code: tqa level 3, size value = 15 · web vieweconomics ecn315111: tqa level 3, size value = 15 the...

T A S M A N I A N C E R T I F I C A T E EconomicsA U T H O R I T Y

Economics ECN315111: TQA Level 3, Size Value = 15

THE COURSE DOCUMENTThis document contains the following sections:

RATIONALE 1

COURSE SIZE AND COMPLEXITY 2

COURSE DESCRIPTION 2PATHWAYS.......................................................................................................2

LEARNING OUTCOMES 2

COURSE CONTENT 3

ASSESSMENT 8EXTERNAL ASSESSMENT REQUIREMENTS.................................................8QUALITY ASSURANCE PROCESSES.............................................................8CRITERIA...........................................................................................................9STANDARDS...................................................................................................10QUALIFICATIONS AVAILABLE.......................................................................17AWARDS REQUIREMENTS............................................................................17

COURSE EVALUATION 18

COURSE DEVELOPER 18

ACCREDITATION 18

VERSION HISTORY 18

RATIONALECourses in the study of society and the environment examine human interrelationships, and the diverse relationships that exist between humans and their environments over time. The breadth of the learning area includes the study of spatial patterns and processes, human behaviour, ethics, beliefs, social justice, sustainable development, political, economic and legal systems, cultural and environmental heritage, and the nature of business and work cultures.

Economic issues and decisions have a critical role to play in our society, being central to our politics and the media. Gaining knowledge of economics will develop values, attitudes and knowledge to enable students to participate in our society more effectively.

Copyright for part(s) of this course may be held by organisations other than the TQA Period of Accreditation: 1 Jan 2011 – 31 Dec 2015Date of Publishing: 8 May 2023

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EconomicsTQA 3

COURSE SIZE AND COMPLEXITYThis course has been assessed as having a complexity level of TQA level 3.

At TQA level 3, the student is expected to acquire a combination of theoretical and/or technical and factual knowledge and skills and use judgment when varying procedures to deal with unusual or unexpected aspects that may arise. Some skills in organising self and others are expected. TQA level 3 is a standard suitable to prepare students for further study at the tertiary level. VET competencies at this level are often those characteristic of an AQF Certificate III.

The TQA level 3 course has a size value of 15.

COURSE DESCRIPTIONEconomics level 3 is the study of decision-making. It answers the question of how we - as a society and as individuals - use our scarce resources to satisfy our needs. Students of economics will develop greater understanding of individual, business and government behaviour. This involves learning economic terminology, concepts, tools and principles.

Students of this course will investigate contemporary economic issues using both economic ideas and knowledge of the features of the Australian economic system. This involves the study of issues central to how the Australian economy operates namely growth, inflation, employment and overseas events. Skills, knowledge and the inquiry process will be used to enable students to identify, collate, analyse and evaluate information from multiple sources and to form evidence based conclusions.

PATHWAYS

This course is designed for students looking for pathways to work and further study. Some vocational links include: government positions; financial professions; business management; journalism; entrepreneurship; and economist.

Study pathways include a range of higher education qualifications in areas such economics, business, law.

LEARNING OUTCOMESOn successful completion of this course, learners will have knowledge and skills to:

understand and use economic terms, concepts and theories

understand and use economic decision-making skills

see economics as a method of enquiry

outline how the Australian economy operates

analyse a range of economic problems and evaluate solutions

communicate economic information and ideas.

Tasmanian Qualifications Authority Period of Accreditation: 1 Jan 2011 – 31 Dec 2015Version 1 Date of Publishing: 8 May 2023

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EconomicsTQA 3

COURSE CONTENT

Students will study the following three topics:

1. The Australian Economy

2. Australian Economic Issues

3. Australia and the World Economy

1 - THE AUSTRALIAN ECONOMY

THE ECONOMIC PROBLEM

Needs and wants

The economic problem – definition and characteristics

Resources (labour, capital, natural and enterprise)

Four economic questions – what to produce, how much to produce, how to produce and how to distribute the produce

Opportunity Cost and Production Possibilities – including scarcity, defining and calculating opportunity cost and production possibility curves.

