2013 Notes from the Marking Centre – Economics
Introduction
This document has been produced for the teachers and candidates of the Stage 6 Economics course. It contains comments on candidate responses to the 2013 Higher School Certificate examination, highlighting their strengths in particular parts of the examination and indicating where candidates need to improve.
This document should be read along with:
- the Economics Stage 6 Syllabus
- the 2013 Higher School Certificate Economics examination
- the marking guidelines
- Advice for HSC students about examinations
- other support documents developed by the Board of Studies, Teaching and Educational Standards NSW to assist in the teaching and learning of Economics in Stage 6.
Section II
Candidates showed strength in these areas:
- calculating and/or drawing an economic diagram, for example change in national income (Q.22) and change in aggregate supply (Q.24)
- demonstrating understanding of economic cause and effect, such as between the MPS and economic growth (Q.22), national savings and foreign debt (Q.23) and product market deregulation and lower inflation (Q.24)
- demonstrating both positive and negative implications of a current account deficit (Q.23)
- understanding advantages and disadvantages of movements in exchange rates (Q.24).
Candidates need to improve in these areas:
- only defining terms when it is necessary to do so
- understanding the difference between key terms such as ‘environment’ and ‘environmental sustainability’ (Q.21), budget deficit and current account deficit (Q.23) and product market deregulation and reduced protection (Q.24)
- distinguishing between a feature of an economic variable and an effect of a change in the variable.
Section III
Candidates showed strength in these areas:
- understanding exchange rates (Q.25)
- explaining both positive and negative effects of movements in the exchange rate on economic activity (Q.25)
- using stimulus to link currency movements to significant economic events in Australia such as the mining boom and the GFC (Q.25)
- explaining the effects of current macroeconomic policy on both economic growth and inflation in Australia (Q.26)
- integrating economic terms, concepts and theory related to the use of macroeconomic policy mix (Q.26).
Candidates need to improve in these areas:
- answering the question rather than writing about a key concept such as exchange rates (Q.25) or macroeconomic policy (Q.26)
- explaining links between movements in exchange rates and economic performance (Q.25)
- integrating data from the stimulus relating to the effects of the macroeconomic policy mix (Q.26)
- understanding the difference between describing types of policy and clearly explaining the effects of policy on both economic growth and inflation (Q.26).
Section IV
Candidates showed strength in these areas:
- outlining both domestic and global protection policies and considerations of their economic effects (Q.27)
- applying economic theory to identify and analyse the causes and effects of unemployment (Q.28)
- using relevant economic diagrams to support arguments (Q.27 and Q.28).
Candidates need to improve in these areas:
- using accurate data and relevant examples to support arguments (Q.27and Q.28)
- providing a balanced response to both causes and effects of unemployment on the Australian economy (Q.28)
- supporting responses with more contemporary references to the Australian economy (Q.27 and Q.28).
NSW Government