2020 School Magazine

YEAR 10 ECONOMICS

YEAR 11 ECONOMICS

S tudying Year 10 Economics has been highly engaging and informative. This was the first time Year 10 students have been given the opportunity to take Economics in preparation for the senior syllabus. This course introduced us to real world issues and provided us with skills to critically analyse and evaluate economic scenarios. In Term 1 we were encouraged to begin ‘thinking like economists’ by questioning intriguing, yet often overlooked matters and their associated costs and benefits. In Term 2 we explored the role of economics in history, and delved into theories and advancements throughout time. Despite the challenges of the COVID-19 pandemic it did give us an opportunity to investigate real-life impacts—as we were experiencing them—on the business cycle, and the global economy. During Term 3 we commenced the highly anticipated and exciting ECOMAN competition, where we explored business management and financing. We were able to apply the skills developed during the competition in our exam to analyse economic indicators and evaluate business decisions. Our study of Economics this year was very fulfilling. It provided us with interesting real-world knowledge that is applicable in both our schooling endeavours and life in general. Charlotte Banney (10L)

Y ear 11 Economics has been nothing but extraordinary. During Term 1 we explored topics such as the scarcity of resources, opportunity cost, the circular flow model, and price mechanism. In Term 2 we went on to examine the causes, effects, and remedies of market failures, and whether the Fair Work Commission should raise the minimum wage. During our final term we learned about market concentration, as well as the causes and solutions of youth unemployment, which gave us a better understanding of how young Australians are being affected by the current economic conditions. Year 11 Economics would not have been so enjoyable without our amazing teachers. We are incredibly grateful to them for all their hard- work and support. It is difficult to express how rewarding the study of Economics has been for me this year. Not only has it given me analytical, evaluation, and problem-solving skills, it has also helped me to better understand our world. I am more observant of changes taking place around me, and I am able to make sense of policy responses from the government. Zhixuan Zhang (11L)

YEAR 12 ECONOMICS

E conomics this year has provided me with insight into the issues economies face in today’s unique landscape. The course encouraged us to have many high-level conversations in class about how events seen in the news, such as COVID-19, the bushfires, and the restructuring of university funding are affecting our world and our lives. Year 12 Economics has been both challenging and rewarding. We started off our year with a mammoth research investigation into how the US-China trade tensions will affect Australian industries. We then focused on macro-economic objectives and management. In class we used the metaphor of a racing car to explain these concepts. Macroeconomics consists of how the car is driven, controlling the speed and turns. Microeconomic reforms focus on how we can tweak the engine of the car to increase maximum speed and capability. Our economy works the same, with macroeconomic (fiscal and monetary) policies determining how fast and in which direction the economy is moving, while microeconomic reforms increase the economy’s potential capacity to perform. We all have a much deeper understanding of the world after studying economics these past two years and can now understand buzz words used in the news like cash rate, exchange rates and GDP growth. Lua Jarrah (12B)

80 | BRISBANE GIRLS GRAMMAR SCHOOL 2020