Irene McCormack Catholic College
Society & Environment Department
2014/15 Year 11 Economics
ATAR Programme
Student: ____________________________________
Teachers: Mr Swindells
Miss Maher
swindells.john@imcc.wa.edu.au
maher.danielle@imcc.wa.edu.au
Text:

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
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
Parry & Kemp, Tactic 2015.
WACE Study Guide : ECONOMICS
Academic Associates
Useful Websites:
http://en.wikipedia.org/wiki/Main_Page
www.bized.co.uk (search for appropriate terms)
www.mrwood.com.au (economic notes)
ETAWA
The Economics ATAR course is designed to facilitate achievement of the following outcomes.
Outcome 1 – Economic inquiry
Students use economic information and data to communicate an understanding of economic events, issues and decisions.
In achieving this outcome, students:

locate, select and organise economic information and data

analyse and interpret economic information and data

use economic terms, concepts and models to communicate an understanding of economic events,
issues and decisions.
Outcome 2 – The operation of the economy
Students understand that economic forces influence the operation of the economy and are affected by the decisions of
consumers and businesses.
In achieving this outcome, students:

understand how domestic and international economic forces influence the operation of the economy

understand the choices, trade-offs and effects of economic decisions made at the local, national and
international levels.
Outcome 3 – Economic policy and action
Students understand that the policies and actions of the government and other authorities affect the operation of the
economy.
In achieving this outcome, students:

understand why economic policies and actions are required to manage the economy

understand how policy options are used to address domestic and international economic problems and
issues

understand the effects of economic policies and actions of government and other authorities at the
local, national and international level.
Week
Economic Knowledge (Topics)
Spring
Term
Unit 1 - MICROECONOMICS
INTRO ECONOMICS & MICROECONOMICS
Week
2-3

What is economics and the economic problem

Economics of the real world

Economic terms we know

Concept of Opportunity Cost and the PPC Model

Resources
Resources
Text
http://en.wikipedia.org/wiki
/Main_Page
search on relevant terms
www.mrwood.com.au
Text
Spring
Term
Markets

the characteristics of a market economy
Week 4

the distinction between product and factor markets

the distinction between competitive and non-competitive
markets
Qu’s
www.bized.co.uk (search
for appropriate terms)
Demand, supply and equilibrium
Spring
Term

Week 5



the law of demand

the relationship between individual and market demand
schedules and curves
factors affecting demand:

price

income

population

tastes and preferences

prices of substitutes and complements

expected future prices
the effect of changes in price on quantity demanded i.e.
expansion or contraction of demand
the effect of changes in non-price factors on quantity demanded
i.e. increase or decrease in demand

the law of supply

the relationship between individual and market supply schedules
and curves

factors affecting supply
 price
 costs of production
 factors of production
 expected future prices
 number of suppliers
 technology
Text
Qu’s
Assessments
(approx.)
Spring
Term
Week 6

the effect of changes in price on quantity supplied i.e.
expansion or contraction of supply
Text

the effect of changes in non-price factors on quantity
supplied i.e. increase or decrease in supply
Qu’s
MARKET EQUILIBRIUM (Class notes on S&D Mkt. Pe & Qe)
Spring
Term

the concept of market equilibrium

the effect of changes in demand and supply on market
equilibrium

the concepts of market clearing, shortages and surpluses

how the price mechanism clears market surpluses and
shortages
Revision of term to date

PPC Model

Market Model
Week 7
Spring
Term
Week 8
Elasticity

the concept, and measurement, of price elasticity of demand

determinants of price elasticity of demand

the distinction between goods that are price elastic and price
inelastic in demand

the link between price elasticity of demand and total revenue
Text
Qu’s
Micro
Ass #1
Mkt’s &
Prices.
Short Ans.
5%
Text
Qu’s
http://en.wikipedia.org/wiki
/Main_Page
search on relevant terms
www.bized.co.uk (search
for appropriate terms)

www.mrwood.com.au
(check in Unit 3)
Spring
Term
Week 7
Spring
Term

the concept, and measurement, of income elasticity of demand

the behaviour of normal goods and inferior goods in response to
changes in income
How to write an economics essay
REVISION & ASSESSMENT PREPARATION
Week 8
CHRISTMAS HOLIDAYS