AUSTRALIA – A MIXED MARKET ECONOMY

Pure market and planned economies – brief overview/contrast

The key features of a mixed market economy

Government intervention. How and why does the government intervene in the economy? This includes market failure in terms of production, income distribution, market power, market instability and externalities.

SUPPLY AND DEMAND

Consumers and business in the market

Demand - determinants

Supply - determinants

Market Equilibrium - determining equilibrium, shortages, surpluses and changes in equilibrium

Government intervention in the market – subsidies, taxes (sales), minimum and maximum prices.


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EconomicsTQA 3

Price elasticity of demand – definition, significance to business and government, calculation using revenue method.

THE CIRCULAR FLOW

Five sectors, flows, leakages and injections. The concept of equilibrium, increasing and decreasing the circular flow.

THE BUSINESS CYCLE, AGGREGATE DEMAND AND AGGREGATE SUPPLY

Brief description and illustration of the Business Cycle.

The benefits and problems caused by upswings and downswings, including recessions.

Define Aggregate Demand and Aggregate Supply.

The significance of Aggregate Demand

Components of aggregate demand and factors that influence these components (AD = C + I + G + (X-M))

The multiplier, marginal propensity to consume and marginal propensity to save. The multiplier (k) = 1 / (1-MPC).

Relevant examples of current issues and case studies concerning the Australian economy will be studied.

2. AUSTRALIAN ECONOMIC ISSUES

Issue – Economic Growth

Growth

Define economic growth, sustainable economic growth and GDP.Simple calculation of the growth rate.

Consequences of growth

Outline the benefits of growth in terms of standard of living, innovation and invention. Differentiate between material and non-material standards of living (brief coverage only).

Outline the costs of growth in terms of unemployment, inflation, external stability and the environment.


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EconomicsTQA 3

ISSUE – INFLATION

Inflation

Define inflation, differentiate types of inflation (focus is on demand-pull and cost-push).

Measuring inflation. The Consumer Price Index and simple calculation of inflation.

Consequences of Inflation

The economic impact of inflation on interest rates, investment, external stability income distribution and material standard of living.

ISSUE – UNEMPLOYMENT

Employment and Unemployment

Define unemployed, employed, population, labour force and participation rate.

Differentiate types of unemployment (focus is on structural and cyclical). This includes hidden and underemployment.

Measuring unemployment. The ABS survey and simple calculation of un-employment.

Consequences of Unemployment

The economic impact of unemployment on output, the Budget, income distribution and labour skills.

The social and economic impact of unemployment on poverty, physical health, mental health, crime and personal relationships.

GOVERNMENT OBJECTIVES AND POLICY

The Objectives of Economic Policy

The objectives of economic management.

Fiscal Policy/Budgetary Policy

Define ‘fiscal policy’

The budget including revenue and expenditure (includes stance and income)

Automatic stabilisers (welfare payments and progressive taxes)

The impact of different budget outcomes on aggregate demand


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EconomicsTQA 3

Evaluation of Fiscal policy – key strengths and weaknesses.Monetary Policy

Define ‘monetary policy’

The role of the RBA including targeting and independence. Knowledge of market operations not required

The transmission mechanism. The impact of interest rate changes on aggregate demand

Evaluation of monetary policy – key strengths and weaknesses.

Overview of Monetary, Fiscal and Micro economic reform Policy

The role of monetary and fiscal policy in managing inflation (demand-pull), unemployment (structural and cyclical) and economic growth

Basic coverage of policy conflicts

Basic overview of micro economic reform – aims only

The policy mix.


3. AUSTRALIA AND THE WORLD ECONOMY

AUSTRALIAN TRADE

Trade

Why does Australia trade with other economies? Refer to employment, income, choice, economies of scale, access to resources, specialisation and resource allocation

Comparative Advantage (theory only, no calculations).

