Study Design Overview

VCE Economics develops students' ability to analyse economic issues, evaluate government policies and understand how markets allocate resources. Students apply key economic concepts including supply and demand, GDP, inflation, unemployment, fiscal policy, monetary policy and international trade to Australian and global economic events. Units 1 and 2 explore the national economy, market structures, market failures and the role of government, while Units 3 and 4 examine Australia's economic performance, living standards, macroeconomic policy challenges and the country's integration into the global economy. The VCAA written examination tests data interpretation, short-answer analysis and extended response skills. Economics is relevant to careers in finance, business, government, law and public policy. Excelerate provides targeted VCE Economics practice questions with AI-powered explanations to help you master economic concepts and exam technique.

Units 1 & 2 — Year 11

Unit 1

The national economy

Economic fundamentals and scarcity
Economic goals and measurement
GDP and national accounts
The business cycle

Unit 2

Markets in Australia

Market structures and competition
Market failures and externalities
Government intervention
Labour markets

Units 3 & 4 — Year 12

Unit 3

Australia's economy

Economic activity and living standards
Measuring economic performance
Microeconomic reform
Income distribution

Unit 4

Managing the economy

Macroeconomic policy (fiscal and monetary)
Inflation, unemployment and growth
Australia in the global economy
Trade and exchange rates

Examination Format

Component	Duration	Marks	Calculator
Data interpretation questions	2 hours	~30	Not permitted
Short-answer questions		~50
Extended response questions		~40
Total written examination	2 hours	120

Assessment Structure

25%

School-Assessed Coursework (SAC)

Units 3 & 4 school-based assessments

75%

Written Examination

End-of-year VCAA written exam

Key Topics

GDP & national accounts Inflation & CPI Unemployment Economic growth Fiscal policy Monetary policy Trade & exchange rates Market structures Income distribution Global economy Market failures Living standards

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