VCE Economics (Year 11)

VCE Economics (Year 11) on VCE Vault: 15 lessons written for Year 11 (VCE, Victorian Certificate of Education), each with worked examples, practice questions and Aari, an AI tutor. The first 4 lessons are free; the whole subject is a one-off A$12.99.

VCE Economics (Year 11) study notes: 70 pages covering 15 topics (PDF, A$9.99).

Lessons

Unit 1 — Markets and Resource Allocation

• The Economic Problem — Scarcity, Choice and Opportunity Cost (free) — Explain the economic problem of scarcity and use opportunity cost and the PPC to analyse choices.
• Supply and Demand — Market Equilibrium (free) — Apply supply and demand analysis to determine market equilibrium and predict price and quantity changes.
• Elasticity — Price Sensitivity (free) — Calculate and interpret price elasticity of demand and explain its implications for businesses and government.
• Market Failure and Government Intervention (free) — Explain the causes of market failure and evaluate government responses.
• Consumer Behaviour and Behavioural Economics — Apply concepts from behavioural economics to explain why people make economically "irrational" choices.

Unit 2 — The Australian Economy

• Macroeconomics — GDP, Unemployment and Inflation — Explain the key macroeconomic indicators — GDP, unemployment, and inflation — and their measurement.
• Fiscal and Monetary Policy — Explain how fiscal and monetary policy manage the Australian macroeconomy.
• International Trade and Australia — Explain why nations trade, Australia's trade patterns, and the effects of trade on the Australian economy.
• Income Distribution and Living Standards — Analyse how income is distributed in Australia and evaluate policies to improve living standards equitably.
• Environmental Economics — Sustainability — Apply economics concepts to environmental problems and evaluate market-based and regulatory solutions.
• Labour Markets and the Labour Market in Australia — Apply supply and demand analysis to labour markets and analyse key features of Australian labour market outcomes.
• The Financial System and Money — Explain the role of money, the financial system, and how interest rates affect the economy.
• Economic Development and Global Inequality — Analyse the causes and extent of economic inequality between nations and evaluate development strategies.

Exam Preparation

• Reading Economic Data — Graphs and Statistics — Interpret economic data from graphs, tables and statistics and use them effectively in exam responses.
• Economics Extended Response and Exam Skills — Apply economics concepts in exam extended responses with clear arguments, evidence and diagrams.