Business and Economics Group
Course Outlines
Business and Economics Courses at St Mary's College
Scroll down for descriptions of:
- Business Management
- Economics
- Legal Studies
Business Management
Course Description
In contemporary Australian society there are a range of businesses managed by people who establish systems and processes to achieve a variety of objectives. These systems and processes are often drawn from historical experience and management theories designed to optimise the likelihood of achieving success. In studying VCE Business Management, students develop knowledge and skills that enhance their confidence and ability to participate effectively as socially responsible and ethical members, managers and leaders of the business community, and as informed citizens, consumers and investors
Course Structure
Unit 1 – Planning a business
Businesses of all sizes are major contributors to the economic and social wellbeing of a nation. Taking a business idea and planning how to make it a reality are the cornerstones of economic and social development. In this unit students explore the factors affecting business ideas and the internal and external environments within which businesses operate, and the effect of these on planning a business.
Area of Study
- The business idea
- Internal environment
- External environment
Unit 2 – Establishing a business
This unit focuses on the establishment phase of a business’s life. Establishing a business involves complying with legal requirements as well as making decisions about how best to establish a system of financial record keeping, staff the business and establish a customer base. In this unit students examine the legal requirements that must be satisfied to establish a business.
Area of Study
- Legal requirements and financial considerations
- Marketing a business
- Staffing a business
Unit 3 – Managing a business
In this unit students explore the key processes and issues concerned with managing a business efficiently and effectively to achieve the business objectives. Students examine the different types of businesses and their respective objectives.
Area of Study
- Business foundations
- Human resource management
- Operations management
Unit 4 – Transforming a business
Businesses are under constant pressure to adapt and change to meet their objectives. In this unit students consider the importance of reviewing key performance indicators to determine current performance and the strategic management necessary to position a business for the future.
Area of Study
- Reviewing performance – the need for change
- Implementing change
Entry and Recommendations
There are no prerequisites for entry to Units 1, 2 and 3. Students must undertake Unit 3 prior to undertaking Unit 4.
Assessment
Satisfactory Completion
Demonstration of achievement of outcomes and satisfactory completion of a unit are determined by evidence gained through the assessment of a range of learning activities and tasks.
Level of Achievement
Unit 1 and 2
- Coursework – Unit 1
- Case study
- Business plan
- Business survey and analysis
- Examination
- Coursework – Unit 2
- Case study
- Business research report Interview and report on business
- Business simulation
- Examination
Unit 3 and 4
- Unit 3 School-based Assessment (25%)
- Case studies
- Structured questions
- Unit 4 School-based Assessment (25%)
- Case studies
- Structured questions
- Examination (50%)
Economics
Course Description
Economics is the study of how resources are allocated to meet the needs and wants of society. It attempts to explain how and why people, businesses and the government behave the way they do and the consequences of their decision-making. By unpacking the economic considerations around how to best meet the needs and wants of citizens, the study of Economics provides students with valuable insight into issues that may affect them both individually and as members of society. Economics assists us in making more informed and responsible decisions and in making a contribution to public debate as active citizens.
Course Structure
Unit 1 – Economic decision-making
In this unit students explore their role in the economy, how they interact with businesses, and the role of the government in the economy. Students are introduced to and explore fundamental economic concepts. They examine basic economic models where consumers and businesses engage in mutually beneficial transactions, and investigate the motivations behind both consumer and business behaviour.
Area of Study
- Thinking like an economist
- Decision making in markets
- Behavioural economics
Unit 2 – Economic issues and living standards
Students consider the link between economic activity and economic growth and investigate the importance of economic growth in raising living standards. They evaluate the benefits and costs of continued economic growth and consider the extent to which our current measurements of living standards are adequate. Students undertake an applied economic analysis of two contemporary economics issues from a local, national and international perspective. They use the tools of data collection, analysis, synthesis and evaluation to examine the issue through an economics lens.
