Towards 2010
VCE Economics
2010-2014
© Victorian Curriculum and Assessment Authority 2007
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Presenters:
Anita Forsyth – Monash University
David MacGregor – Mazenod College
This workshop will
• discuss the rationale for changes in the study
• outline the reaccredited study design and summarise
the key changes
• discuss internal assessment
• outline some possible teaching and learning
approaches
• include time for questions
The reaccredited VCE Economics Study Design
• To commence in 2010
• Go to VCAA website (www.vcaa. for copy of Study
Design (which includes comprehensive advice for
teachers section), list of changes to study and list
of resources (available at this time)
• Teachers will be informed via the VCAA Bulletin
when the Assessment Handbook is available. From
2009 all assessment handbooks will be published
online only.
• Sample examination questions will be prepared
Rationale for changes to Study Design
Informed by:
• VCAA research paper and benchmarking against
national and international post compulsory
Economics courses
• A number of changes recommended by teachers
through surveys and focus groups
Issues
Across Units 1 – 4
• Providing more opportunity to refer to the latest ‘big
ideas’ and developments concerning economics
• Building on the knowledge, skills and approaches of
VELS
• Streamlining and clarifying content in Units 3 & 4
Issues (cont’d)
Units 1 and 2
• Broadening the number of market case studies
• More opportunities to consider global perspectives
across the units
• More flexibility to consider current events and
incorporate them into teaching and learning
• Providing more emphasis on the economy and the
environment and economic security
Issues (cont’d)
Unit 1 and 2 (con’t)
• Greater clarity and detail within key knowledge and key
skills
• More microeconomics perspectives in Units 1 & 2
• More choice for teachers and students to select topics
that are relevant to their needs and contexts – catering
for individual interests
Issues
Units 3 & 4
• Start with micro understandings before developing macro
• More specification about what needs to learned
• Policy analysis and discussion about economic objectives
need to reflect current thinking
• Crowded nature of study
• Do students need to know 10 year trends?
• Need to incorporate material that reflects current concerns
such as issues around economic security, the standard of
living, global perspectives
Reaccredited Study Design and key changes
• Unit 1 - Economics: choices and
consequences
• Unit 2 - Economic change: issues and
challenges
• Unit 3 - Economic activity
• Unit 4 - Economic management
Unit 1 - Economics: choices and
consequences
Area of Study 1 – A market system
• Extra market choices added such as online, transport
and health markets.
• More detail about the ‘big ideas’ to be included such
as:
• the degree of market power in different markets
• the range of strategies used by economic agents to
achieve their goals such as business – multiple
branding and anti-competitive behaviour
Unit 1 - Economics: choices and consequences
(cont’d)
Area of Study 2 – Economic issues
• Economic growth and sustainable development
PLUS one other contemporary economic issue chosen from:
• Creation and distribution of wealth and income
• Inflation
• An economic issue selected by the teacher and/or students –
this will be based on an inquiry approach into any topic of
choice (could be an in depth inquiry related to any issue
above and/or any other pertinent economic issue)
• Issues all have the scope for teachers and students to explore
local, national and international perspectives as well as possible
economic policies and actions.
Unit 1 - Economics: choices and consequences
(cont’d)
Possible timeline (assuming semester of approx
16 – 18 weeks):
Area of study 1: 6 weeks
Area of study 2: 10-12 weeks
• Economic growth and sustainable development
• 5 to 6 weeks
• Contemporary economic issue of choice
• 5 to 6 weeks
Unit 2 Economic change: issues and
challenges
• This unit continues an issues approach
• Area of study 1– Population, employment and change
• Area of study 2 – Global economic issues
• teachers select two issues from:
- International economic relations
- Development economics
- Economic globalisation
- A global economic issue selected by the teacher
and/or students
Unit 2 Economic change: issues and challenges
Possible timeline: Assuming 16 – 18 weeks
Area of study 1– Population, employment and change –
• 6 weeks
Area of study 2 – Global economic issues
Teachers select two issues
• 5 – 6 weeks for each issue
Units 1 & 2 Assessment
• Assessment is school based and teacher assessed
• Assessment tasks should be part of the regular
teaching and learning program
• Select a variety of assessment tasks to provide for
different learning styles
Units 1 & 2 Assessment (cont’d)
Select assessment tasks from lists provided on pps.
16 and 21 of Study Design.
One new choice has been added - a folio of
annotated media commentaries using print or
electronic materials.
This assessment could be used following the media
log teaching and learning activity on pps. 42 – 43
of Study Design.
Unit 3: Economic activity
Area of Study 1 - An introduction to
Microeconomics: The market system and
resource allocation
• This area of study is now devoted to
microeconomics
• Price determination
• Market structure
Unit 3: Economic activity
Key knowledge
• Factors influencing the decisions made by key
economic agents
• Specific microeconomic demand and supply side
factors
• Specific factors affecting elasticity of demand and
supply with respect to price.
