Economics offers students insight into the choices that 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 the perspective necessary to make more informed decisions in our daily lives.
On a broader scale, Economics enables us to analyse how the entire economy works and which issues are affecting it, including allocation of resources, inflation, economic growth, and government policies. Economics helps us tackle the most important issues facing humanity today.
This subject focuses on creating foundational knowledge of Economics through topics such as the economic problem, supply and demand, market structures and the role of government intervention when economies fail. Along with this, students will explore the role globalisation and trade exploring the concepts of specialisation and interdependence. Economics is a great pathway to develop and support their economic inquiry skills, knowledge, and understanding of economic concepts, principles, and models in different contexts.
Students will learn to
Stage 1 Economics will provide students with the appropriate knowledge to continue with Economics in Stage 2, as well as provide a good background for Stage 2 Business Innovations.