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SACE Stage 2 Economics: complete 2026 guide to the four topics

A complete 2026 guide to SACE Stage 2 Economics: the four topics, how school assessment and the external examination combine, and links to every dot-point study note.

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SACE Stage 2 Economics is the Year 12 course for South Australian students. It is built around four topics and assessed with a 70 percent school-based component and a 30 percent external examination. This page is the index: below you will find the structure of the course, how the assessment works, and links to every dot-point study note we have written.

How SACE Stage 2 Economics is assessed in 2026

Your final result combines school assessment (70 percent) and an external examination (30 percent).

School assessment (70 percent).

  • Folio (40 percent). Data response, graphical analysis and applied tasks set by your school. Assesses your ability to interpret data, draw and analyse economic diagrams, and apply economic concepts to questions and scenarios.
  • Economic Project (30 percent). An investigation into a contemporary economic issue. Assesses your ability to research an issue, apply economic theory and data, analyse it with appropriate models, and communicate reasoned findings.

External Examination (30 percent). A single 130-minute paper, externally set and marked, that can draw on all four topics. Because it is cumulative, content from Topic 1 remains examinable at the end of the year.

The four topics

Topic 1: The Economic Problem

Scarcity, choice and opportunity cost, the production possibility frontier, and how different economic systems answer the basic economic questions.

Topic 2: Microeconomics

How individual markets work: demand and supply, elasticity, market structures, and how markets fail and governments respond.

Topic 3: Macroeconomics

The economy as a whole: aggregate demand and supply, the key objectives, and the fiscal and monetary policies used to manage the business cycle.

Topic 4: Globalisation

How economies connect: comparative advantage and trade, exchange rates and the balance of payments, and the wider effects of globalisation.

How to use this hub

If you are starting the year: read the Topic 1 scarcity and production possibility frontier notes first - opportunity cost and the PPF underpin every later topic and recur throughout the Folio.

If you are building your Economic Project: choose a contemporary issue and find the dot point closest to it (market failure, fiscal or monetary policy, exchange rates or globalisation are common choices) and use it to ground your analysis in economic theory and diagrams.

If you are revising for the External Examination: work through all four topics, drilling the diagram-heavy notes (demand and supply, the PPF, and aggregate demand and supply) and the calculation notes (elasticity, growth, unemployment and inflation) under timed conditions, since the 130-minute exam is cumulative across the whole course.

For the official subject outline, performance standards and past examination papers, refer to the SACE Board of South Australia at sace.sa.edu.au.

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Common questions about Economics

How is SACE Stage 2 Economics structured in 2026?
SACE Stage 2 Economics is organised into four topics - The Economic Problem, Microeconomics, Macroeconomics, and Globalisation. Assessment is 70 percent school-based and 30 percent external. The school-based component is made up of the Folio worth 40 percent and the Economic Project worth 30 percent; the External Examination is worth 30 percent.
How is SACE Stage 2 Economics assessed?
Your result combines a 70 percent school-assessed component and a 30 percent external examination. School assessment consists of a Folio worth 40 percent (data response, graphical analysis and applied tasks) and an Economic Project worth 30 percent (an investigation into a contemporary economic issue). The External Examination, worth 30 percent, is a single 130-minute paper covering the whole course.
What are the four topics in SACE Stage 2 Economics?
The four topics are Topic 1 The Economic Problem (scarcity, choice, opportunity cost, the production possibility frontier and economic systems), Topic 2 Microeconomics (demand and supply, elasticity, market structures, and market failure and government intervention), Topic 3 Macroeconomics (aggregate demand and supply, growth, unemployment and inflation, fiscal policy and monetary policy), and Topic 4 Globalisation (international trade and comparative advantage, exchange rates and the balance of payments, and the effects of globalisation).
What is the Economic Project in SACE Economics?
The Economic Project is a 30 percent school-assessed investigation into a contemporary economic issue. You choose an issue, research it using economic concepts and data, analyse it with appropriate models and diagrams, and communicate your findings. It rewards applying course theory to a real-world question rather than just describing it.
How much is the external exam worth in SACE Stage 2 Economics and how long is it?
The External Examination is worth 30 percent of your final Stage 2 Economics result. It is a single 130-minute paper, externally set and marked, sat at the end of the year, that can draw on all four topics, so content from early in the year remains examinable months later.
What diagrams and calculations do I need for SACE Stage 2 Economics?
You need confident demand and supply diagrams, the production possibility frontier, and aggregate demand and aggregate supply diagrams. Calculations include price elasticity of demand and supply, the economic growth rate, the unemployment rate, and the inflation rate from the CPI. Accurate, fully labelled diagrams and correct interpretation of data are rewarded across the Folio and the external examination.