• (in the current study design this was left open)
Unit 3: Economic activity
• Market structure and how this may impact upon
prices, efficiency and living standards (a new addition to
the Study Design)
• Market failure – students only expected to know
main forms specified (clarifies what market failure is)
• Introduction to government intervention
• NOTE: No longer look at macroeconomics in this Area of study
Unit 3: Economic activity
Area of Study 2 - Introduction to macroeconomics:
Output, employment and income
• (similar to Area of study 1 in current Study Design)
• Economic activity
• Government economic goals
• Nature and purpose of macroeconomic activity
• emphasis on the meaning and factors that may influence
material and non-material living standards (new addition
to SD)
Unit 3: Economic activity
• Key Economic Goals (no longer called objectives)
• A recognition that government goals can change
over time
• Low inflation - using RBA definition of this goal
• (referred to as price stability in the current Study Design)
Unit 3: Economic activity
•
•
•
•
Strong and sustainable economic growth
Full employment
External stability (including a discussion of free trade)
Equity in the distribution of income
Note: Efficiency is no longer taught as a separate goal
Unit 3: Economic activity
• No longer expected to have knowledge of the last
decade – emphasis on the last 4 years
• No longer need to know relationship between
objectives – except where stated explicitly
• Impact of each goal on living standards
• With economic growth need some knowledge of factors
that may influence future rates of growth (addition to
study design)
Unit 3: Economic activity
Possible Timeline
(assuming 18 weeks)
Area of Study 1 – 6 to 7 weeks
Area of Study 2 – 11 to 12 weeks
• Approximately 2 weeks on each economic goal
and 2 weeks on the introductory material on living
standards
Unit 4: Economic management
Area of Study 1 - Macroeconomic demand
management policies
• referred to as macro policies in current study design
• Budgetary Policy
• Monetary Policy
Unit 4: Economic management
Budgetary policy
• Nature and operation unchanged
• Ways budgetary policy influences aggregate demand
to influence inflation, employment, economic growth
• Use of budgetary policy to influence equity and
external stability (note separation)
• Knowledge of key initiatives from last 4 years
emphasised
Unit 4: Economic management
Monetary Policy
• Nature and operation
• How it may affect the level of aggregate demand
(transmission mechanisms)
• Effect on inflation, employment and economic growth
only
• Knowledge of the last 4 years only
Unit 4: Economic management
Macroeconomic demand management policies
• Relationship between monetary policy and
budgetary policy in the management of aggregate
demand
• (different to current study design where need to
know role of macro policies in policy mix)
Unit 4: Economic management
Area of Study 2 - Aggregate supply policies
• Expansion of productive capacity
• Impact on key economic goals and living standards
Unit 4: Economic management
Microeconomic Reform Policies
• Students only need to know one Microeconomic
reform in detail
• Choose from:
• National Competition Policy
• Labour market reform
• Deregulation of key markets
• Trade liberalisation
Unit 4 – Economic management
Microeconomic Reform Policies
Relate chosen policy to economic goals and living
standards rather than just focus on
competitiveness and efficiency (as per current
Study Design)
Note: changes to the tax mix is looked at under
budgetary policy
Unit 4: Economic management
Budgetary Policy
How budgetary policy may affect the level of
aggregate supply (taxation mix, infrastructure)
Unit 4: Economic management
Immigration policy
• Impact on labour market and aggregate supply
Environmental policy
• Examination of one policy and its impact on
aggregate supply, with an emphasis on long term
economic security.
Unit 4: Economic management
Policy mix
• Relationship between aggregate demand and
aggregate supply policies
Unit 4: Economic management
Possible timeline
• assuming 14 to 15 weeks
Aggregate demand policies – 6 weeks
• 3 weeks budgetary policy
• 3 weeks monetary policy
Aggregate supply policies – 6 weeks
•
•
•
•
3 weeks microeconomic reform policy
1 week budgetary policy
1 week immigration
1 week environment
Revision - 3 weeks
Units 3 and 4 Assessment
School-assessed coursework
No changes to SAC structure
A range of assessment tasks available
• new addition – a folio of media commentaries using
print and/or electronic media
Assessment tasks to be completed mainly in class
and within a limited timeframe
Questions
With Thanks:
CPAP for the organisation of the workshops
VCE Economics Implementation Workshops
May – June, 2009
Contact Details
Jennifer Quick
Curriculum Manager
Business Studies
Victorian Curriculum and Assessment Authority
(VCAA)
Ph: (03) 9651 4436
Fax: (03) 9651 4324
Quick.jennifer.m@edumail.vic.gov.au
www.vcaa.vic.edu.au