ECONOMICS GENERAL COURSE
Unit 4 – Macroeconomics
Economic knowledge and understanding
- the role of the government in a modified market economy
- redistributing income through taxation and spending.
Taxation
- types and classification of:
- progressive, regressive and proportional taxes.
Reasoning, interpretation and analysis
- apply mathematical techniques relevant to macroeconomic analysis, including: calculations relating to the circular flow of income; calculating the inflation rate using the Consumer Price Index (CPI); calculating the unemployment rate and the participation rate from labour force data; calculating and interpreting rates of change in gross domestic product (GDP); constructing and interpreting Lorenz curves; calculating balances (surplus/deficit) for balance of payments data; and calculating marginal and average rates of taxation
- use evidence found in economic information and data to justify a conclusion.
Communication
- select and use appropriate terminology
- select and use appropriate formats when communicating economic understandings.
ECONOMICS ATAR COURSE
Economic knowledge and understanding
- the role of the government in a modified market economy
- redistributing income through taxation and spending.
Taxation
- types and classification of:
- progressive, regressive and proportional taxes.
Reasoning, interpretation and analysis
- apply mathematical techniques relevant to macroeconomic analysis, including: calculations relating to the circular flow of income; calculating the inflation rate using the Consumer Price Index (CPI); calculating the unemployment rate and the participation rate from labour force data; calculating and interpreting rates of change in gross domestic product (GDP); constructing and interpreting Lorenz curves; calculating balances (surplus/deficit) for balance of payments data; and calculating marginal and average rates of taxation
- use evidence found in economic information and data to justify a conclusion.
Communication
- select and use appropriate terminology
- select and use appropriate formats when communicating economic understandings.