Economics provides an understanding for students about many aspects of the economy and its operation that are frequently reported in the media. It investigates issues such as the reasons why unemployment or inflation rates change and how these changes will impact on individuals in society. Economics develops students’ knowledge and understanding of the operation of the global and Australian economy. It develops the analytical, problem-solving and communication skills of students. There is a strong emphasis on the problems and issues in a contemporary Australian economic context within the course.
Frequently Asked Questions
What is the difference between Business Studies and Economics?
Do I need to be good at Maths?
What happens if I am not good at English?
Is Economics HARD?
Do we learn how to buy and sell shares in Economics?
How do we learn in Economics?
Is there a major work in Economics?
What is the difference between Business Studies and Economics?
Business Studies explores every aspect of one business and looks at what makes each aspect/department of a business run well, effectively. A few of the topics Business Studies covers are:
- Operations
- Finance
- Human Resources
- Marketing and more
Whereas Economics looks at what it takes for the businesses to work well together to meet the needs of the population. It looks at the interaction between households, businesses, the government and the foreign sector that is other countries.
- Exchange rates & International Trade
- Employment
- Economic Growth
- Interest rates
- Demand, Supply and Price determination
- Capitalism vs Centrally Controlled economies and so much more.
Do I need to be good at Maths?
No, you do not need to be in the top Maths groups, but you will need to do a few calculations in your HSC. There are a few formulas to remember but for any hardworking student they should not pose a problem.
What happens if I am not good at English?
Well you are taking Economics not English!! You do need to be able to express yourself, and in most HSC exams you will have to do this under time pressure so you do need to be able to express your ideas and understanding well, but your content is more critical than your eloquent writing style. You will be required to write 2 x 20 mark extended responses as part of your HSC exam but by then you will be ready.
Is Economics HARD?
Elements of Economics are hard. But it is my role to guide you through those tough bits and explain them to you in a way you can understand them. It’s a thinking subject. If you want an easy subject, Economics is not for you. But if you want to be challenged in a positive way, it’s an amazing subject.
Do we learn how to buy and sell shares in Economics?
No, we don’t. We learn the role shares play in the economy and why they are helpful to both businesses and investors. In our Financial market section, you will learn more about why they exist and why shares go up and down in value, but we don’t spend time watching the stock market… BUT you could.
How do we learn in Economics?
Class takes on a lecture and class discussion type structure. You are required to write up your own class notes after EVERY lesson. You are encouraged to read or watch current affairs programmes or the news as often as you can. Very little class time is spent working on your own, most of the lessons is teaching/discussing.
Is there a major work in Economics?
No, there is not. We do research assignments, but no major work as such.
If you have further questions, please contact:
HSIE Coordinator - Mr Nick Hales