Economics: VCE Units 1 & 2

Elective Unit

Course Description

This accelerated subject enables Year 10 students to complete VCE Economics Units 1 and 2.

In Unit 1, The Behaviour of Consumers and Businesses, students investigate how consumers, businesses and governments make economic decisions. They use demand and supply models to examine markets, prices, resource allocation and competition, and explore how behavioural economics can help explain decisions that do not always fit traditional economic assumptions.

In Unit 2, Contemporary Economic Issues and Living Standards, students examine economic activity, economic growth and their relationship with material and non-material living standards. They also undertake applied analysis of contemporary issues from local, national and international perspectives. These may include changes in the labour market, international trade, the distribution of income and wealth, and environmental sustainability.

The subject develops economic reasoning, data interpretation, model application, research and evidence-based evaluation. It is suited to students interested in current affairs and human behaviour who enjoy analytical thinking and are ready for the expectations of a VCE subject.

Please select the links below for a full course outline

VCE Commerce - Economics Unit 1: Economics – The Behaviour of Consumers and Businesses

VCE Commerce - Economics Unit 2: Contemporary Economic Issues

Year 11 Pathways

This accelerated option can benefit students considering either senior pathway:

• VCE: Students may be well placed to undertake Economics Units 3 and 4 in Year 11, subject to Carey’s progression and subject-selection requirements.
• IB: Students entering the IB Diploma gain a valuable foundation in markets, economic models, living standards, contemporary issues, data analysis and evaluative writing. This supports the transition into IB Economics at Standard or Higher Level.

Completing VCE Units 1 and 2 in Year 10 does not commit a student to choosing VCE in Year 11.