a unit is based on a decision that the student has
demonstrated achievement of the set of outcomes specified for the unit. This decision will be
based on the teacher's assessment of the student's overall performance on assessment tasks
designated for the unit. The Board of Studies will publish annually an assessment guide
which will include advice on the scope of the assessment tasks and the criteria for
assessment.
The key knowledge and skills listed for each outcome should be used as a guide to course
design and the development of learning activities. The key knowledge and skills do not
constitute a checklist and such an approach is not necessary or desirable for determining the
achievement of outcomes. The elements of key knowledge and skills should not be assessed
separately.
Assessment tasks must be a part of the regular teaching and learning program and must not
unduly add to the workload associated with that program. They must be completed mainly in
class and within a limited timeframe.
Demonstration of achievement of Outcomes I, 2 and 3 must be based on the student's
performance on a selection of assessment tasks. Teachers must ensure that tasks selected are
of comparable scope and demand. Assessment tasks for this unit are:
· analysis of written, visual and statistical evidence;
.
essays; debates; oral presentations; multimedia presentations; role-plays; media reviews;
folio of applied economics exercises; collection and analysis of current newspaper articles;
tests; case studies; report of an investigation.
/.
Unit 3: Economic activity
and objectives
The focus of this unit is the study of economic activity in
Australia and the factors that affect the achievement of the
objectives of the Australian economy.
AREAS OF STUDY
1. Economic activity in Australia
This area of study will include:
.
e
the economic way of thinking, including economic decision
making, relative scarcity,
opportunity cost and examples of how the concept of
opportunity cost leads to improved
decision making, the efficient allocation of resources and the
maximisation of economic
welfare;
the market mechanism including ways in which
- demand and supply explains how prices and quantities are
determined and how resources
are allocated
- markets coordinate the behaviour of economic participants
- the activities of businesses, governments, pressure groups and
other institutional forces
influence the market mechanism in Australia, for example,
setting relatively high minimum
youth wages, taxing pollution;
the meaning of economic (market) activity and household
(non-market) activity;
the business cycle and the causes of fluctuations in the level of
economic activity with reference
to aggregate demand and aggregate supply;
demand factors that influence the level of economic activity,
for example, personal disposable
income interest rates, government changes in the level of
spending or taxation, exchange
rates;
supply factors that influence the level of economic activity, for
example, the size and
productivity of the labour force, interest rates, cost and
availability of raw materials.
2. Economic objectives and performance in Australia This
area of study will include:
· the meaning and measurement of the economic objectives of
the Australian government, including - economic growth price stability - full employment
- equity in the distribution of income and wealth between
individuals
- external stability;
criteria for assessing the performance of the economy in terms
of its objectives;
the limitations of indicators of performance;
a brief historical review of the performance of the economy in
relation to its objectives over
the last decade;
demand and supply factors affecting the achievement of
economic objectives;
the significance of and relationship between economic
objectives.
OUTCOMES
For this unit students are required to demonstrate achievement
of two outcomes. As a set these
outcomes encompass both areas of study for the unit.
Outcome 1
On completion of this unit the student should be able to explain
the operation of the market
mechanism and the extent to which it operates freely in
Australia and analyse the factors which
affect the nature and level of economic activity in Australia.
Key knowledge
In achieving this outcome the student will draw on knowledge
described in area of study 1.
To achieve this outcome the student should demonstrate
knowledge of
key economic concepts such as relative scarcity, opportunity
cost, market mechanism, efficient allocation of resources,
economic welfare; how demand and supply determine prices
and quantities; how markets coordinate the behaviour of
economic participants; how the activities of businesses,
governments, pressure groups and other institutional forces
influence in the operation of the market mechanism in Australia;
the meaning of economic (market) activity and household
(non-market) activity; the business cycle and the causes of
fluctuations in the level of economic activity with reference to a
range of demand and supply factors.
Key skills
To achieve this outcome the student should demonstrate the
ability to
define key economic concepts and use them appropriately;
develop skills of economic analysis, including problem solving,
application of theory to practice, interpretation and use of
statistical and graphical material, evaluation of economic
arguments; propose possible solutions to economic problems;
construct graphs and statistical tables using information
technology; calculate percentage changes in economic variables;
interpret economics information using mathematical ideas and
techniques; use economic theory and evidence to evaluate
alternative viewpoints.
Outcome 2
On completion of this unit the student should be able to use skills of
economic measurement to
analyse the performance of the Australian economy over the last ten
years in terms of its objectives.
Key knowledge
In achieving this outcome the student will draw on knowledge
described in area of study 2.
