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Unit 4 Topic 1: Macroeconomic Objectives and Theory On this page: Useful learning resources for this topic GDP (interactive practice) Unemployment (interactive practice) Subject matter for Unit 4 Topic 1 Macroeconomic Objectives and Theory Internal Assessment 3: exam specifications Useful learning resources for this topic Australian Federal Budget Develop your understanding of fiscal policy, discretionary spending and automatic stabilisers. Unpacking Inflation Reserve Bank of Australia. Videos, explainers and interactives to develop your understanding of inflation. Josh Verlin YouTube series Josh Verlin is a Victoria based teacher who has produced a great video series covering the topics in this unit. Gross Domestic Product (Interactive Practice) Click here to access the videos, course notes and practice quizzes for macroeconomics created by Marginal Revolution University Interactive practice activities developed and owned by Marginal Revolution University . Published here for educational purposes. Unemployment (Interactive Practice) Click here to access the videos, course notes and practice quizzes for macroeconomics created by Marginal Revolution University Interactive practice activities developed and owned by Marginal Revolution University . Published here for educational purposes. Inflation and Money (Interactive Practice) Click here to access the videos, course notes and practice quizzes for macroeconomics created by Marginal Revolution University Interactive practice activities developed and owned by Marginal Revolution University . Published here for educational purposes. Subject matter Topic 1: Macroeconomic objectives and theory In Topic 1, students study the primary macroeconomic objectives of the Australian Government and economic theory. They connect this knowledge to a variety of economic concepts, principles and models. Comprehend and describe key concepts using economic terminology, including basis point and percentage point changes; consumer price index; deflation; labour force underutilisation; average propensities to consume and save; non-accelerating inflation rate of unemployment; participation rate; percentage change; stagflation; structural deficit. Distinguish nominal and real gross domestic product, wages and interest rates, and use calculations to identify change and scale. Comprehend and explain cyclical and structural factors affecting movements and shifts of short- and long-run aggregate demand and supply the factors affecting the production possibility curve the concept of the multiplier effect and calculate the value of the simple Keynesian multiplier, in terms of the marginal propensity to consume and save the four phases of the economic cycle, in the context of macroeconomic objectives the macroeconomic objectives of sustainable economic growth: full employment; price stability; external stability; sustainable development; and improved living standards how interest rates and federal budget decisions are policy tools that influence economic growth. Comprehend the circular flow of income model and the components of aggregate demand, focusing on economic policy decisions. Comprehend, explain and apply the aggregate demand/aggregate supply model to determine the overall price level and equilibrium level of real output in an economy. Comprehend and explain causes, effects, benefits and costs of the following to different groups and economic agents sustainable economic growth unemployment, including cyclical, structural, frictional, seasonal, natural, hidden, long-term and underemployment inflation, including headline, underlying, demand-pull, cost-push, imported and inflation expectations. Comprehend and explain the role in fiscal policy of automatic stabilisers and the role of discretionary spending in influencing aggregate demand and stabilising the economic cycle, and apply using diagrams. Reproduced from Queensland Curriculum and Assessment Authority, Economics 2025 v1.2 General senior syllabus October 2024 Internal Assessment 3 Extended Response to Stimulus: Exam Specifications Assessment objectives Specifications The teacher provides an examination that: Comprehend features and economic concepts, principles and models of macroeconomic objectives, theories, economic indicators and budget stances. Analyse an economic issue that involves economic indicators and budget stances . Evaluate an economic outcome relevant to economic indicators and budget stances. Create a response that communicates economic meaning to suit the intended purpose in an analytical essay. relates to Unit 4 Topic 1 and Unit 4 Topic 2 is focused on a contemporary economic issue that is of national, state and/or regional significance to Australia requires an analytical essay in response to an unseen question with seen and unseen stimulus allows students to choose two economic criteria for their evaluation must elicit a variety of possible responses. Stimulus specifications The teacher provides seen and unseen stimulus that: enables a selection of current, accurate and relevant data and information from a variety of sources, e.g. government and other institutional websites, published reports, media articles and expert commentaries is a minimum of nine sources that include data and information in visual and written forms that fit on both sides of four A4-size pages or equivalent facilitates both the analysis and evaluation components of the task allows for unique responses. The teacher provides unseen stimulus that: fits on both sides of one A4 page or equivalent is succinct enough for students to engage with during planning time includes information that is critical to the item, so that students cannot write pre -prepared responses or predict the focus of the unseen question. Reproduced from Queensland Curriculum and Assessment Authority, Economics 2025 v1.2 General senior syllabus October 2024

