Subject changes

Editorial changes to Stage 1 Economics for 2021 include:

Learning requirements

• LR1 – reword to read, ‘understand economic concepts, principles, and models’.
• LR2 – reword to read, ‘apply economic concepts, principles, and models in a variety of contexts
• LR5 – analyse a range of data and other information using economic concepts, principles, and models.

Teaching and learning framework

• Section rewritten for clarity.
• Core topic: Thinking like an economist - reword to read, 'Students develop economic thinking by using economic inquiry skills, knowledge, and understanding of economic concepts, principles, and models in different contexts. Students apply economic thinking in the analysis of economic issues evident in a variety of scenarios'.

Economic inquiry skills

• Minor editorial changes and re-ordering of points.
• Last dot point – replace ‘constructing’ with ‘communicating’, to read, ‘communicating reasoned arguments.
• Economic scenarios reworded to read, 'Economic contexts'.
• Some rewording of this section for clarity.
• 'Elective scenario' reworded to read, 'school-developed contexts', and replaced elsewhere in the document.

Assessment design criteria

• U1 – reword to read, ‘Understanding of economic concepts, principles, and models
• Ap1 – reword to read, ‘Application of economic concepts, principles, and models in a variety of contexts.
• An1 – reword to read, ‘Analysis of a range of data and other information using economic concepts.

Assessment Type 2: Economic Project

• Some minor rewording and re-ordering for clarity.

Performance standards

• Rewording of specific features to align with the changes to learning requirements and assessment design criteria.