Set aside at least 2 study sessions prior to returning in February:
Ensure your Term 1 file is well orgainised
Ensure your Term 1 notes are complete and thoroughly revised
Text
Qu’s
Text
Qu’s
Micro
Ass #2
Mkt’s Ped
Long Ans.
10%
Summer
Term
Week 1
Th&Fri
Revision of Spring Term





What is economics , eco.problem, scarcity, fundamental
questions
PPC
Market D & S
Price mechanism / clearing / equilibrium
Price Elasticity of D
Go through text book and program to allocate pages and review key
concepts
Summer
Term
Week 2
Revision of Spring Term





What is economics , eco.problem, scarcity, fundamental
questions
PPC Model
Market D & S Model
Price mechanism / clearing / equilibrium
Price Elasticity of D / defn / measures / Factors affecting / normal
and inferiors G’s & S’s
Review questions
from text
Go through text book and program to allocate pages and review key
concepts
Summer
Term

the concept of cross elasticity of demand

the significance of substitute and complementary goods in
relation to price, income and cross elasticities of demand
Week 3

the concept of price elasticity of supply

the distinction between goods that are price elastic and price
inelastic in supply

determinants of price elasticity of supply

the significance of price and income elasticity for consumers,
business and government
Text
Qu’s
www.bized.co.uk (search
for appropriate terms)
www.tutor2u.com
Text
Summer
Market efficiency
Term
Week 4

the concept of efficiency

the benefits to consumers as market participants, applying
marginal benefit and consumer surplus

the benefits to producers as market participants, applying
marginal cost and producer surplus

the efficiency of market equilibrium i.e. maximising total surplus
Qu’s
http://en.wikipedia.org/wiki
/Deadweight_loss and
other related terms
www.bized.co.uk (search
for appropriate terms)
www.mrwood.com.au
Summer Economic modelling of CS / PS / TS
Term
Assessment Preparation: Elasticity and Efficiency topics
Week 5
Chapt 6: Text
Pp125-136
Qu’s
p.144
Micro
Ass #3
Efficiency
& Equity
Short Ans.
7%
Text
Summer
Market failure and government policies
Term
Week 6

the concept of market failure

the distinction between a competitive and an imperfect market

how under and overproduction in a market can result in a
deadweight loss
Qu’s
http://en.wikipedia.org/wiki
/Market_failure
http://www.csc.noaa.
gov/coastal/economi
cs/index.htm
www.bized.co.uk (search
for appropriate terms)
www.mrwood.com.au
Summer
Market power
Term
Week 7

the concept of market power

barriers to entry in a market

how market power can influence market efficiency i.e. a
deadweight loss

the role of the Australian Competition and Consumer
Commission (ACCC) in ensuring market efficiency

policy options to influence market power, including
regulation/deregulation and legislation
Summer
Externalities
Term
Week 8

the distinction between positive and negative externalities

how an externality can influence market efficiency i.e. a
deadweight loss

policy options to correct for externalities, including the use of
taxes and subsidies
Summer
Public goods and common resources
Term
Week 9

the distinction between public goods and common resources

why public goods suffer from the free rider effect

why common resources suffer from the tragedy of the commons

policy options to reduce market failure associated with public
goods and common resources
Summer
Equity
Term
Week 9

the concept of equity (fairness)

the relationship between equity and efficiency

policy options to promote equity
ACADEMIC
ASSOCIATES
Qu’s
Pp.120-149
Chapter 7 of Text
pp155 -162
Qu’s
Pp174-175
Text
pp162-174
Qu’s
Pp175-180
Text
Qu’s
Distribute 3 long
answer questions
to be prepared
Summer
Effects of government policies
Term
Week 10

the distinction between price ceilings and price floors

the effects of price ceilings and price floors using consumer and
producer surplus

the effects of a tax on a market

the effects of a subsidy on a market
Pre-prepared essay questions
EASTER HOLIDAYS / STUDY FOR SEMESTER ONE EXAMS