Trade Protection and Reform

Reasons for trade protection

Trade protection using tariffs, subsidies and quotas (including diagrams)

The implications of reducing protection for Australia.


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EconomicsTQA 3

Exchange Rates

Define floating exchange rate

Define appreciation and depreciation of a floating exchange rate

What are the causes of an appreciation/depreciation of a floating exchange rate? Refer to supply and demand

What are the effects of an appreciation/depreciation of a floating exchange rate?

What is the TWI (simple coverage only)?

AUSTRALIA’S BALANCE OF PAYMENTS

The Balance of Payments

Brief overview of the two accounts. Focus on trade balance and income accounts. No calculations required. Very basic coverage of capital and financial account only.

The Current Account Deficit

What is a current account deficit and foreign debt?

What are the consequences of a high current account deficit and foreign debt? Include impact of debt servicing. Also include alternate view that debt is not a problem.

Globalisation

Globalisation and Development

Define and differentiate globalisation and development

Differences in economic development including HDI and standard of living.

The Impact of Globalisation

Brief overview of the impact of globalisation on economic growth, economic development, international trade, inequality and the environment.



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EconomicsTQA 3

ASSESSMENTCriterion-based assessment is a form of outcomes assessment which identifies the extent of student achievement at an appropriate end-point of study. Although assessment – as part of the learning program - is continuous, much of it is formative, and is done to help students identify what they need to do to attain the maximum benefit from their study of the course. Therefore, assessment for summative reporting to the Tasmanian Qualifications Authority should focus on what both teacher and student understand to reflect end-point achievement.

The standard of achievement each student attains on each criterion is recorded as a rating ‘A’, ‘B’, or ‘C’, according to the outcomes specified in the standards section of the course.

A ‘t’ notation must be used where a student demonstrates any achievement against a criterion less than the standard specified for the ‘C’ rating. The ‘t’ notation sits outside the continuum of ratings and is thus not described in course standards.

A ‘z’ notation is to be used where a student provides no evidence of achievement at all.

Providers offering this course must participate in the quality assurance processes.

Internal assessment of all criteria will be made by the provider. Providers will report the student’s rating for each criterion to the Tasmanian Qualifications Authority.

The Tasmanian Qualifications Authority will supervise the external assessment of designated criteria (*). The ratings obtained from the external assessments will be used in addition to those provided from the provider to determine the final award.

EXTERNAL ASSESSMENT REQUIREMENTS

The external assessment requirements for this course assess criteria 3, 4, 5, 6 and 7.

Further information regarding external assessment processes and requirements is articulated in the TQA issued Assessment Guidelines.

QUALITY ASSURANCE PROCESSES

The following processes will be facilitated by the TQA to ensure there is:

a match between the standards for achievement specified in the course and the standards demonstrated by students

community confidence in the integrity and meaning of the qualification.

Processes – the Authority gives course providers feedback about any systematic differences in the relationship of their internal and external assessments and, where appropriate, seeks further evidence through audit and requires corrective action in the future.


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EconomicsTQA 3

CRITERIA

The assessment for Economics TQA level 3 will be based on the degree to which the student can:

1. Plan, organise, research and complete activities independently, and collaboratively

2. Communicate economic information

3. * Demonstrate knowledge and understanding of economic terms and concepts

4. * Demonstrate knowledge and understanding of economic data

5. * Demonstrate knowledge and understanding of economic problems

6. * Demonstrate knowledge and understanding of economic solutions

7. * Analyse and evaluate economic issues and information.