External Exam: Video Explainers Below are video explainers unpacking the external exam for economics for Queensland Certificate of Education. Please ensure that you access all the past exam resources for economics at the Queensland Curriculum and Assessment Authority (QCAA) website prior to watching these videos. Use the videos to learn the strategies and writing structures for multiple choice, short response, and extended response questions for the economics external exam in Queensland. On this page: Explainer videos for 2024 Economics External Assessment Multiple choice explainer videos Short response explainer videos Extended response explainer videos Exam specifications Explainer Videos: QCE Economics External Assessment 2024 Q11 2024 Economics EA: Short Response Q12 2024 Economics EA: Short Response Q13 2024 Economics EA: Short Response Q14 2024 Economics EA: Short Response Q15 2024 Economics EA: Extended Response Multiple Choice 2024 Economics EA Multiple Choice Explainers 2021 Exam 2022 Exam 2023 Exam Short Response Explainers Unpacking "Explain" short response questions Unpacking "Analyse" short response questions 2022 exam question 11 2022 exam question 12 2022 exam question 13 2023 exam question 11 2023 exam question 12 2023 exam question 13 2023 exam question 14 Extended Response Explainers Writing structure and strategies for extended response 2022 exam extended response question 14 2023 exam extended response question 15 External Assessment Exam Specifications External assessment: Examination — combination response (25%) External assessment is developed and marked by the QCAA. The external assessment in Economics is common to all schools and administered under the same conditions, at the same time, on the same day. Assessment objectives Comprehend economic concepts, principles and models of macroeconomic objectives, theory and economic management. Analyse an economic issue that involves macroeconomic objectives and economic management. Evaluate an economic outcome relevant to macroeconomic objectives and economic management. Specifications This examination: Consists of a number of different questions relating to Unit 4 Topic 1 and Unit 4 Topic 3 may ask students to - respond using multiple choice, sentences or paragraphs and an extended response - annotate, calculate or draw diagrams - use unseen stimulus materials. Mode: written Time allowed - Planning time: 15 minutes - Working time: 120 minutes Students may use a QCAA-approved non-programmable calculator. Reproduced from Queensland Curriculum and Assessment Authority, Economics 2025 v1.2 General senior syllabus October 2024

Unit 1 Topic 2 Overview

I am currently on a three year sabbatical from classroom teaching in Australia, and residing in Amsterdam, Netherlands (returning to Australia early 2028). About Brettonomics I began posting Brettonomics videos on YouTube in 2023, with a primary focus on unpacking the questions from the past papers of Queensland Certificate of Education final external exam in Economics. These videos have had some very positive effects on student outcomes: students who were using past papers as practice exams an opportunity to get into the detail of the marking guide, and from there, to develop comprehensive writing structures and response strategies; students can work independently, at their own pace, and review concepts multiple times; students can pre-learn topics for lessons, which contributes to deeper engagement in class activities; students develop skills in grading their own work, and providing feedback to other students using rubrics. This website expands upon the YouTube videos to provide more content for students for students (linked to QCE Economics curriculum) as well as teaching activities (experiential learning) to engage students in lessons. Brettonomics has always been an individual project, enacted outside of my normal teaching duties. I hope that you find some useful stuff here. About Brett I am a registered secondary school teacher in Queensland, Australia, with qualifications to teach Economics, Business, and Legal Studies. I hold a Bachelor of Commerce degree from University of Western Sydney, and Master of Teaching (Secondary) from Australian Catholic University. Prior to teaching I worked in the private sector, where I successfully led a small organisation involved in design, manufacture and sales to retail customers (in-store and online), as well as government and private sector organisations. After a successful sale of that business in 2014, I spent some time on creative projects and study. I began my teaching career in 2020. Outside of teaching, I am very involved in outdoor activities (cycling, skiing, kayaking). I've had side gig playing percussion in bands for many years. I speak English and Spanish and hope to become fluent in Dutch over the next few years. Please note All resources are made available free of charge. All resources on this website remain intellectual property of the author. All third-party resources or links are open-source and freely available to access. Contact I'm always looking for new and exciting opportunities. Let's connect. brettonomics@gmail.com

