The Market Economy: Year 11 Economics

You are standing on the starting block of your study of economics, about to dive into a world that uses special language, concepts and theories to build a complex understanding of how the economy works in the modern world. It’s a daunting task, there is a lot to learn, and a fair bit of it does not come naturally. It is, however, very rewarding.

Understanding economics will help you to unlock many of the mysteries of the modern world. You will better understand the issues involved in making personal choices — what kind of job to choose, what course to study, what to spend money on, and whether to borrow or save. You will better understand the forces around you — what makes indicators such as interest rates, share prices, unemployment and the Australian dollar move up and down. And you will better understand the forces that shape our world today — making better sense of issues discussed in the media every day, and how Australia fits into what we describe as the global economy.