A Guide to the amendments to the Economics Stage 6 Syllabus (2009)
This guide to the amended Economics Stage 6 Syllabus (2009) indicates what has changed from the previous (1999) syllabus.
The amended Economics Stage 6 Syllabus will replace the current (1999) syllabus and be implemented in 2010 in the Preliminary course and in 2011 in the Higher School Certificate course. The first HSC examination based on the amended HSC course will be in 2011.
During on-going syllabus evaluation and consultation there has been wide support for the Economics syllabus to be amended. Consultation with teachers, the professional association (EBE – Economics and Business Educators), the marking centre, the HSC examination committee and academics identified areas for change in the Preliminary and HSC courses. These included the need for the syllabus to be contemporary and current, for inconsistencies to be removed and that wording be adjusted to ensure greater clarity.
Overall the changes to the syllabus are relatively minor and mainly involve the HSC course with some Preliminary course changes.
What is similar and what has changed?
The Economics Stage 6 syllabus aim, rationale, objectives, outcomes and course structure remain unchanged. Amendments have been made to course content only.
Note: The page numbers in the Economics (2009) syllabus vary slightly from those in the Economics (1999) syllabus. Page number references below refer to the Economics (2009) syllabus.
Amendments
Context for the Study of Economics (page 13)
Some adjustment of wording to ensure clarity with regards to the key issues and that the focus remains contemporary.
Economics - Preliminary Course summary of amendments
Some amendments have been made to the Preliminary course; it remains microeconomic in nature, focusing on aspects of the economic behaviour of consumers, business and governments.
Topic 1 - Introduction to Economics (page 15)
- adjustment to wording in 'Economies: their similarities and differences' section (p 15)
- the similarities and differences between Australia and at least one economy in Asia must now be studied (p 15)
Topic 2 - Consumers and Business (pages 16, 18)
- two economic issues deleted (current issue dots 2 and 5; p 16)
- addition of 'ethical decision making' to heading in the 'impacts on a firm' section (p 18)
- 'environmental sustainability' added to 'impacts on a firm' section (p 18)
Topic 3 - Markets
- no amendments
Topic 4 - Labour Markets (page 24)
- wording amendments and deletions in 'Labour market trends' and 'Labour market institutions' sections (p 24)
Topic 5 - Financial Markets (pages 25, 26)
- 'the economic role of the superannuation industry' must now be investigated by groups of students as an economic skill (dot 4; p 25)
- 'The share market' has been reworded and moved into 'Types of financial markets' section (p 26)
- 'domestic and global markets' must now be considered in 'Types of financial markets' section (p 26)
- addition of two institutions (Australian Treasury and Council of Financial Regulators) to 'Regulation of financial markets' section and the deletion and amendment of some wording in this section (p 26)
Topic 6 - Government and the Economy (pages 27 to 29)
- minor wording correction in 'Examine economic issues' section (dot 4; p 27)
- 'climate change' included in 'Limitations of the operation of the free market' section (dot 3; p 28)
- reordering and rewording in 'Role of government' section; 'Constitutional powers' added (p 28)
- 'Constraints on government' section deleted, noting 'Constitutional powers' moved (p 28)
- wording amendments and deletions in 'Influences on Government policies in Australia' (p 29)
Economics - HSC Course summary of amendments
All topics have been amended in the HSC course; it remains macroeconomic in nature and focuses on the management of an economy.
Topic 1 - The Global Economy (pages 30 to 32)
- wording change in focus of topic; 'globalisation' not the 'process' is central (p 30)
- deletions and wording changes in 'economic issues' and 'economic skills' sections (p 30)
- amendments to wording to ensure accuracy and currency with reordering, rewording and deletions of content under new headings across topic
- addition of United Nations, OECD, G20 and G7/G8 in 'Trade, financial flows and foreign investment' section (p 31)
- rewording of the case study requiring study of the influence of globalisation including an evaluation of strategies used to promote economic growth and development in an economy other than Australia (p 32)
Topic 2 - Australia's Place in the Global Economy (pages 33 to 35)
- deletions and wording changes in focus of topic (p 33)
- deletions and wording changes in 'economic issues' and 'economic skills' sections (p 34)
- deletions, wording changes and reordering of content in 'Australia's trade and financial flows' section (p 34)
- 'Free trade and protection' section has wording amendments and clearer direction given as to number of free trade agreements to be studied (p 35)
Topic 3 - Economic issues (pages 36 to 38)
- deletions and wording changes in 'economic issues' and 'economic skills' sections (p 36)
- aggregate supply added, some deletions in 'Economic growth' section (p 37)
- wording deletion and amendments - underemployment and NAIRU must now be studied in 'Unemployment' section (p 37)
- wording amendments, reordering and some deletions in subsections of 'Economic issues in the Australian economy' (pp 37-38)
Topic 4 - Economic Policies and Management (pages 39 to 41)
- second sentence in topic focus deleted (p 39)
- deletions and wording changes in 'economic issues' and 'economic skills' sections (pp 39-40)
- 'macroeconomic' and 'microeconomic' policies sections reordered and contain wording amendments (p 40)
- 'Trade policy' section and 'Prices and incomes policy' sections deleted to remove overlap from earlier in syllabus (p 40)
- 'Labour market policies' section restructured and reworded (p 41)
- 'National and global context for environmental management' section included (p 41)
- wording amendments in 'Limitations of economic policies' and 'Policy responses' sections (p 41)