Student Resources On this page: Unit 1: Markets and Models Unit 1 Topic 1 : The basic economic problem Unit 1 Topic 2 : Economic flows Unit 1 Topic 3 : Market forces Unit 2: Modified Markets Unit 2 Topic 1: Markets and efficiency Unit 2 Topic 2: Inequality Unit 3: International Economics Unit 3 Topic 1 : International trade Unit 3 Topic 2 : Global economic issues Unit 4: Contemporary Macroeconomics Unit 4 Topic 1 : Macroeconomic objectives and theory Unit 4 Topic 2 : Economic Indicators and past budget stances Unit 4 Topic 3 : Economic management Unit 1: Markets and models In Unit 1, students understand how the fundamental economic concepts of scarcity, choice and opportunity cost compel individuals, businesses and governments to make decisions about how best to allocate resources among competing needs. The nature of the basic economic problem is examined, and the consequences of scarcity are expressed in the production possibility curve and through the choices made by modern economic systems. Students analyse the factors that impact on the economy through the circular flow of income model and investigate the price mechanism as a model for the efficient allocation of resources. Unit 1 Topic 1: The basic economic problem In Topic 1, students understand the foundations of the subject in terms of scarcity and choices . Students learn key terminology as they consider the different stakeholders involved in the economy, and the basic economic problem of satisfying needs and wants. The first economic model presented in the course is the production possibility curve , which enables students to identify and examine relationships between resources and production. This topic allows students to consider finite resources and how these require choices to be made at an individual and at a national level. Click here to access learning resources Unit 1 Topic 2: Economic Flows In Topic 2, students explore the economic idea of the economy as a system of real and monetary connections between the five key sectors, using the circular flow of income model . They analyse: the forces that affect flows to and from the household, business, financial, government and overseas sectors, the effect of government decisions on the economy, and the interrelationships between each sector. This topic enables students to see links and connections in the economic system that they experience every day. Click here to access learning resources Unit 1 Topic 3: Market Forces In Topic 3, students examine the forces of demand and supply that underlie the operation of the price mechanism in the economy. Important concepts of shortages , surpluses and elasticities are scrutinised. This topic is studied through the lens of the economic problem in a specific current Australian context and market, for example: agricultural (e.g. wool, wheat and beef); other commodities (e.g. minerals and energy); community; financial; share; labour; property/housing and health. This topic develops students’ comprehension of market forces , and how they can use these to their advantage when understanding and predicting prices. Click here to access learning resources Unit 2: Modified Markets Unit 2 Topic 1: Markets and efficiency In Topic 1, students understand that markets can fail when the price mechanism results in a sub-optimal allocation of resources. They examine market failure and explore traditional and innovative measures and strategies using economic criteria , for example socially optimal and/or efficient outcomes. This topic analyses how markets may not always work efficiently and effectively, and the different choices and opportunities that exist when this phenomenon occurs. Unit 2 Topic 2: Case options of market measures and strategies In Topic 2, students study a choice of two of the three case options listed below of market measures and strategies to apply the economic concepts and economic ideas developed in Topic 1. Students analyse different situations to explain the causes and effects of the market failure and the need for intervention. They evaluate strategies and/or interventions to achieve socially desirable and/or optimal outcomes. Case option A: Market Concentration Case option B: Environmental Economics Case option C: Inequality Unit 3: International Economics In Unit 3, students focus on the complex ideas and relationships underlying the international economy and the impact that these have on Australia’s domestic economy and decision-making. Students consider Australia’s engagement in international trade and the global economy, including the theories behind trade and exchange rates. They examine the balance of payments in depth, considering elements of the current and capital accounts. In Global economic issues, students explain the factors that contribute to and have an impact on globalisation. Trade barriers and trade agreements are investigated from a theoretical and contemporary viewpoint and form the basis of student-led research. Current economic events and economic measurements will be used to support and develop understanding in this unit. Longer term international trends may be considered in an analysis to see structural changes over time. However, the emphasis must be on a current situation and not on an event in the economic history of Australia. Students will understand measurements of economic data and how to calculate changes in percentages. Unit 3 Topic 1: International trade Click here to access learning resources In Topic 1, students understand the dynamic nature and extent of Australia’s international trade interconnections. They examine the reasons for international trade and Australia’s place in the global economy. Current statistics are analysed to reveal relationships, patterns and trends that cause and affect Australia’s economic growth. Economic models are used to analyse movements in exchange rates over time and evaluate the consequent impacts on the domestic economy. Trends in the balance of payments are analysed to evaluate the implications for the Australian economy. Unit 3 Topic 2: Global economic issues In Topic 2, students study three major factors affecting Australia’s trade relationships with the rest of the world. Firstly, the factors that have contributed to globalisation are explored from Australia’s viewpoint. Secondly, economic ideas and models are used to examine the impacts of different barriers to trade, and the economic tensions they create. Finally, the impacts of international trading agreements are considered. Click here to access learning resources Unit 4: Contemporary macroeconomics In Unit 4, students concentrate on the practical application of the Australian Government’s domestic macroeconomic objectives. They investigate the performance of the economy by focusing on the economic cycle and analysing a variety of economic indicators to evaluate economic performance and budget stances. Students examine aggregate demand and supply to model the level of output in the economy and its relationship to the government’s current macroeconomic objectives. Available policy instruments are analysed and evaluated to make decisions about the relevant policy mix with reference to the current economic climate. Current economic events and economic measurements will be used to support and develop understanding in this unit. Students will understand measurements of data, how different economic indicators are measured, and basis point or percentage point movements. Unit 4 Topic 1: Macroeconomic objectives and theory In Topic 1, students study the primary macroeconomic objectives of the Australian Government and economic theory. They connect this knowledge to a variety of economic concepts, principles and models. Click here to access learning resources Unit 4 Topic 2: Economic indicators and past budget stances In Topic 2, students apply their knowledge of economic indicators and theory to analyse and evaluate past economic events and decisions made in the annual federal budget of the government of the day. Click here to access learning resources Unit 4 Topic 3: Economic Management In Topic 3, students examine policy choices made in Australia about economic activity. This topic has three sub-topics, each of which focuses on an aspect of policy decision-making based on demand management and supply-side economic ideas and perspectives. Click here to access learning resources Additional resources for Unit 4 QCAA Syllabus for Economics : pages 26 - 29 Get in Touch brettonomics@gmail.com

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