Economics is often seen as an extremely difficult subject that is purely essay-based and that requires a strong grasp of mathematical concepts. I believe that studying Economics is critical as it serves as the foundation for and explains the forces that shape our daily lives.

The HSC Economics course provides you with a strong understanding of the global economy, Australia’s place in the global economy, economic issues such as economic growth, unemployment, inflation, etc, as well as economic policies and management. These are not absurd, distant economic theories that barely connect to real life. These concepts directly relate to interest rates, opportunities in the labour market, business decisions and government policy. Studying Economics at the HSC level will hence provide you with a meaningful understanding of these concepts, which will directly impact you and remain important as you get older and acquire more responsibility.

By thinking past just the content that you cover in Economics, Economics also develops academic skills. It fosters critical thinking, allows students to evaluate arguments, and apply theory to real-world scenarios. Economics essays also require clarity, structure, judgement and a strong grasp on theory and recent trends, which are skills that translate through to university and also in the professional world.

Economics forces you to draw relationships between events and come to conclusions by undergoing critical analysis. You also must draw relevant information from data and utilise stats to back up your arguments.

Economics ultimately allows students to become more informed of the world around them, as it forces them to engage in current affairs, policy debates and financial decisions made by the government and RBA. Therefore, in an evolving world, economic literacy is more important than ever. Economics has become more than just a high school subject; it actually helps prepare students for the real world.

Hayden McCarthy