Introduction

Unit 1

Unit 2

Unit 3

Unit 4

Useful links

Comnet Economics Classroom

Header created by: Paul Wright

Web site designed by: Dianne Ruffles, Linda Wilson & Rosalind Kentwell

Unit 2: Outcome 1

Outcome 1
On completion of this unit the student should be able to explain the operation of the Australian economy in the global context and the operation of the economy of one of Australia's trading partners.
To achieve this outcome the student will draw on knowledge and related skills outlined in area of study 1.

Key knowledge
This knowledge includes:

  • the benefits of trade;
  • Australia's balance of payments, including the structure of the balance of payments; the composition and direction of trade and capital flows; recent trends;
  • Australia's exchange rate: recent trends and factors affecting the value of the Australian dollar such as relative interest rates and relative inflation rates;
  • market forces and their influence on trade and international capital flows;
  • the nature, measurement and consequences of Australia's foreign debt; recent trends;
  • trade liberalisation vs protection, including the role of tariffs, and other import controls and export promotion;
  • Australia's trading agreements and alliances;
  • the relationship between the Australian economy and the economy of a trading partner;
  • the validity of alternative ideas, proposals or solutions to economic problems.

    Key skills
    These skills include the ability to

  • use a range of sources, including print and electronic materials, to acquire economic information;
  • research and communicate economic information;
  • apply economic knowledge, concepts, models and skills;
  • express, interpret and analyse economic information;
  • acquire and exchange economic information and ideas through working cooperatively in groups.

    Demonstration of achievement of Outcomes 1 and 2 must be based on the student's performance on a selection of assessment tasks. Assessment tasks for this unit will be selected from:

  • an analysis of written, visual and statistical evidence;
  • a folio of applied economic exercises;
  • problem-solving tasks;
  • a folio of media articles (print, Internet, visual);
  • a report of an investigation;
  • case studies;
  • a debate;
  • an essay;
  • a presentation (oral, multimedia, visual, poster);
  • a web page design;
  • simulations;
  • tests.