*= externally and internally assessed criteria


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EconomicsTQA 3

STANDARDS

CRITERION 1 PLAN, ORGANISE, RESEARCH AND COMPLETE ACTIVITIES INDEPENDENTLY, AND COLLABORATIVELY

Rating ‘C’ Rating ‘B’ Rating ‘A’

A learner can: A learner can: A learner can:

use and reference credible sources

find, use and reference credible sources

find, use and reference a wide variety of credible sources

with direction provided, collate economic information

collect and collate relevant economic information

collect and collate relevant economic information

respond positively to advice about completing tasks

consult and negotiate with relevant others about individual and collaborative tasks

when necessary, consult and negotiate with relevant others about individual and collaborative tasks

in a group situation, contribute positively to the planning and completion of tasks

actively participate in the planning and completion of group tasks.

reflect upon previous planning and make changes to improve performance in group tasks.

initiate, lead and manage a collaborative task

complete a majority of significant work on time.

generally complete all assigned work on time.

complete all work on time.


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EconomicsTQA 3

CRITERION 2 COMMUNICATE ECONOMIC INFORMATION



describe basic economic information

accurately describe economic information

accurately and comprehensively describe economic information

effectively convey information, including in extended writing

communicate effectively using accepted conventions, including in extended writing

communicate effectively in a variety of appropriate forms using accepted conventions, including in extended writing

address the basic intent of a question

structure a response so as to be readily understood

sequence information and arguments to create a logical whole

present some points of view other than one’s own.

convey the central aspects of an issue effectively

focus on the objective of the assigned task and communicate relevantly

present the essential arguments of both sides of an issue.

communicate in a balanced and comprehensive way, given the parameters of the task

set aside a personal perspective in the interests of objective analysis.


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EconomicsTQA 3

CRITERION 3 * DEMONSTRATE KNOWLEDGE AND UNDERSTANDING OF ECONOMIC TERMS AND CONCEPTS



outline basic facts about Australia’s economic system

outline key facts and concepts about Australia’s economic system

describe in detail key facts and concepts about Australia’s economic system

use and interpret economic terms and concepts to produce statements about Australia’s economic system

use and interpret economic terms and concepts to produce descriptions of Australia’s economic system

use and interpret economic terms and concepts in comprehensively describing Australia’s economic system

identify some links in Australia’s economic system.

make appropriate connections between relevant facts about Australia’s economic system

make connections between a wide range of relevant concepts and facts about Australia’s economic system

apply economic concepts and principles.

accurately apply a wide range of economic concepts and principles.


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EconomicsTQA 3

CRITERION 4 * DEMONSTRATE KNOWLEDGE AND UNDERSTANDING OF ECONOMIC DATA IN MATHEMATICAL FORM



extract basic economic

information from diagrams, graphs and tables

extract and interpret economic information from diagrams, graphs and tables

accurately extract and

interpret a wide variety of economic information from diagrams, graphs and tables

prepare and present simple diagrams, graphs and tables

prepare and present clearly labelled accurate diagrams, graphs and tables that convey economic meaning

prepare and present clearly labelled accurate and detailed diagrams, graphs and tables that convey economic meaning

use mathematical ideas, techniques and formulae to make economic calculations and statements.

use mathematical ideas,techniques and formulae accurately to make economic calculations and explanations.

use a wide variety of mathematical ideas,techniques and formulae accurately to make economic calculations and explanations.


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EconomicsTQA 3

CRITERION 5 * DEMONSTRATE KNOWLEDGE AND UNDERSTANDING OF ECONOMIC PROBLEMS



identify and use economic ideas and principles to identify straight-forward economic problems

identify and use economic ideas and principles to precisely identify economic problems

identify, use and explain in detail facts and concepts relevant to economic problems

identify and state the causes of straight-forward economic problems

identify and outline the causes of economic problems

identify and describe in detail the causes of economic problems

identify some of the impact of common economic problems on individuals, business and the government.

describe the impact of particular economic problems on individuals, business and the government

describe in detail the impact of a range of economic problems on individuals, business and the government

make connections between particular economic problems.

make connections between economic problems.


