What is QCAA Economics?
Economics is a social science that delves into human behaviour, the interconnectedness of society, and the complex mechanisms that govern our world. If you are interested in tackling global issues, and looking at an issue from multiple perspectives, then QCAA Economics might be right for you!
Studying Economics prepares you for careers in:
Economics, econometrics, management, data analytics, business, accounting, finance, actuarial science, law and political science
Course Content and Structure
QCAA Economics has four units, increasing in complexity. Units 1 and 2 (Year 11) provide foundational knowledge, while Units 3 and 4 (Year 12) contribute to your ATAR.
Year 11 (Units 1 and 2)
Unit 1: Markets and Models
- Introduction to fundamental economic concepts
- The basic economic problem of unlimited wants and limited resources
- Market mechanisms and models of market structures
- Demand, supply, and equilibrium
- Price elasticity and its applications
This unit establishes the foundations that underpin all economic analysis. You’ll learn about economic concepts such as scarcity and opportunity cost. You’ll learn several models such as the circular flow of income model, and the price-mechanism model and production possibility curve.
Unit 2: Modified Markets
- Market failures and government interventions
- Externalities and public goods
- Income distribution and inequality
- Labor markets and employment trends
- Case studies of government policies addressing market failures
Unit 2 explores scenarios where markets don't function in a way that’s efficient or good for society, introducing you to the rationale for government intervention in the economy. You’ll cover reasons why markets fail in this way, how we measure and analyse market failure, and modify markets to maximise social and economic benefits.
Pay close attention the way we analyse economic issues, like breaking down impacts into short term and long-term effects and practise looking at issues through multiple different lenses.
Year 12 (Units 3 and 4)
Unit 3: International Economics
- International trade theory and practice (comparative and absolute advantage)
- Exchange rates and their determination
- Balance of payments accounts
- Globalisation and its impacts on economies
- International economic development issues and sustainability
In Unit 3, we look at how Australia participates in international trade. You will learn about the theory behind exchange rates, as well as international economic issues relating to barriers to free trade between countries, and the ‘balance of payments.
Unit 4: Contemporary Macroeconomics
- Macroeconomic performance measures (GDP, inflation, unemployment)
- Business cycles and economic fluctuations
- Aggregate demand and aggregate supply model
- Fiscal and monetary policies
- Analysis of current economic indicators and trends in Australia
The final unit concentrates on practically implementing policies to achieve domestic macroeconomic objectives. Here, we delve into the way that economists assess the performance of the economy using a variety of economic indicators, and how they use that to judge our position on the economic cycle.
We also encounter our final framework/model, the Aggregate Demand and Supply Model. We assess how Australia’s policy instruments work, their benefits and limitations, and their effectiveness in different circumstances.
Assessment Structure
Year 11 Assessments (Formative)
- Examination — combination response (25%)
- Short response questions and extended response to stimulus
- Tests your understanding of key concepts and analytical skills
- Investigation — research report (25%)
- Individual research project on an economic issue
- Develops research and communication skills
- Examination — extended response to stimulus (25%)
- Analysis of economic data and application of theories
- Builds critical thinking and evaluation skills
- Examination — combination response (25%)
- Similar to the first assessment but covering later units
- Reinforces knowledge and skills development
Year 12 Assessments (Summative)
- Examination — combination response (25%)
- Short response questions and extended response on Unit 3 topics -> Usually Topic 1
- 2 hours plus 15 minutes planning time
- Completed under supervised conditions
- Investigation — research report (25%)
- 2000-word independent research report -> Focused on an international economic issue that is significant to Australia. You can get your assignment marked by top tutors at KIS Academics Assignment Marking .
- Based on a research question drawn from Unit 3 -> Usually Topic 2
- Demonstrates your ability to conduct economic research and analysis
Tutor Tip: Chances are some experts have already investigated the same issue you are going to, so a great place to start is the research reports they have written.
- Examination — extended response to stimulus (25%)
- Economic analysis and evaluation of provided stimulus materials
- Covers Unit 4 -> Includes an analytical essay response to an unseen question with seen and unseen stimulus.
- 2 hours plus 15 minutes planning time
- Tests your ability to apply economic theories to unfamiliar scenarios
- External Examination (25%)
- Examination Covering Unit 4 -> usually 10 multiple choice questions, then 3-4 short answer questions which can make use of diagrams and graphs, and other forms of context, and an extended response question roughly equally weighted with the rest of the exam.
- 2 hours plus 15 minutes planning time
- Set and marked by the QCAA
- Ensures consistency of standards across Queensland
Tutor Tip: Make use of practice exams. These can be really helpful ways to judge how you’re faring with the content and adjust your approach to fill in gaps in your knowledge.
FAQs
How important is keeping up with current economic news for QCAA Economics?
It is really helpful! You don’t need to quote an exact passage from the latest ABC article but understand what was going on in the global economy historically, (e.g. a large dip in GDP in 2008-2009 could be due to the Global Financial Crisis).
What resources should I use beyond my textbook?
The Reserve Bank of Australia website, Australian Bureau of Statistics, and Business Articles provided they aren’t biased. KIS Academics offers specialized tutoring and study resources designed specifically for the QCAA syllabus.
Is it worth getting a tutor for Economics?
We can clarify complex concepts, provide guidance on assessment techniques, and offer personalised feedback on practice responses. This is particularly valuable if you're aiming for high achievement.
Want personalised study guidance to help drastically improve your marks? A private tutor can make the biggest difference!
Written by KIS Academics Tutor for QCE Economics, Tavjot Singh. Tavjot is currently pursuing a Bachelor of Electrical Engineering (Honours) and Bachelor of Science (Physics) and has received excellent reviews from past students. You can view Tavjot’s profile here and request him as a tutor.