Set aside at least 4 study sessions prior to returning for Semester One Exams:
Ensure your Semester 1 file is well orgainised
Ensure your Semester 1 notes are complete and thoroughly revised
Practice exam style questions
Autumn
Term
Micro
Ass #4
Mkt failure
& policy
Long Ans.
7%
Revision
Assessment #4 – prepared essay (1 of the 3)
Week 1
Autumn
Term
Revision
Micro
Ass #5
Unit Test
Short Ans.
7%
Assessment #5 Preparation
Week 2
Autumn
Term
Revision
Examination Preparation
Week 4
Autumn
Term
SEMESTER 1 EXAMS
Sem 1
Micro Exam
12%
Weeks
5&6
Autumn
Term
Week 7
REVIEW SEM 1 EXAM
INTRODUCE UNIT 2 – MACROECONOMICS
Macroeconomic activity

the concept of macroeconomics and its relevance

the distinction between macroeconomics and microeconomics

the concept of the circular flow of income
Text
Qu’s
Autumn
Term

the concepts of total spending, total output and total income and
the relationship between them
Text

the concepts of equilibrium, leakages and injections in the
circular flow of income
Qu’s

the effect of changes in leakages and injections on the level of
equilibrium in the circular flow of income model
Week 8
Autumn
Term

Week 9

Autumn
Term
the components of aggregate expenditure
 consumption
 investment
 government spending
 net exports
Text
Qu’s
factors affecting each of the components of aggregate
expenditure
REVIEW QU’S
REVISION
Week
10
Autumn
Term
ASSESSMENT #1 PREPARARTION
MACRO
Ass #1
Macro-Eco
Activity
Long Ans.
7%
REVISION
ASSESSMENT #1
Week
11


Enjoy your break
Notes sorted & revised
Winter
Term
The business cycle

the concept of the business cycle
Week 1

the phases of the business cycle, and the characteristics of each
phase
Winter
Term

indicators of economic activity

leading indicators, including share prices, building
loan approvals, new employment vacancies,
business and consumer confidence, and
stock/inventory levels

coincident indicators, including retail sales, and
new car registrations

lagging indicators, including unemployment
rates/levels and inflation rate
Week 2
Text
Qu’s
Text
Qu’s
Winter
Term
Week 3
Winter
Term
Week 4
Winter
Term
Week 5
Winter
Term
Week 6
Winter
Term
Week 7
Winter
Term
Week 8
Winter
Term
Week 9
Economic growth

the concept, and measurement, of economic growth

the distinction between nominal gross domestic product
(GDP), real GDP, and real GDP per capita

GDP as a measure of economic growth

determinants of economic growth

the costs and benefits of economic growth
Text
Qu’s
Text
2B Ass #2
Grow
Long Ans.
Ass #2 Preparartion
Qu’s
7%
Inflation
Text
Revision

the concept, and measurement, of inflation

the distinction between headline and underlying inflation

types of inflation
 demand pull
 cost push

Qu’s
the costs of inflation and the benefits of low inflation
Review Link between economic growth and inflation
Unemployment

the concepts of unemployment, full employment, the natural
rate of unemployment, the participation rate and
underemployment

the measurement of unemployment

types and causes of unemployment, including cyclical,
structural and frictional

the effects of unemployment

the implications of full employment for the economy

the possible short-term trade-off between unemployment
and inflation
Balance of payments

composition and direction of Australia’s trade

the concept of the balance of payments

the general structure of the current account, and the capital
and financial account
ACADEMIC
ASSOCIATES
2A Rev Qu’s
Pp. 120-149
2B Ass #3
Growth /
Inf / Unm
Short Ans.
7%
Winter
Term
Week
10

the distinction between the current account and the capital
and financial account

the relationship between the current account and the capital
and financial account
Distribute prepared essay questions 2 or 3 for Ass #4
Income distribution
Spring
Term
the concepts of income and wealth

how the Lorenz curve represents inequality in the
distribution of income and wealth
The public sector

the role of the government in a modified market economy
regulation of business enterprises
stabilising the business cycle
redistributing income through taxation and spending
the provision of goods and services
the size of the government sector in the Australian economy currently,
over time, and relative to other economies
the size and composition of government revenue and spending in
Australia at the Commonwealth, state and local government levels




