What happens in an economy depends on the choices millions of people make every day when they interact with each other, with markets, with the government and with their natural surroundings. Each interaction affects the behaviour of others and by seeing the world through an economic lens we are provided with insight to make more informed decisions in our daily lives. An economic outlook is therefore about much more than money. Our interactions, and the outcomes of our interactions, shape the society we live in.
Students explore and analyse a variety of authentic economic contexts to develop, extend, and apply their skills, knowledge, understanding, and capabilities. By studying Economics, students develop an understanding of different economic systems and institutions, and learn to assess the degree to which these systems and institutions satisfy people’s needs and wants.
The core topic in Stage 1 Economics is “Thinking like an Economist.” This involves applying knowledge of economic concepts through the exploration of scenarios. Students develop an understanding that economic systems are viewed through different social and political lenses and that these perspectives determine the decisions of stakeholders. The major scenarios explored include but are not limited to markets in action, economic decision making, government involvement in the economy, trade in the global economy, and teacher-developed scenarios.
At Stage 1 assessment is school-based. During a teaching, learning and assessment program, the teacher makes decisions about the quality of evidence of student learning against the performance standards. At the end of the program the teacher uses the performance standards to make an on-balance decision about the quality and standard of a student’s set of evidence of learning. Students have the opportunity to demonstrate evidence of their learning in Stage 1 Economics through the following assessment types:
Assessment Type 1: Folio (two tasks)
Assessment Type 2: Economic Project (one task)
The study of Stage 1 Economics provides a solid foundation for the study of Stage 2 Economics. Students would also be well prepared for the study of other Humanities subjects at Stage 2.
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