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HSC Economics in general can be considered a subject in which combines the influence of a whole list of subjects including Maths (in graphs), English (articulating answers) and even History (remembering and researching previous trends that have occurred).
Once the student has made the choice to study Economics, they must first consider what is fully involved in studying the course at hand.
The ability to successfully navigate through HSC economics formulates from a thorough understanding of the preliminary as well as HSC course. As those fundamental concepts explored in the preliminary course all culminate to create a more fluent and easily understandable course. Overall students must always ensure that they consider the true nature of the course in which involves numerous uses of tables, graphs and charts. Further a student must be able to interpret graphs in significant detail while drawing conclusions and making assumptions on what each graph shows. The further a student reads into a graph the better and more well constructed their answer will be. For example if students are given a graph displaying the recent trend in the Australian dollar ($) students must consider not only what has happened over time i.e. increase or decrease but what trend this shows. This graph therefore could show through interpretation that not only has the Australian dollar increased but further this means that overall Australia’s exports have become less internationally competitive.
A student studying economics must further consider how they read and analyse various current news affair stories. These stories can be from numerous mediums including newspaper articles, speeches or from specific tv programs. Students have the ability in their essays to quote and further evaluate a reputable and reliable source of information. The ability for a student to show an in depth knowledge of current news affair programs will further benefit their essay in creating a sense of an all rounded essay with numerous viewpoints.
A further essential capability of a HSC economics student is to be aware of recent trends that have occurred in the economy. This can include but is not limited to general trends in oil prices, various currency conversions. (key ones including AUS to US, AUS to UK or vice versa) Each trend shows a specific change in Australia’s economic condition as each sector is affected in a specific and different way. Some sectors affected by a change in currency include; the Forex market, exports, imports and even the services industry. Though students must also be aware of the general trends in which occur over time as the history of the last ten years of these trends formulate in a greater understanding of the overall trend.
In general economics can be considered a subject in which combines numerous forms of information to better inform the student upon the true nature and condition of a countries economy. This subject is not just limited to Australia’s economy but rather to where Australia’s economy fits in with the rest of the world.