SACE Stage 2 Economics study plan
SACE Stage 2 Economics · Give each week a clear focus.
8 weeks · About 6 hours per week
Knowledge and Understanding & Application and Analysis
Define and correctly use 40 core microeconomic terms (scarcity, opportunity cost, demand, supply, elasticity, market failure) in original sentences
Construct and label demand/supply diagrams from written scenarios, shifting the correct curve and marking equilibrium changes
Calculate price elasticity of demand and supply from given data and interpret the coefficient in context
Explain how the circular flow model links households, firms and government, identifying two leakages and two injections
Your checkpoint
A 30-term glossary with worked diagram sketches and five elasticity calculations, each with a one-sentence interpretation
Knowledge and Understanding & Application and Analysis
Distinguish positive and normative statements in ten mixed examples and justify each classification
Apply cost and revenue concepts (fixed, variable, marginal, average) to calculate profit at given output levels
Compare the four market structures on concentration, barriers to entry and price-setting power in a summary table
Analyse one real Australian market (e.g., supermarkets or energy retail) using structure-conduct-performance language
Your checkpoint
A one-page market-structure comparison table plus a 250-word applied analysis of a chosen Australian market
Knowledge and Understanding & Application and Analysis
Define 30 core macroeconomic indicators and explain what each measures and omits
Calculate GDP using the expenditure approach from supplied national accounts data
Interpret changes in the CPI, unemployment rate and participation rate, explaining limitations of each measure
Explain the business cycle phases and identify two indicators that lead and two that lag
Your checkpoint
A macroeconomic data workbook: GDP calculation, inflation and unemployment worked examples, and a labelled business-cycle diagram with annotations
Evaluation and Synthesis & Knowledge and Understanding
Evaluate two competing policy responses to a demand-pull inflation scenario, weighing effectiveness, time lags and trade-offs
Synthesise fiscal and monetary policy tools into a coherent policy mix for a stated economic objective
Judge the reliability of a supplied economic data set by identifying two sources of bias or measurement error
Construct a cost-benefit framework and apply it to one government intervention
Your checkpoint
A 400-word policy evaluation with an explicit judgement, two trade-offs and a cost-benefit table
Evaluation and Synthesis & Application and Analysis
Evaluate the effectiveness of supply-side policies against demand-side alternatives for a given problem
Assess the distributional consequences of a selected policy on two stakeholder groups
Apply elasticity concepts to predict the incidence of a tax and evaluate who bears the burden
Compare the strengths and weaknesses of two economic models used to explain the same phenomenon
Your checkpoint
A comparative evaluation matrix scoring three policy options against four criteria, with a justified recommendation
Communication and Economic Reasoning & Evaluation and Synthesis
Structure extended answers using a claim-evidence-reasoning-evaluation chain in timed conditions
Write three analytical paragraphs that integrate data, theory and a counterargument
Evaluate a real RBA or government policy announcement using at least two economic concepts and one diagram
Critique a sample extended response against a marking rubric, identifying two strengths and two weaknesses
Your checkpoint
Two timed 25-minute extended responses (one micro, one macro) with self-marked rubrics and a written reflection
Communication and Economic Reasoning & Evaluation and Synthesis
Synthesise knowledge from at least three topic areas into a single integrated argument
Evaluate the reliability of economic forecasts by identifying assumptions and limitations
Refine diagram communication: label all axes, curves and equilibrium points accurately under time pressure
Deliver a structured verbal explanation of a policy trade-off in under three minutes
Your checkpoint
A full practice examination under timed conditions (all four domains represented) with a completed error log
Communication and Economic Reasoning & Evaluation and Synthesis
Diagnose and remediate the five most frequent errors from the week 7 error log
Produce a concise one-page synthesis sheet linking key concepts across micro and macro
Evaluate two past extended-response prompts by planning only, focusing on judgement and synthesis
Communicate a final integrated policy recommendation in a structured extended response
Your checkpoint
A completed synthesis sheet plus one final timed extended response scoring at least 80% on the self-applied rubric
Milestones
Week 2: Can define and correctly apply 70 core microeconomic terms and produce accurate demand/supply diagrams from written scenarios without notes
Week 4: Can calculate GDP, elasticity and profit from raw data and write a 400-word policy evaluation containing an explicit judgement and two trade-offs
Week 6: Can complete two timed 25-minute extended responses that integrate data, theory and counterargument, scoring at least 65% on the self-applied rubric
Week 8: Can complete a full timed practice examination across all four domains and score at least 80% on the self-applied rubric with a written remediation plan