QCAA Economics study guide
QCAA Economics · Work through your exam, one topic at a time.
Economics is a General senior syllabus in Queensland, published by the Queensland Curriculum and Assessment Authority (QCAA) and delivered to Year 11 and 12 students. The current document is the Economics General senior syllabus 2025 (v1.4), which the QCAA states is for implementation with students who will complete their study of the course in 2026 or beyond. Students are assessed through a mix of school-based internal assessment and a state-wide external assessment. The published sample instruments map internal assessment to two units: in Unit 3, an examination - combination response (IA1) and an investigation (IA2); in Unit 4, an examination - extended response (IA3). Topics on this exam: Unit 3 and Unit 4. The QCAA Economics study guide has 2 sections and about 645 words.
01Unit 3: International Economics - Trade, Protection and Exchange Rates
Unit 3 examines how economies interact through trade and finance. You must understand comparative advantage , the gains from specialisation and trade, and the difference between absolute and comparative advantage. Know the tools of protection (tariffs, quotas, subsidies, local-content rules) and be able to analyse their effects on domestic consumers, producers, government revenue and world allocative efficiency using a simple supply-and-demand diagram described in words. Understand Australia's trade pattern - major exports (iron ore, coal, LNG, education, tourism), major trading partners, and the role of the terms of trade.
342 words, about 2 min02Unit 4: Economic Policy and Management - Objectives, Instruments and Evaluation
Unit 4 focuses on how governments pursue macroeconomic objectives : strong and sustainable growth, full employment, price stability (low inflation), a sustainable external position, and equitable distribution of income. You must know the policy instruments : fiscal policy (government spending and taxation, automatic stabilisers versus discretionary measures), monetary policy (the cash rate set by the Reserve Bank of Australia, transmission mechanism), and supply-side policies (microeconomic reform, education, infrastructure, competition policy). Understand the business cycle , the output gap, and how policy responses differ in booms versus downturns. Know the Phillips curve trade-off and the concept of the non-accelerating inflation rate of unemployment (NAIRU) .
303 words, about 2 min