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EconomicsTQA 3

CRITERION 6 * DEMONSTRATE KNOWLEDGE AND UNDERSTANDING OF ECONOMIC SOLUTIONS



outline reasonable economic solutions for particular, relatively straight-forward, economic problems

select and use economic ideas and principles to describe economic solutions to particular economic problems

identify, use and explain in detail highly appropriate solutions to a range of economic problems

identify and state the likely impact of particular economic solutions on individuals, business and the government.

identify and describe the impact of particular economic solutions on individuals, business and the government

identify and describe in detail the impact of economic solutions on individuals, business and the government

make connections between particular economic solutions.

show understanding of the costs and benefits of economic solutions.


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EconomicsTQA 3

CRITERION 7 * ANALYSE AND EVALUATE ECONOMIC ISSUES AND INFORMATION



use some relevant economic information when describing economic issues

use a range of relevant economic information accurately when describing economic issues

accurately use a wide variety of relevant economic information when describing and analysing economic issues

understand that there may be a variety of perspectives on an issue

attempt to assess the costs and benefits of competing arguments

assess the costs and benefits of competing arguments in a rational and comprehensive way

identify some strengths and weaknesses of particular economic information.

assess particular economic issues in the context of the Australian economic system.

assess in detail economic issues in the context of the Australian economic system.


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EconomicsTQA 3

QUALIFICATIONS AVAILABLE

Economics TQA level 3 (with the award of):

EXCEPTIONAL ACHIEVEMENT

HIGH ACHIEVEMENT

COMMENDABLE ACHIEVEMENT

SATISFACTORY ACHIEVEMENT

PRELIMINARY ACHIEVEMENT

AWARD REQUIREMENTS

The final award will be determined by the Tasmanian Qualifications Authority from 12 ratings (7 ratings from internal assessment and 5 ratings from the external assessment).

EXCEPTIONAL ACHIEVEMENT (EA)

10 ‘A’ ratings, 2 ‘B’ rating (with 4 ‘A’ ratings and 1 ‘B’ rating in the external assessment)

HIGH ACHIEVEMENT (HA)

4 ‘A’ ratings, 5 ‘B’ ratings, 3 ‘C’ ratings (with 2 ‘A’ rating, 2 ‘B’ ratings and 1 ‘C’ rating in the external assessment)

COMMENDABLE ACHIEVEMENT (CA)

6 ‘B’ ratings, 5 ‘C’ ratings (with 2 ‘B’ ratings and 2 ‘C’ rating in the external assessment)

SATISFACTORY ACHIEVEMENT (SA)

10 ‘C’ ratings (3 ‘C’ ratings in the external assessment)

PRELIMINARY ACHIEVEMENT (PA)

6 ‘C’ ratings

A learner who otherwise achieves the ratings for a CA (Commendable Achievement) or SA (Satisfactory Achievement) award but who fails to show any evidence of achievement in one or more criteria (‘z’ notation) will be issued with a PA (Preliminary Achievement) award.


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EconomicsTQA 3

COURSE EVALUATIONCourses are accredited for a specific period of time (up to five years) and they are evaluated in the year prior to the expiry of accreditation.

As well, anyone may request a review of a particular aspect of an accredited course throughout the period of accreditation. Such requests for amendment will be considered in terms of the likely improvements to the outcomes for learners and the possible consequences for delivery of the course.

The TQA can evaluate the need and appropriateness of an accredited course at any point throughout the period of accreditation.

COURSE DEVELOPERThe TQA acknowledges the significant leadership of Mr Adrian Lewis, Mr Bernd Meyer and Mr Chris Hoare in the development of this course.

ACCREDITATIONThe accreditation period for this course is from 1 Jan 2011 until 31 Dec 2015.

VERSION HISTORYVersion 1 – Accredited version. This course replaces ECN5C.

VERSION CONTROL

This document is a Word version of the course. It is not a TQA controlled version. The current PDF version of the course on the TQA website is the definitive one.


code: tqa level 3, size value = 15 · web vieweconomics ecn315111: tqa level 3, size value = 15 the...

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