HSC Economics. The smart way to prepare for your HSC.

Economic Management of Issues and the Trends in Economics

This course will: review the major elements of HSC Topic 4 – Economic Policies and Management; review and apply common graphs and formulas needed in HSC Economics; help students brush up on examination technique and economic jargon; and finish with sample question practice and feedback. Specific attention will be given to relevant and contextual economic policies, and focus on the implications of varying policy considerations. Emphasis will be directed on the need to assimilate prior theory learnt with appropriate policy responses.

This course is part of a three-part series covering key areas from within this subject’s syllabus. Other courses include [HSC Economics Preparation (Part 1)](/course/HEC1) and [HSC Economics Preparation (Part 2)](/course/HEC2). Students do not need to attend all three parts in order to benefit. The series is supplemented by the [HSC Economics Exam Preparation Course](/course/HEXE) to prepare for end of year exams.

Outcomes

By the end of this course, you should be able to:

• analyse the opportunity cost of government decisions to concentrate on solving specific economic problems or issues
• investigate structural changes in the Australian economy resulting from microeconomic reforms
• apply economic theory to explain how a government could address an economic problem or issue
• explain how governments are restricted in the simultaneous achievement of economic objectives
• use (simple) multiplier analysis to explain how governments can solve economic problems
• analyse alternative ways to finance a budget deficit and their impact on the economy
• identify limitations on the effectiveness of economic policies
• explain the impact of key economic policies on an economy
• propose and evaluate alternative policies to address an economic problem in hypothetical and the contemporary Australian contexts
• explain, using economic theory, the general effects of macroeconomic and microeconomic policies on an economy
• select an appropriate policy mix to address a specific economic problem.

Content

• H1 Understanding of economic terms, concepts and relationships with respect to: explaining how a government could address an economic problem or issue.
• H2 Economic role of individuals, firms, institutions and governments with respect to: analysing the opportunity cost of government decisions to concentrate on solving specific economic problems or issues.
• H3 Role of markets within the global economy with regards to: structural changes in the Australian economy resulting from microeconomic reforms.
• H4 The impact of global markets on the Australian and global economies with respect to: an appropriate policy mix to address a specific economic problem.
• H5 Policy options for dealing with problems and issues in contemporary and hypothetical contexts with regards to: how governments are restricted in the simultaneous achievement of economic objectives; proposing and evaluating alternate policies to address an economic problem in hypothetical and the contemporary Australian contexts.
• H6 The impact of economic policies in theoretical and contemporary Australian contexts with regards to: structural changes in the Australian economy resulting from microeconomic reforms.
• H7 Consequences of contemporary economic problems and issues on individuals, firms and governments with regards to: limitations on the effectiveness of economic policies.
• H8 Appropriate terminology, concepts and theories in contemporary and hypothetical economic contexts with regards to: the impact of key economic policies on an economy.
• H9 Information from a variety of sources for relevance and reliability with regards to: the general effects of macroeconomic and microeconomic policies on an economy.
• H10 Economic information, ideas and issues in appropriate forms with regards to: alternative ways to finance a budget deficit and their impact on the economy.
• H11 Mathematical concepts in economic contexts with regards to: simple multiplier analysis to explain how governments can solve economic problems.

(Aligned to NESA Syllabus Reference Points)

Intended audience

HSC Economics students

Delivery style

In order to cater for students' different styles, this course will have a blend of lecturer instruction via PowerPoint, short answer practice, multiple choice analysis, essay planning, sample HSC question practice and feedback, extended discussion of issues and implications, and analysis of past student responses. Lessons will incorporate both group and individual student participation.

Materials

A course booklet covering syllabus content plus a Q&A booklet (provided electronically using Dropbox).

1. 1. Bring your own device

You are required to bring your own device. Please ensure it is fully charged as access to power is limited. Please note that the University does not carry any responsibility for your lost, stolen, or damaged devices whilst on the University premises.

Getting Through Your HSC: A Practical Guide

While you progress through this journey and also the conclusion of your schooling life, we know you’ll have a lot on your mind – exams, future study, careers – but remember, while keeping focused on these bigger goals and aspirations, it’s also important not to forget your own health and well-being.

For tips on staying motivated and keeping focused, dealing with anxiety, keeping healthy, relaxation, pre-study exercise and more, read our article Getting Through Your HSC: A Practical Guide.