SACE Stage 2 Economics study guide
SACE Stage 2 Economics · Work through your exam, one topic at a time.
SACE Stage 2 Economics is a Year 12 subject within the South Australian Certificate of Education, a senior secondary qualification delivered by the SACE Board of South Australia and listed among the Stage 1 and Stage 2 subjects on the Board's site. It suits students completing Stage 2 who want to understand how markets, governments and economies allocate scarce resources, and who intend to use the subject for tertiary entrance or further study in commerce, finance or public policy. The SACE Stage 2 Economics study guide has 4 sections and about 1,272 words.
01Knowledge and Understanding: The Core Toolkit
Knowledge and Understanding rewards precise command of definitions, models and the assumptions behind them. For microeconomics, be able to define scarcity, opportunity cost, the production possibility frontier, demand and supply, price elasticity of demand and supply, market equilibrium, consumer and producer surplus, and the four market structures (perfect competition, monopolistic competition, oligopoly, monopoly).
321 words, about 2 min02Application and Analysis: Moving the Model onto the Data
Application and Analysis asks you to take a model or concept and apply it to a scenario, then reason through the consequences step by step. You will typically be given a short stimulus - a price change, a policy announcement, a table of statistics - and asked to explain the effect on a market, an industry or the macroeconomy.
338 words, about 2 min03Evaluation and Synthesis: Weighing, Not Just Describing
Evaluation and Synthesis requires judgement supported by evidence. You are asked to compare policy options, assess the significance of a change, or reconcile competing models.
307 words, about 2 min04Communication and Economic Reasoning: Making the Case Readable
Communication and Economic Reasoning rewards answers that are organised, precise and logically sequenced. Use a short plan: define the key term, state your reasoning, apply it to the scenario, and conclude.
306 words, about 2 min