Albany Senior High School/Coursebook/1ECO

What is this course about?
Economics is the study of how people manage the earth's scarce resources. Have you ever wondered why:


 * Petrol prices change so much?
 * A house that was sold for $700000 a year ago is now only worth $800000?
 * A carbon tax could help the problem of global warming?

Economics will help to answer these questions. You will learn about economics models such as the supply and demand model that are used around the world to help to explain what is happening in the economy.

What will I learn?
You will learn the following;


 * what factors affect a consumer's demand for a product
 * how producers use resources to create products
 * the demand and supply model
 * how the government controls the distribution of resources
 * how the different sectors in an economy interact

You will also learn valuable skills such as drawing and interpreting graphs, interpreting economic models and understanding economic terminology.

What sorts of things will I do?
You will do the following things during this course


 * look at why some products are more popular than others
 * look at why some producers can produce at a lower cost than other producers
 * investigate how the government tries to control certain markets

Do I need to be good at Maths to do well in Economics?
No. There is only a small part of the Economics course that is based on Maths. You will need to have good literacy skills and an inquisitive nature.

What sort of jobs would studying Economics be advantageous for?
Any of the following


 * Business related positions such as being an entrepreneur or managing a business
 * Finance e.g. Banking
 * Tourism
 * Real Estate