In both years you will also develop quantitative skills, including calculations, graph analysis and data analysis Year 12 > The operation of markets and market failure The focus of this unit is on how well the forces of demand and supply allocate scarce resources in a market economy. You will learn about why markets don’t always work well and why it may be necessary for government to intervene to improve the allocation of resources. > The national economy: This unit focuses on the government’s macroeconomic targets (such as stable economic growth and low unemployment) and how economic policy can be applied to help achieve these targets Year 13 You will study all the topics covered in Year 12 in greater detail as well as: Individuals, firms, markets and market failure: > Individual economic decision making > Production, costs and revenue > Perfect competition, imperfectly competitive markets and monopoly > The labour market > The distribution of income and wealth: poverty and inequality The national and international economy: > Financial markets and monetary policy > Fiscal policy and supply-side policies > The international economy The third unit is synoptic and you will learn how to apply economic concepts from both microeconomics and macroeconomics to a wide range of issues including housing, healthcare, global trade, poverty, business, financial markets, taxation and commodities.