To achieve this outcome the student should demonstrate knowledge of
economic terminology;
the meaning and measurement of the economic objectives of the
Australian government,
including economic growth, price stability, full employment, equity in
the distribution of
income and wealth between individuals, external stability;
criteria for assessing the performance of the economy in terms of its
objectives and the
limitations of indicators of performance;
demand and supply factors affecting the achievement of economic
objectives;
the relationship between economic objectives.
Key skills
To achieve this outcome the student should demonstrate the ability to
.
gather relevant data and information about Australia's economic
objectives from various sources, including written texts, reference
books, newspapers, journals, government, corporate and community
group reports, databases, Internet sites; use mathematical techniques and
ideas to analyse and interpret statistical data relating to the performance
of the Australian economy over the last ten years; define key economic
concepts and use them appropriately; use information technology to
construct graphs and statistical tables to identify and describe the
performance of the Australian economy in terms of its objectives over
the last ten years; identify trends, patterns, similarities and differences in
economic data; recognise cause-effect linkages; accurately use economic
terminology; interpret and use statistical and graphical material to
examine economic performance.
ASSESSMENT
The award of satisfactory completion for a unit is based on a decision
that the student has
demonstrated achievement of the set of outcomes specified for the unit.
This decision will be
based on the teacher's assessment of the student's overall performance on
assessment tasks
designated for the unit. The Board of Studies will publish annually an
assessment guide which
will include advice on the scope of the assessment tasks and the criteria
for assessment.
The key knowledge and skills listed for each outcome should be used as
a guide to course design
and the development of learning activities. The key knowledge and skills
do not constitute a
checklist and such an approach is not necessary or desirable for
determining the achievement of
outcomes. The elements of key knowledge and skills should not be
assessed separately.
Assessment of levels of achievement
The student's level of achievement in Unit 3 will be determined by
school-assessed coursework and an end-of-year examination.
Contributions to final assessment
School-assessed coursework for Unit 3 will contribute 25 per cent to the
final assessment.
The level of achievement for Units 3 and 4 is also assessed by an
end-of-year examination, which will contribute 50 per cent to the final
assessment.
School-assessed course work
Teachers will provide to the Board of Studies a score representing an
assessment of the student's level of achievement.
The score must be based on the teacher's rating of performance of each
student on the tasks set out in the following table and in accordance with
an assessment guide published annually by the Board of Studies. The
assessment guide will also include advice on the scope of the task and the
criteria for assessment.
Assessment tasks must be a part of the regular teaching and learning
program and must not unduly add to the workload associated with that
program. They must be completed mainly in class and within a limited
timeframe. Where optional assessment tasks are listed teachers must
ensure that the tasks they select are comparable in scope and demand.
Outcomes
Outcome I Explain the operation of the market mechanism and the extent to which it
operates freely in Australia and analyse the factors w hich affect the nature and level of
economic activity in Australia.
Outcome 2 Use skills of economic measurement to analyse the performance of the
Australian economy over the last ten years in terms of its objectives.
ECONIOMIC5
Assessment tasks
~ a folio of applied economics exercises
or
an essay on the factors that affect the nature
and level of economic activity in Australia
or
a test using multiple-choice questions and
structured questions
~ a report in multimedia format or ~ a written report or a test using multiplechoice and
structured questions
Marks allocated
40
60
Total marks
100
* School-assessed coursework for Unit 3 contributes 25 per cent to the hnal assessment.
Unit 4: Economic management
The focus of this unit is the study of the management of the Australian economy, which
concentrates on budgetary, monetary and microeconomic policy used by the Australian
Government.
AREAS OF STUDY
1. The nature and operation of Australian government policy This area of study will
include:
· the nature and operation of key macroeconomic policies, including
- budgetary policy: the level and composition of government revenues and outlays, the
operation of automatic and discretionary stabilisers, methods of financing a budget
deficit or using a budget surplus, provision of incentives to increase aggregate supply
- monetary policy: the concept of money and the operations of the Reserve Bank of
Australia to influence interest rates, exchange rates, price stability and money supply;
· the nature and operation of microeconomic policy, including the rationale for
microeconomic policies
- reforms directed at improving the competitiveness and efficiency of Australian industry
including deregulation; improving efficiency and productivity in the labour market,
public and private sector enterprises: tariff reform; taxation policy.
2. The evaluation of Australian economic policy This area of study will include:
· an evaluation of government economic policies in influencing domestic economic
stability
(price stability, full employment and economic growth), external stability, efficiency in
resource allocation, standard of living and the distribution of income and wealth between
individuals:
· the relationships between economic policies in terms of their effects;
· an analysis of the current government policy mix.
OUTCOMES
For this unit students are required to demonstrate achievement of two outcomes. As a set these outcomes encompass both areas of
study for the unit.
Outcome 1
On completion of this unit the student should be able to explain the nature and operation of government macroeconomic and
microeconomic policy in managing the economy.
