Economics Units 3 and 4
Overview
This subject explores how individuals, businesses and governments make decisions about scarce resources, and how those decisions affect living standards in Australia.
You will study how the Australian economy operates, how it is managed, and how economic policies respond to challenges such as inflation, unemployment and global change.
| Lesson format | Weekly Online Classes |
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| Study mode | Blended learning program |
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| Standard requirements |
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VCE Ready preview coming soon: We are currently preparing some subject content to give you a preview of our VCE courses and of learning at Virtual School Victoria. Please check back here later in Term 4.
Example assessment timeline
Each unit runs over a 16-week study period. Enrolled students will receive a course timetable with key dates, assessment deadlines and important milestones. Download an example timeline:
Unit 3: Australia’s living standards
- How the Australian economy allocates resources through markets and government intervention.
- Market forces, efficiency and market failure, including when government intervention is needed.
- Macroeconomic factors like aggregate demand and supply, and their impact on economic goals and living standards.
- International trade and economic relationships, including exchange rates, competitiveness, and their effects on the economy.
Unit 4: Managing the economy
- How macroeconomic performance affects Australia’s living standards and the role of government policy.
- Aggregate demand policies, including government budget decisions that influence economic activity.
- The Reserve Bank of Australia and monetary policy, and how interest rates affect the economy.
- Aggregate supply policies and long-term growth strategies, including productivity and international competitiveness.
Additional resources
The VCAA Study Design provides comprehensive information about the areas of study, learning outcomes and assessment criteria for this course. Go to the VCAA website to download the Study Design.
To get warmed up, watch the following video: