VCE Economics Units 3 & 4

Course Description

Students explore the growing Australian economy which is constantly evolving. They develop an understanding of market efficiency and its key measures. They also establish an understanding of the macroeconomy by investigating the factors that affect the level of aggregate demand and aggregate supply in the economy.

Key Knowledge Points
  • relative scarcity: needs, wants, resources and opportunity cost
  • the law of demand and the demand curve including movements along, and shifts of, the demand curve
  • factors likely to affect demand and the position of the demand curve: changes in disposable income, the prices of substitutes and complements, preferences and tastes, interest rates, changes in population and consumer confidence
  • the effect of competitive markets on the efficiency of resource allocation
  • the balance of payments and its components
  • the relationship between the current account and the capital and financial account
  • the composition and cause of net foreign debt and net foreign equities
  • the effect of trade liberalisation on Australia’s international competitiveness, domestic macroeconomic goals and living standards

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