Area of Study
- Economic activity
- Applied economic analysis of local, national and international economic issues
Unit 3 – Australia’s living standards
In this unit students investigate the role of the market in allocating resources and examine the factors that affect the price and quantity traded for a range of goods and services. Students investigate the key factors that affect the level of demand and supply in markets and how these might lead to changing prices, as well as the movement of land, labour and capital resources to those areas of production that generate the most value for society. Students develop an understanding of the key measures of efficiency and how market systems might result in efficient outcomes.
Area of Study
- An introduction to microeconomics: the market system, resource allocation and government intervention
- Domestic macroeconomic goals
- Australia and the international economy
Unit 4 – Managing the economy
This unit focuses on how the RBA and the Australian Government can utilise monetary and budgetary policy respectively to affect the level of aggregate demand in the economy to help stabilise the business cycle to achieve the domestic macroeconomic goals. Students also examine the role of aggregate supply policies in creating a stronger macroeconomic environment so that the domestic macroeconomic goals can be more easily achieved. This occurs by students investigating the different approaches that policymakers may take to promote efficiency through productivity growth, reductions in the costs of production, and improvements in the quality and quantity of the factors of production.
Area of Study
- Aggregate demand policies and domestic economic stability
- Aggregate supply policies
Entry and Recommendations
There are no prerequisites for entry to Units 1, 2 and 3. Students must undertake Unit 3 prior to undertaking Unit 4.
Assessment
Satisfactory Completion
Demonstration of achievement of outcomes and satisfactory completion of a unit are determined by evidence gained through the assessment of a range of learning activities and tasks.
Level of Achievement
Unit 1 and 2
- Coursework – Unit 1
- Folio of exercises
- Investigation report
- Presentation
- Examination
- Coursework – Unit 2
- Folio of exercises
- Economic simulation
- Presentation
- Examination
Unit 3 and 4
- Unit 3 School-based Assessment (25%)
- Folio of applied economic exercises
- Case study
- Report
- Unit 4 School-based Assessment (25%)
- Essay
- Report
- Problem solving exercises
- Examination (50%)
Legal Studies
Course Description
In contemporary Australian society there is a range of complex laws that exist to protect the rights of individuals and to achieve social cohesion. These laws are made by bodies such as parliament and the courts and are upheld by a number of institutions and processes within the legal system. Members of society interact with the laws and the legal system in many aspects of their lives and can influence law makers. The study of VCE Legal Studies enables students to become active and informed citizens by providing them with valuable insights into their relationship with the law and the legal system.
Course Structure
Unit 1: The presumption of innocence
In this unit students describe the main sources and types of law and evaluate the effectiveness of laws. They explain the purposes and key concepts of criminal law. They use legal reasoning to argue the criminal culpability of an accused based on actual and/or hypothetical scenarios. Students explain the key concepts in the determination of a criminal case.
Area of Study
- Legal foundations
- Proving guilt
- Sanctions
Unit 2: Wrongs and rights
Students explain the purpose and key concepts of civil law and resolution of a civil dispute. They investigate a contemporary human rights issue in Australia.
Area of Study
- Civil liabilities
- Remedies
- Human rights
Unit 3: Rights and Justice
In this unit students explore the criminal justice system and the civil justice system.
Area of Study
- The Victorian criminal justice system
- The Victorian civil justice system
Unit 4: The people, the law and reform
In this unit, students explore the ability of parliament and courts to make law and evaluate the means by which the Australian Constitution acts as a check on parliament in law-making. They explain the reasons for law reform and constitutional reform.
Area of Study
- The people and the law-makers
- The people and reform
Entry and Recommendations
There are no prerequisites for entry to Units 1, 2 and 3. Students must undertake Unit 3 and Unit 4 as a sequence.
Assessment
Satisfactory Completion
Demonstration of achievement of outcomes and satisfactory completion of a unit are determined by evidence gained through the assessment of a range of learning activities and tasks.
Level of Achievement
Unit 1 and 2
- Folio of exercises
- Presentation
- Role-play
- Debate
- Report
- Examinations
Unit 3 and 4
- Unit 3 School-based Assessment (25%)
- Case study
- Essay
- Report
- Folio of exercises
- Unit 4 School-based Assessment (25%)
- Case study
- Essay
- Report
- Folio of exercises
- Examination (50%)