Key, knowledge
In achieving this outcome the student will draw on knowledge described in areas of study 1 and 2.
To achieve this outcome the student should demonstrate knowledge of
.
.
.
· key economic terms and concepts; key macroeconomic policies, including budgetary policy and monetary policy; key
microeconomic policies; how macroeconomic and microeconomic policies operate to manage the economy.
Key skills
To achieve this outcome the student should demonstrate the ability to
gather relevant data and information about the nature and operation of macroeconomic and microeconomic policy in Australia from
various sources, including written texts, reference books, newspapers, journals, government, corporate and community group reports,
databases, Internet sites; apply economic knowledge, skills and models to Australian government macroeconomic
analyse microeconomic policy m economic management; interpret economics information using mathematical ideas and techniques;
further develop skills of economic analysis, including problem solving, application of theory to practice, interpretation and the tools
of economics, evaluation of economic arguments; suggest appropriate policy to address economic problems; use information
technology to construct graphs and statistical tables.
Outcome 2
On completion of this unit the student should be able to evaluate the effectiveness of economic
policy in relation to domestic economic stability, external stability, efficiency in resource
allocation, equity in the distribution of income and wealth between individuals, and analyse the
current government policy mix.
Key knowledge
In achieving this outcome the student will draw on knowledge described in area of study 2.
To achieve this outcome the student should demonstrate knowledge of
government economic policies and their attempt to influence domestic economic stability, external stability, efficiency in resource
allocation and equity in the distribution of income and wealth between individuals; the relationships between economic policies in
terms of their effects; the government policy mix and its impact in the current context.
Key skills
To achieve this outcome the student should demonstrate the ability to
· draw together economic information from a variety of sources to substantiate
general conclusions about the use and effectiveness of government policy in
economic management;
· present a logical, substantiated economic argument;
· adopt a critical approach to the analysis of government economic policy;
· use information technology to construct graphs and statistical tables.
ASSESSMENT
The award of satisfactory completion for a unit is based on a decision that the
student has demonstrated achievement of the set of outcomes specified for the unit.
This decision will be based on the teacher's assessment of the student's overall
performance on assessment tasks designated for the unit. The Board of Studies will
publish annually an assessment guide which will include advice on the scope of the
assessment tasks and the criteria for assessment.
The key knowledge and skills listed for each outcome should be used as a guide to
course design and the development of learning activities. The key knowledge and
skills do not constitute a checklist and such an approach is not necessary or
desirable for determining the achievement of outcomes. The elements of key
knowledge and skills should not be assessed separately.
Assessment of levels of achievement
The student's level of achievement in Unit 4 will be determined by school-assessed
coursework and an end-of-year examination.
Contributions to final assessment School-assessed coursework for Unit 4 will contribute 25
per cent to the final assessment.
The level of achievement for Units 3 and 4 is also assessed by an end-of-year
examination, which will contribute 50 per cent to the final assessment.
School-assessed coursework
Teachers will provide to the Board of Studies a score representing an assessment of
the student's level of achievement.
The score must be based on the teacher's rating of performance of each student on
the tasks set out in the following table and in accordance with an assessment guide
published annually by the Board of Studies. The assessment guide will also include
advice on the scope of the task and the criteria for assessment.
Assessment tasks must be a part of the regular teaching and learning program and
must not unduly add to the workload associated with that program. They must be
completed mainly in class and within a limited timeframe. Where optional
assessment tasks are listed teachers must ensure that the tasks they select are
comparable in scope and demand.
/
Outcomes
Assessment tasks
Marks allocated*
Outcome 1
Explain the nature and operation of government macroeconomic and microeconomic policy in
managing the economy.
Outcome 2
Evaluate the effectiveness of economic policy in relation to domestic economic stability, external stability, efficiency in resource allocation, equity
and wealth between individuals, and analyse the current government policy mix.
Research essay that explains the nature and operation of a government policy in managing the economy.
~ problem-solving exercises or ~ a test or ~ data investigation and analysis or evaluation of media reports
Total marks
100 ~
* School-assessed coursework for
unit 4 contributes 25 per cent to the final assessment.
End-of-year examination
Description of task
Students will be required to interpret and analyse material relating to all outcomes in the area of
study in Units 3 and 4. The task may require each student to answer a set of multiple-choice and
structured questions.
The task will be set by an examination panel using the criteria published annually by the Board of Studies.
Conditions
The task will be completed under the following conditions:
Duration of task: two hours.
Date of task: end of year, on a date to be notified in the VCE Bulletin.
Board of Studies examination rules will apply. Details of these rules are published annually
in the VCE Administrative Handbook.
The task will be marked by a panel appointed by the Board of Studies.
Contribution to final assessment The examination contributes 50 per cent to the final assessment.