§-Economics syllabus
TAS · TASC← Economics
Economics syllabus, dot point by dot point
Every dot point in the TAS Economics syllabus, with a focused answer for each. Click any dot point for a worked explainer, past exam questions and links to related points.
Macroeconomics
Module overview →What determines the overall level of output, prices and employment in the economy?
Use the aggregate demand and aggregate supply model to explain how the equilibrium level of real output and the price level are determined and how they change.
What does the balance of payments record and why does Australia run a current account deficit?
Explain the structure of the balance of payments and evaluate the causes and significance of Australia's current account deficit.
What drives economic growth and does it always raise living standards?
Explain the causes and measurement of economic growth and evaluate its effect on material and non-material living standards in Australia.
How do we measure the health of the economy?
Explain the main macroeconomic objectives and the indicators used to measure economic performance in Australia.
How does the federal budget steer the economy?
Explain how the Australian Government uses fiscal policy to influence economic activity and evaluate its strengths and limitations.
Should Australia trade freely or protect its industries?
Evaluate the case for free trade and the methods and effects of protection on the Australian economy.
How is income distributed in Australia and should government reduce inequality?
Explain how the distribution of income and wealth is measured and evaluate the role of government in reducing inequality in Australia.
What causes inflation and why does it matter?
Explain how inflation is measured, distinguish between demand-pull and cost-push inflation, and evaluate the costs of inflation for the Australian economy.
Why do nations trade and how does globalisation affect Australia?
Explain the basis for international trade and evaluate the effects of globalisation, protection and exchange rates on the Australian economy.
How can supply-side reform lift the economy's long-run capacity?
Explain how microeconomic and supply-side reforms raise productivity and aggregate supply, and evaluate their effects on the Australian economy.
How does the RBA use interest rates to manage the economy?
Explain how the Reserve Bank of Australia conducts monetary policy and assess its effectiveness.
Why does economic activity rise and fall over time?
Describe the phases of the business cycle and explain how fluctuations in economic activity affect growth, unemployment and inflation in Australia.
How is unemployment measured and what are its causes and costs?
Explain how unemployment is measured, distinguish between the types of unemployment, and evaluate the economic and social costs of unemployment in Australia.
Microeconomics
Module overview →How responsive are buyers and sellers to changes in price and income?
Define and calculate price, income and cross elasticity of demand and price elasticity of supply, and explain their determinants and uses.
Why do markets sometimes fail, and how can government intervention improve outcomes?
Explain the main sources of market failure and evaluate government policies used to correct them.
How does the level of competition affect price and output?
Compare the characteristics and outcomes of perfect competition, monopoly, oligopoly and monopolistic competition.
How do demand and supply interact to determine price and quantity in a market?
Explain how the forces of demand and supply establish equilibrium price and quantity, and how shifts in the curves change that equilibrium.
Why must every society make economic choices?
Explain the economic problem of relative scarcity and how it forces individuals, firms and governments to make choices that carry an opportunity cost.
How does a market economy coordinate millions of decisions without a central plan?
Describe the key features of a market economy and use the circular flow model to explain how income, spending and resources move through the Australian economy.