HSC Economics study plan

Map the four syllabus topics (global economy, Australia's place in the global economy, economic issues, economic policies and management) into a one-page concept map

Define and correctly use 40 core terms covering globalisation, trade, protection, and the balance of payments

Construct and interpret a circular flow of income model, labelling injections and withdrawals

Calculate equilibrium national income from a simple two-sector model and explain the multiplier

Explain the causes and consequences of globalisation for trade, investment, and labour flows

Compare absolute and comparative advantage and work through a two-country numerical example

Analyse the arguments for and against protection, matching each to a diagram or data example

Interpret balance of payments data, distinguishing the current account from the capital and financial account

Explain how exchange rates are determined under a floating system and draw the demand-supply diagram

Analyse the effects of currency appreciation and depreciation on exporters, importers, and inflation

Describe Australia's trade pattern and direction, citing the role of major trading partners

Evaluate the impact of terms-of-trade movements on the Australian economy

Measure economic growth, inflation, and unemployment using official definitions and formulas

Distinguish demand-pull from cost-push inflation and analyse their policy implications

Classify unemployment types and explain the costs of each to the economy

Describe the distribution of income and wealth and calculate a simple Lorenz-based indicator

Explain the objectives of economic policy and the conflicts between them, such as inflation versus unemployment

Outline the budget process and distinguish automatic stabilisers from discretionary fiscal policy

Explain how the Reserve Bank uses monetary policy, including the cash rate transmission mechanism

Describe labour market policies and their effect on participation and productivity

Evaluate fiscal, monetary, and microeconomic policy responses to a hypothetical downturn

Analyse a supply-side policy and assess its short-run and long-run effects

Integrate policy analysis with the economic issues from week 4 in written responses

Practise structuring an extended response with a thesis, evidence, and evaluation

Complete a timed practice paper under exam conditions

Identify the three weakest syllabus dot points from the practice paper results

Re-teach each weak dot point and produce a corrected summary for each

Practise interpreting unseen data and stimulus material without external figures

Review the full concept map and glossary, updating any gaps

Rehearse short-answer responses for definitions and calculations

Complete a second timed paper and compare results with week 7

Write a final one-page summary sheet of formulas, diagrams, and key evaluations