SA · SACE BoardSyllabus
Economics syllabus, dot point by dot point
Every dot point in the SA Economicssyllabus, with a focused answer for each one. Click any dot point for a worked explainer, past exam questions, and links to related dot points. Written by Claude Opus 4.7, Anthropic's latest AI, published by Better Tuition Academy.
Topic 1: The Economic Problem
Module overview →- How do different economic systems decide what, how and for whom to produce?Compare market, planned and mixed economic systems and how each answers the three basic economic questions.6 min answer →
- Why must every society make choices about how to use its resources?Explain scarcity as the basic economic problem and analyse how choice and opportunity cost follow from it.6 min answer →
- How can a model show the trade-offs an economy faces with limited resources?Construct and interpret a production possibility frontier to illustrate scarcity, choice, opportunity cost, efficiency and growth.7 min answer →
Topic 2: Microeconomics
Module overview →- How do the decisions of buyers and sellers set prices in a market?Use demand and supply to explain how market equilibrium is determined and how it changes.8 min answer →
- How responsive are buyers and sellers to price changes?Define and calculate price elasticity of demand and supply and explain the factors affecting them.7 min answer →
- When and why do markets fail to allocate resources well?Explain the main types of market failure and evaluate government policies used to correct them.8 min answer →
- How does competition shape firm behaviour?Compare market structures from perfect competition to monopoly and explain their effects on price, output and efficiency.7 min answer →
Topic 3: Macroeconomics
Module overview →- What determines the total output and price level of an economy?Explain aggregate demand and aggregate supply and how their interaction determines output and the price level.8 min answer →
- How do we measure the health of an economy?Define and measure economic growth, unemployment and inflation and explain their causes and effects.8 min answer →
- How does government budgeting steer the economy?Explain fiscal policy and how changes in government spending and taxation affect economic activity.7 min answer →
- How does the Reserve Bank influence the economy?Explain monetary policy and how the Reserve Bank uses interest rates to influence economic activity.7 min answer →
Topic 4: Globalisation
Module overview →- Who gains and who loses from a more connected world?Evaluate the economic, social and environmental effects of globalisation on Australia and developing economies.8 min answer →
- How are currency values and trade flows recorded?Explain how exchange rates are determined and how transactions are recorded in the balance of payments.8 min answer →
- Why do countries trade with one another?Explain the gains from international trade using the theory of comparative advantage.7 min answer →