Week 1


Spring
Term

Taxation

the distinction between
 direct/indirect taxation
 progressive/regressive/proportional taxation
 taxes on income/expenditure
Week 2
 types of Commonwealth taxes, including personal and income
tax, goods and services tax, company tax, capital gains tax,
fringe benefits tax, mineral resources rent tax, carbon tax
and excise duty

Winter
Term
the concepts of equity, efficiency and simplicity in the context of
Australia’s taxation system
Economic objectives

Week 3
the economic objectives of the Australian Government
 sustainable economic growth
 low unemployment (full employment)
 low inflation (price stability)
 a more equitable distribution of income
 the efficient allocation of resources
Macroeconomic performance

trends in, and influences on, Australia’s recent (the last ten
years) economic performance using a range of economic
indicators, including inflation, unemployment, economic growth
and the current account balance

the impact of recent (the last ten years) domestic and
international events on the performance of the Australian
economy
Macro
Ass #4
Role of
Govt
Long Ans.
7%
Revision for Macroeconomics (Unit 2)
2B Ass #5
3B Unit
Test
Short Ans.
7%
Winter
Term
Week 4
Revision for Microeconomics (Unit 1)
Winter
Term
Week 5
Winter
Term
SEMESTER TWO EXAMS
Sem 2 Exam
2A 6%
2B 12%
Week 9
18%
Irene McCormack Catholic College
Society & Environment Department
2014/15 Year 11 Economics
ATAR Assessment Schedule
NAME: _____________________________________________________
ATAR
Weighting
Types of assessment
Data interpretation / Short response
30%
Data interpretation/Short answer
An answer of less than 150 words that can include
discuss, explain or analyse an economic concept, event
or issue.
Formats can include: multiple-choice questions,
calculations and/or short answer questions that can
require a definition, description, explanation or
application of economic concepts, theories and/or
models. Typically questions require students to interpret
real or hypothetical economic data or information, such
as graphs, tables, text or cartoons.
Typically tasks are a combination of these formats.
At least two data interpretation/short answer tasks
should be administered under test conditions.
Extended response / Long responses
40%
The question can require a description, discussion,
explanation and/or analysis of an economic concept, event
or issue, and the application of economic theories and/or
models. The question can include stimulus material.
Formats can include: an essay, a sectionalised long answer,
an investigation and/or a response to a scenario or a case
study.
At least two extended answer tasks should be administered
under test conditions.
Assessment
Weight
Micro Ass #1
Mkt’s & Prices.
5%
Micro Ass #3
Efficiency & Equity
5%
Micro Ass #5
2A Unit Test
5%
Macro Ass #3
Unm / Glob / Y dis
7.5%
Macro Ass #5
3B Unit Test
7.5%
Micro Ass #2
Mkt’s Ped
10%
Micro Ass #4
Mkt failure & policy
10%
Macro Ass #1
Macro-Eco Activity
6%
Macro Ass #2
Grow & Inf
7%
Macro Ass #4
Role of Govt
7%
Raw
score:
/50
/50
/50
/50
/50
/20
/20
/20
/20
/20
Examination
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).
Conducted at the end of each semester and/or unit. In
preparation for Unit 3 and Unit 4, the examination
should reflect the examination design brief included in
the ATAR Year 12 syllabus for this course.
100%
Sem 1 Exam
Micro 12%
12%
/100
Sem 2 Exam
Micro 3%
Macro 15%
18%
/100
Student
Result: