Learning the HSC Economics syllabus can be tough — there’s so much theory to learn, all these statistics and economic policies to memorise and include in your HSC Economics study notes , and they’re always changing!
But we’ll let you in on a little secret — scoring a Band 6 is way easier if you follow 7 specific steps.
We’ve based these steps on over 8 years of research with over 2000+ students who scored 98+ ATARs and 10 years of experience tutoring HSC Economics.
So, what are you waiting for? It’s time to set yourself up to become a high-flying banker!
Step 1: Stay on Top of Your HSC Economics Study Notes Step 2: Work One Week Ahead Step 3: Stay Up to Date with the Economy Step 4: Integrate Case Studies and Statistics Into Your Notes Step 5: Convert the Syllabus into Short Answer Questions Step 6: Write Practice Essays Step 7: Teach Weekly
Across all the top students we’ve interviewed who aced HSC Economics (Band Sixers and State Rankers) NONE used other students’ study notes. Every single one created their own study notes.
This is so important, I’m going to repeat this. No top performing students for the HSC Economics course used other student’s study notes.
Sure, they would access them to get ideas and see how other people structured their notes and what they included in them.
But every single one of them then went away and created their own study notes.
We’ve written up a specific more detailed article that goes through how to create your HSC Economics study notes step by step.
Read it, print it, and follow it to create epic study notes!
Action Points: Write your own HSC Economics study notes Don’t use another student’s notes to study from Other students’ study notes are useful for getting inspiration only Follow this step by step guide here for writing your HSC Economics study notes
Over the last decade, we’ve tutored and interviewed a number of state ranking HSC Economics students, including students who’ve scored 1st in NSW.
We’ve noticed one thing that all HSC Economics state rankers have in common:
They would work (at least) one week ahead of their class at school.
So for example, if their class was covering the topic, Australia’s Place in the Global Economy , syllabus dot point, Trends in Australia’s Trade Patterns , they would have covered it the week before.
In their own time. they’d be working on the next syllabus dot point to come, Trends in Financial Flows — Debt & Equity .
Studying the HSC Economics syllabus one week ahead of your class is a super powerful strategy for 3 reasons that have to do with memory retention and comprehension.
When you stay 1 week ahead, you have to teach yourself content.
Generally speaking, when you teach yourself something (because you’ve had to really focus and put in more mental effort) you remember the material better.
Want to stay ahead and teach yourself upcoming topics? Check out our HSC Economics Study Notes and Videos page!
Secondly, working ahead gives you more levels of repetition (which is a key building block of memory).
You’ll hear the same content repeated in class, and then you’ll also complete any homework questions your teacher gives you, which means you’re getting an extra level of repetition.
Finally, covering the material before you cover it in class means that in class you can really ask specific questions to really clarify your knowledge about the material, instead of asking really basic ones that the textbook likely covers.
You might be thinking right now — okay, I’m convinced there’s lots of benefits in going 1 week ahead BUT… I’m struggling to keep up with all my study as it is right now.
How can you realistically work one week ahead?
The good news is that working one week ahead isn’t actually all that difficult! But it does require some planning! Here’s what we recommend:
Print out the HSC Economics syllabus Identify which topic is going to be covered for each term – mark this down on the syllabus For each syllabus dot point in that term, identify the week you’re going to cover it in (e.g. Week 1, Week 2, Week 3 etc) Start covering the first syllabus dot points for that topic in the school holidays, the week before the term begins
That’s it! It’s that simple!
The key is using your last week of school holidays (for any holiday period) effectively to start getting ahead and covering what your class will cover Week 1 of that term.
Alternatively, you can also join an Art of Smart Economics Tutoring class at our Hornsby Tutoring campus, Castle Hill Tutoring or Online! Our classes for Economics move 1-2 weeks ahead of what you’re learning at school to make it easier for you to get ahead!
The simplest way to get ahead if you’re in this position is to follow steps 1-3 above, and then c over 2 weeks worth of syllabus content (based on your term plan in Step 3) this week.
Yes, it means more work — but the good news is that it’s limited to 1 week of intense, hard work. Then you’re 1 week ahead and cruising.
So, to wrap all those steps up, let’s take a look at the action points:
Action Points: Make a commitment to go 1 week ahead of your class in the HSC Economics course Download and print out the HSC Economics syllabus Go through the syllabus and map out which content will be covered in which weeks of each school term If it’s the school holidays, use this time to cover the first week of content before school starts so you get ahead If it’s mid-term, cover two weeks of content in 1 week and then follow the weekly plan
Simply knowing the content for the HSC Economics course won’t get you a Band 6. It might get you a low Band 5… if you’re lucky.
What distinguishes a Band 6 (and State Ranker) HSC Economics student from the other 6,000 students who sit the course each year, is the degree to which:
These are unexpected questions that don’t necessarily fit the typical mould that require an in-depth understanding as opposed to rote memorising of the content.
It’s also these questions that top performing students get correct, thanks to staying up to date with the economy.
On the HSC Exam papers, at the top of each section it provides the ‘Marking Guidelines.’
Most students skip over these to get to the question, but they’re actually really important.
Because it’s where NESA is telling you what you need to do to score top marks!
See this example here:
You’ll note that it specifically states: “ apply relevant economic information, terms, concepts, relationships and theory ”.
This means USE LOTS OF ECONOMIC DATA!
If you don’t use economic data — you’ve pretty much capped your essay at a Band 5 (maximum!). To get the Band 6, you need to stay up to date with the Australian and global economy.
Tip #1: spend 30 minutes each week reading the news over breakfast.
So how can you stay up to date with the economy each week?
You need to dedicate some specific time each week, although it can easily be done in down time that you have so it doesn’t feel like ‘study’.
A simple way to do is to make it part of a Saturday or Sunday breakfast routine (or every morning’s breakfast routine if you’re super motivated!)
Here are some TV programs and news outlets you can watch and read to keep up to date on current economic affairs this year!
When I was doing my HSC, I made it part of my Saturday morning breakfast routine. I’d pull out the weekend paper, and look through any article that appeared to be about the economy.
I’d read it with a pen in hand, highlighting any relevant sections. I’d then also jot down what part of the HSC syllabus it related to.
Usually I’d find 2 articles that were relevant — all in simply 30 minutes of reading time while I ate breakfast. Simple and easy!
Every month the RBA meets to make a decision on monetary policy.
In the following days they then publish a comprehensive set of minutes from their meeting with their rationale for the cash rate decision.
In this rationale, they include A LOT of information about the current state of the domestic and global economy.
That means reading through them is a fantastic way to get monthly up to date statistics and trends in the quickest amount of reading time possible!
Each month our HSC Economics teaching team at Art of Smart Education shoot a talk-show called the HSC Economics Review (#HER).
Here, we discuss the latest updates in the global and domestic economy and deep dive into why these changes have occurred while analysing the impact of on Australia.
This analysis is key for your essays to score a Band 6 , so watching these videos is a fantastic way to level up your critical analysis in your Economics essays.
A great way to digitally store the articles, highlights and notes you’ve made from reading news article, RBA minutes, or our HSC Economics Review videos is to use Evernote.
Evernote is a great app that works on all devices that enables you to take a picture of an article.
It then converts the picture into a text article which you can then tag/categories and it stores it in the cloud for you to access later.
What’s brilliant is that you can categorise and tag the article based on what part of the HSC Economics course you think it relates to.
THEN, when it comes to creating your HSC Economics study notes, or studying for your exams, it’s super easy to search and find relevant articles with statistics and examples you can use for specific syllabus dot points and essay questions!
If you feel like this is all too much work, the good news is that we can help you with our HSC Economics Tutoring Sydney classes. Each week our experienced HSC Economics teachers will provide you with the key statistics update so you get all the key stats in one place so you can stay up to date and ace your essays!
Action Points: Spend 30 minutes reading the news x 1 per week over breakfast Watch our HSC Economics Review videos once per month Download Evernote onto your phone and take picture/web clip relevant articles with economic data and case studies
Want to score over 95% and get a state rank in HSC Economics?
Then you absolutely need to integrate real world case studies and statistics from the economy into your study notes!
Every HSC student (especially prior to Trials and HSC when motivation kicks in!) with some time can learn the economic theory. After all, it’s in the textbook, and covered in class.
Therefore, as we’ve already noted, to really stand out, you need to show that you not only understand the economic theory, but you can APPLY IT TO THE ECONOMY as well.
This is a lot harder, given that the economy is always changing!
And this is why it’s what will distinguish you from scoring a Band 5/6 and achieving a State Rank.
The best way to do this is by actively integrating real world examples, case studies and statistics into your HSC Economics study notes in an intentional, planned and strategic way.
Sure, if you follow Step 3 and stay up to date with the news, you’ll have a solid understanding of what’s going on in the economy.
BUT whilst under pressure in exams, you’ll need to remember the statistics, examples and identify which is the best one to use.
This can be difficult and often doesn’t result in THE BEST EXAMPLES being used for each part of the HSC course.
That’s why, if you take the time to update your notes every now and then by integrating real world examples, case studies and statistics you find, you’ll be intentionally selecting the best examples for each part of the course!
It also means that every time you study your notes, you’re also refreshing your memory of real world examples and statistics! So it’s got a double-win!
It’s really quite simple.
At the bottom of your notes for a specific syllabus dot point include a new sub-heading as follows:
Economy Case Studies & Statistics
Action Points: As you complete writing your notes for each syllabus dot point, include relevant examples, statistics and case studies from the economy + analysis Update these throughout the year as you find more examples and statistics
How long are your study notes? 40 pages? 50 pages? 70 pages? Do they feel like a mini-textbook?
Often when writing your study notes, it can be hard to work out what is important and needs to go into your notes, and what is additional/irrelevant material.
That’s why Step 5 is so important!
Take your syllabus dot point — for example:
Add a verb at the beginning and a question mark at the end and you can turn this into a short answer question:
“What are the trends in Australia’s trade patterns, and why have they changed over time?”
Once you’ve got this question, you can now use your study notes that you’ve written to write a response to this question.
By having to respond to a mock HSC style question using your study notes, it forces you to consider what is actually important and helps you to evaluate the quality of your study notes.
There are also two additional very powerful reasons why you want to do this.
You write model answers to common questions for every single HSC dot point.
This means that you’re practising applying your knowledge to questions and every time you then review your study notes, you are actually also reviewing model answers to questions!
As the year passes and you complete mock HSC style short answer questions for every syllabus dot point, you are also completing past HSC papers one question at a time.
So by the time HSC Trials and exams come around, without even realising it, you’ve likely completed 4-5 past papers worth of short answer questions!
Don’t wait until your assessment or exam is around the corner! By then it will be too late and you’ll feel that the task is simply too overwhelming to complete.
Instead, each week during the term as you complete a dot point of the course in class, work on your short answer question then.
This way, you’re tackling the unit in small chunks, and by the time you’ve arrived at your assessments and exams, you’ve already been doing lots of exam practice!
Action Points: As you complete your study notes for a HSC Economics syllabus dot point, turn it into a mock HSC style short answer question Use your study notes to create a model response to the question Use the model response to cut/add/improve your study notes Integrate the model answer into your study notes When studying and revising your notes, review the model answer each time as well!
Do you write practice essays for HSC Economics?
A key difference between a Band Sixer and a State Ranker is the number of practice essays they wrote throughout the year.
In fact, from 10 years of tutoring experience with HSC Economics, I can confidently say the following rule is true: t he number of practice essays you write is directly proportional to your final result.
Why is this true?
Writing essays is a great way to achieve a couple of goals at the same time.
40% of your total HSC Trials and HSC marks are essays. So it pays to be able to write killer essays as they are going to have a big impact on your marks.
They are also the place where students differentiate themselves from their peers to stand out and score a Band 6.
Overall, students will generally pick up fairly solid marks on multiple choice and short answer sections, but struggle to really get marks above 16/20 for essays.
So it’s where you can really be ahead of the pack!
Feeling motivated to get a head start? Here’s our Complete List of HSC Economics Essay Practise Questions for you!
Think about it, each paragraph in an essay is essentially a short answer response.
So by working on an essay, you’re actually killing two birds with one stone by also getting some short answer practice in for HSC Economics.
When you get taught HSC Economics in school, everything is taught, ‘ceteris paribus’ which means ‘all other things remain equal’.
This basically means you get taught concepts and ideas in isolation — so you’ll learn about economic growth separately to inflation.
The idea behind this is that it makes it easier for you to understand how each concept works.
The challenge however, is that in your assessments and exams, you’ll be asked to explore the connections between different ideas in the course.
If you’ve only focused on multiple choice and short answer questions, you won’t have developed this skill to be able to synthesise concepts across the entire course.
So writing essays during the year is critical for helping you build this skill!
Writing essays and having to go into more depth about specific topics is a great way to revise the content.
You have to include definitions, theory, diagrams, statistics, trends and analysis in essays.
So, by writing these essays, you’re building up your memory and understanding across all key areas of the course.
If you’re looking for a tutor to review your work and make sure you’re on the right track, our Blacktown tutors are here to help!
As the year progresses, you want to get strong coverage with your essays over the entire course.
We recommend that you write 2 essays per topic, with a total of 8 essays. That’s 2 per term, or roughly 1 every 5 or so weeks. So it’s super achievable!
What topics essays do we recommend?
Topic | Suggested Essay Focus |
---|---|
The Global Economy | - Case Study - Protection and Global Trade |
Australia’s Place in the Global Economy | - CAD - Exchange Rates |
Economic Issues | - Environment - Income Distribution |
Economic Policies | - Macroeconomic Policy (Fiscal + Monetary) and its impact on Economic Growth, Unemployment and Inflation - Microeconomic Policy with the Labour Market |
We’ve written a comprehensive step by step article that shows you exactly how to write a Band 6 HSC Economics Essay that will impress your exam markers!
Action Points: The number of practice essays you write is directly proportionate to your marks at the end of Year 12 The goal is to write 8 essays during the year leading up to HSC Trials — 2 per topic This works out at roughly 1 essay every 5 weeks of school term, or 2 per school term
Wanting feedback on your essays so you can ace your final HSC Economics exam? Get some support from our tutors in the Hills District !
The final step in getting that Band 6 in HSC Economics is to teach someone weekly.
What’s the rationale behind this?
Ultimately the best way to improve is to get more feedback.
Quite often, the first time students receive feedback is when they get their exam or assessment results back.
This is the WORST time to get feedback because you can’t change it!
If you could have received this feedback BEFORE the exam however, you could have changed the outcome.
When you teach someone, you get immediate feedback on how you are going — whether you’re right, or whether you could improve your answer.
So by teaching someone each week, you can identify your weak areas and focus on them to ensure you develop your understanding by the time exams come around!
Teaching someone else has multiple levels of repetition.
You read your notes, communicate the key ideas, the person asks questions and you reply.
This has at least 4 levels of repetition. Compare this to reading your textbook which has 1-2 levels of repetition.
Ultimately, memory building is about repetition — and the more levels of repetition you can fit in the same amount of time, the better!
Finally, teaching someone else enhances your analysis!
T his is because they will ask you questions, which forces you to think more about the connections that exist in the economic course.
You’ll also often find yourself getting into discussions and debates about whether the RBA will drop the cash rate, or whether the budget is effective, or if our unemployment rate is actually an issue.
This debate is critical, because you’re essentially developing your analysis here that you can use in your essays!
Keen to add more depth to your responses? Here are the 4 Economists you should know for the HSC to score a Band 6!
There’s three simple options you can use to teach others.
So given that you’re going to be reading the paper each weekend at breakfast, looking at the key economics news, use this as an opportunity to teach.
Explain to your family the key points in the article, and what the impact will be for the Australian economy.
This is an easy way to integrate this into your week without it taking up additional time.
Find 1-2 friends who you are studying HSC Economics with and schedule in a weekly time (either during a free period or after school), where you can sit down and teach each other.
Each week, pull out the syllabus for what you have been doing at school.
Then, identify the hardest parts that you are all having difficulty with and try to quiz then teach each other the content.
Additionally, you can also work on the short answer questions together.
This will enable you to complete quicker, and to a higher quality as you are tapping into 3 brains instead of just yours!
Let your teacher know that you are available to help any students in your class who might need some extra support via peer tutoring.
This way, if anyone needs help, you can be the go to person to help them.
You might be thinking — “But I’m competing against my peers. They might get a better rank than me. Shouldn’t I focus on me rather than on helping someone else?”
Honestly, if you’re tutoring a friend, they’re likely struggling and ranking poorly, so it’s going to take a BIG improvement for them to outrank you.
Additionally, by teaching them, you’re actually doing some of the best study ever from a memory point of view so you’re going to be also advancing in big leaps!
This means you’re actually helping yourself by helping your peers!
Action Points: Teach your family the key concepts from the news articles you read each week over breakfast Form a study group with 2-3 friends so that you can increase your feedback loop and quality of your analysis Volunteer to peer tutor any students in your grade who are struggling
And that wraps up our definitive guide to acing HSC Economics and getting that Band 6! Good luck!
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New south wales, queensland and victoria.
Jan 18, 2015
Every school has a different way of approaching economics essays and that is probably the way you will learn to write them.
Always much more of an English person, I considered Economics my weakness and really struggled in the beginning to write perfect essays. However, with a lot of practice I developed a formula that served me well in Trials and the HSC. I ended up getting a 97 in Eco and I think learning to write successful essays played a big part in that.
I’ve seen lots of example essays given out by teachers as exemplars that are heavy on theory (which is also important) but light on current information. I think this is where the real marks lie. Economics essays should be logical, clear, succinct and simply written. Here then are some of my tips for developing a kickass essay style:
Your introduction should provide comprehensive but succinct definitions of all the terms in the question. Go to your textbook (especially the Riley one) for the best definitions and have lots of them up your sleeve in exams. Then briefly outline the answer to the question and list the points you will discuss, kind of like a table of contents. If it’s applicable, you can also give some brief information on the current situation in the economy i.e. statistics, currently policy stance etc.
Here’s a top-notch example of an introduction for the following essay question:
Analyse the causes of an appreciation in the value of the $A and the impact of a sustained appreciation of the currency on the Australian economy.
An exchange rate refers to the price of one currency expressed in terms of another in order to give a measure of its purchasing power. The two main ways of measuring the $A are through a bilateral measurement (the $A measured against one other currency, usually the $US) or through the Trade Weighted Index, which measures the $A against the currencies of Australia’s major trading partners, weighted according to their importance to Australia’s trade. Since financial deregulation in 1983, Australia has had a floating exchange rate – meaning that the $A is determined by the market forces of supply and demand. An appreciation of the $A – which refers to an increase in the purchasing power of the currency – will therefore occur as a result of either an increase in demand or a decrease in supply. The major impacts of an appreciation of the $A include its effect on the BOGS component of the Balance of Payments, inflation in Australia, issues associated with international competitiveness and appropriate policy responses, as well as the valuation effect on Net Foreign Debt.
So you’ve covered all the definitions, given a bit of background and outlined how you’re going to answer the two parts of the question. If this was still 2012 or 2013 you could briefly discuss the recent sustained appreciation and give some stats…but you get the gist.
Now for the body! Before even putting pen to paper, it’s important to consider the most logical structure for the essay. I used to spend about 5 minutes during the exam quickly coming up with a structure and it was never time wasted. For example, you might split the essay into different parts to address different sections of the question separately. Or you might structure the essay in terms of cause and effect, domestic vs. global influences etc. Whatever you choose, make sure it’s logical. You can’t have stuff all over the place.
In a great Economics essay, every paragraph will include simply-written but sophisticated theory. Unlike English, it’s best not to use big words and complicated senses. You just have to get to the point, and kind of treat the marker like an idiot…this means you have to explain every step in a process. Where applicable, include a clear diagram with an explanation. After the theory and the diagram comes the current information. SO IMPORTANT!! An Eco essay is nothing without some info from the real world, and a really good essay will be covered in numbers.
You can be original with your conclusion. Obviously, sum up your points but it’s a good idea to include a brief discussion about the future of the issue e.g. consequences for policy, for the economy etc. Let’s use an essay on China as an example. In your conclusion you might talk about how China will have to find other sources of growth, will have to address growing environmental challenges…
Here’s my own conclusion:
While globalisation and government policies have contributed to increased trade, investment and financial flows and a consequential improvement in living standards, China still faces various challenges to its future economic growth and development – particularly environmental issues, disparities between regions and rebalancing the economy’s sources of growth. If government policies prove successful in managing these issues, China may very well become the world economic superpower in future decades.
I hope these tips prove useful! And the one thing I can’t stress enough is practice, practice, practice. Sounds like the most obvious thing in the world but if you really commit to it, you’ll start seeing the results.
Don’t forget that you can submit practice essays or parts of essays to the HSC CoWorks online marking service and it will be marked with constructive feedback within 72 hours.
Texts and human experience, module c - the craft of writing, pdf of our planning pad for download, pdf of our mind map pad for download.
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Every HSC journey comes with its setbacks & challenges, but overcoming obstacles is where the true growth happens! It’s not about avoiding challenging tasks—it’s about developing the mindset and strategies to push right through them. Here’s how to tackle obstacles head-on: 1. Stay Solution-Focused: Instead of getting stuck on what’s hard, focus on finding solutions. Break tasks into smaller, manageable parts. 2. Ask for Guidance: Whether it’s a teacher, coach, or family member, don’t dismiss reaching out for guidance when you’re stuck. HSC CoWorks coaches work with students every week to switch them into a growth mindset, see past the challenge and find a way forward. 3. Learn from Mistakes: if something isn’t working, adjust your plan, your approach, your technique. Remember, your mistakes are stepping stones to success. Keep pushing forward! 👊 Obstacles are part of the process, whether you’re a sporting hero or HSC student. Stay determined, and you’ll come out stronger! 💪 #hsc2024 #hscstudytips
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Prelims are done and Year 12 is almost here! What can you do to start Year 12 strong? 💪🏻
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This is my state-ranking guide to collecting statistics for HSC Economics!
Zack Bolland
99.80 ATAR, Dux, 8th in NSW for Econ
To put it simply, students who use economic statistics provide credibility to their arguments. The HSC Economics course requires students to formulate arguments in response to short answer and essay questions.
Using statistics as supporting evidence proves two things to the marker:
The arguments you are marking are valid and have occurred in real life.
You have engaged with the course content and are reading beyond the syllabus.
It is a well-known fact that students who use statistics throughout their responses are rewarded with higher marks than those who choose not to. This is because markers do not have to deliberate as to whether a certain economic theory or concept is true - statistics provide the evidence that they are looking for.
Economic statistics help markers differentiate between correct and dubious claims, which can also assist students with weak theoretical knowledge to prove their point in a more efficient manner. Moreover, the HSC Economics syllabus and HSC Economics exam marking guidelines imply that statistics are needed to achieve top marks, as students are required to make a “well-informed judgement” - a judgement that require quantitative evidence.
Looking for a handy source of statistics? The HSC Economist articles published by Project Academy are a great source of statistics!
The most versatile types of economic statistics are based on the six core economic objectives mentioned in the syllabus under Topic 3. These statistics can be used as supporting evidence in a variety of essays and short answer questions, particularly for essay questions based around statistics/changes in the Australian economy.
Economic Growth → Real GDP (quarterly and yearly)
Price Stability → Underlying Inflation Rate (quarterly/yearly)
Full Employment → Unemployment Rate, Size of Labour Force, Participation Rate, Underemployment Rate, Unemployed Persons, Youth Unemployment Rate
Distribution of Income and Wealth → Gini Coefficient (yearly figures)
Environmental Sustainability → Greenhouse Gas Emissions (quarterly and yearly)
External Stability → BOGS, Current Account Balance, NFD and NFL as a % of GDP, Exchange Rates, Terms of Trade, NPY Balance (quarterly/yearly figures)
Interest rates (monthly), including rationales for each cash rate movement
Size of Budget, Budget Outcomes and Fiscal Policy Stance, including rationales for each decision
Include specific policies from each Budget (preferably from the last ten years) with statistics
Number of countries participating and year created
Total exports that go towards countries involved in the agreement
% of GWP the FTA accounts for
% of protection removed between member nations in terms of trade in a particular industry
Examples of specific policy decisions with related statistics
When preparing for the Case Study, it’s important to consider Australia’s Economic Objectives in the context of your chosen country. For example, consider the rate of Real GDP in your chosen country or their level of Greenhouse Gas Emissions - Australia’s economic objectives are a great starting point when looking for statistics for your case study. This will ensure you can answer an essay question that asks you to compare and contrast Australia and an economy of your own choosing. It is also important to note down policies that your selected economy has implemented throughout history, which is a more common question in the HSC.
Household Savings Ratios
Export and import composition
Changes in the value, direction and composition of trade and financial flows
Minimum Wage
Composition of the Balance of Payments
Composition of Net Foreign Liabilities
I would encourage students to organise their economics statistics to specific years or time periods. Why? Because there are many statistics that can be used across a variety of topics and subtopics. For example, statistics about Australia’s historical current account deficit can be used in a Topic 2 essay (Balance of Payments), a Topic 3 essay (External Stability) and even a Topic 4 essay (Fiscal Policy). When you organise your statistics by time periods or years, you only have to memorise the statistics once and can reuse them where necessary.
When creating my own ‘Economics Statistics Sheet’, I stuck to these time periods and key concepts:
20th Century → Pre-2000s
Global Resources Boom → Mid-2000s
GFC → 2007-2009
Australian Mining Boom → 2010-2012
Post-Mining Boom Slowdown → 2012-2016
BREXIT and US-China Trade Tensions → 2016-2019
COVID-19 → 2020- (ongoing)
Future Projections and Predictions → 2025 onwards
Students should prioritise recent time periods over historical data (i.e. more than ten years ago) as markers will often consider the data to be outdated and/or irrelevant. However, it is important for students to analyse some historical data, as it can be used as a reference point to highlight the importance of economic policies and targets. For example, comparing Australia’s 1980s inflation rate with its 2010s inflation rate demonstrates the effectiveness of the inflation targeting framework that Australia adopted in the early 1990s. Thus, by organising statistics by time periods, it allows students to make a more informed judgement that recognises the significant changes that have occurred in both the global and Australian economy.
Write about how to use economic stats to maximise marks, maximise persuasiveness of arguments, etc
Provide a short answer question exemplar involving use of statistics
The fundamental rule of using economic statistics is that they should be used to support the argument a student is making, not to make the argument for them . With this in mind, I’d encourage students to use statistics after they make an argument and explain their argument - you don’t want to use a statistic too early! Statistics are meant to act as a ‘proof’ for the claim(s) that a student makes in their essays or short answer responses.
It is also wise for students to use two statistics from different time periods in the same sentence to show the effect of XYZ or to prove how an economy has transitioned. In the below example, I compare the level of income inequality that Australia had in 1997 to the level of income inequality that it has now . This statistic is effective because it shows that Australia has an ongoing problem with income inequality, which has increased since the 1990s . Notice that this statistic is not used to make my argument that the LMITO tax offset will improve income inequality, rather it is used to prove to the marker that there is a need for this policy and that the ‘likely impact on Australia’s economic performance’ is that it will resolve the issue mentioned in the statistic.
“Outline one policy from the recent budget (2021/22) and assess its likely impact on Australia’s economic performance” (3 marks)
The continuation of the $7.8b low-middle-income tax offset will increase the disposable incomes of 10.2 million low-middle-income earners in Australia by limiting the rate of tax paid as a leakage. This will have a greater-than-proportional benefit for lower income households, improving the level of income inequality in Australia. For Australia, its current 0.323 Gini coefficient created a need for this policy, as Australia has seen a +0.026 rise in its Gini coefficient since 1997, signalling a deterioration of income inequality over the past 20 years. As such, this policy should also boost the purchasing power of high-MPC, low income earners, leading to stronger consumption levels and greater aggregate demand. This will create a derived demand for labour, limiting the rate of cyclical unemployment and improving economic growth in a broader attempt to reach the 3-4% growth goal set out in the 1997 Mortimer report.
In this exemplar answer, a real-life example, a statistic and additional extension material is used together to formulate a 3/3 response. As you can see, statistics are not used to make an argument in response to the question, rather to supplement the overarching argument that the LMITO tax offset policy will improve income inequality and boost economic growth in Australia.
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When it comes to finding statistics for HSC Economics, there are a variety of useful sources available to students.
An underrated method of finding statistics for HSC Econ is sifting through past papers and analysing the source material included in each paper. Usually, Question 25 and 26 of every Economics past paper will include graphs, statistics and a quote from a famous economist. More often than not, these sources are highly relevant, contemporary information that can be incorporated into a number of essays for the HSC.
Each month, the RBA will create a summary of ‘Key Economic Indicators’ and other assorted statistics that are highly relevant to the HSC course. These statistics will help you keep up-to-date with contemporary economic information, even if you look at it the day before your HSC Econ exam. The resource is easy to read and accessible to all.
If you’re looking for a more detailed set of statistics that will cover all your bases for the HSC, head on over to the ABS website to look at their ‘Key Economic Indicators’ page. This page contains an extensive number of statistics that go beyond the syllabus and can be used as ‘extension material’ to include in essays.
If you enrol as an Economics student at Project Academy , we offer a number of valuable resources and statistics that align to every single syllabus dot-point. Teachers will go out of their way to research and discover additional statistics and examples that can be incorporated into short-answer questions and essays. Joining the Economics cohort at Project will give you access to these valuable insights and the multitude of resources we have available.
If you’re running out of time before your Economics exam and need to memorise a few additional statistics, head on over to Alan Kohler’s daily finance report on the ABC. Not only is the information contemporary, but the report provides an explanation to each statistic and trend, which can also be incorporated into essays and short answers.
To complement your statistics, diagrams are a great way to represent certain concepts or ideas visually. Markers love diagrams because they are visually appealing and they allow the marker to ‘take a break’ from pages of handwriting . When drawn properly and referenced throughout the adjacent paragraph, diagrams are a highly effective way of obtaining additional marks for your essays.
If you want to extend yourself beyond diagrams and statistics, you may wish to use mathematical derivations to prove that a certain economic theory is valid. For example, when explaining the Twin Deficit Theorem, it may be wise to deconstruct the circular flow of income. This will help you prove that a budget deficit is commonly associated with a current account deficit - a historical, causal relationship in Australia.
At equilibrium, Injections = Leakages
Investment + Government Spending + Exports = Savings + Taxation + Imports
I + G + X = S + T + M
(I - S) + (G - T) = (M - X)
Savings-Investment Gap + Budget Deficit = Trade Deficit (CAD)
This mathematical derivation proves the causal relationship between a budget deficit and a current account deficit, validating the argument in a logical fashion.
Supply and Demand Graphs
Appreciation and Depreciation Graphs, e.g. J-Curve Diagram (appreciation, depreciation)
Protection Graphs (tariffs, quotas, subsidies)
Price Floor and Ceiling Graphs
Negative and Positive Externality Graphs
1. in essays.
Diagrams should be used to illustrate difficult concepts in a simple fashion. For example, students may struggle to explain how the Carbon Tax internalises negative externalities and shifts the Marginal Private Cost curve to meet the Marginal Social Cost curve. However, a clearly labelled diagram will help markers identify the intended effect of the Carbon Tax and can be used as a point of reference to supplement an otherwise difficult explanation.
The average student will typically take around 1-2 minutes to construct a diagram in their economics essay. Therefore, students need to be judicious in their selection of appropriate diagrams and the amount of diagrams they decide to use.
Personally, I limited the number of diagrams per essay to 3. I did this for two reasons:
To give myself additional time for explanations, references to the diagram and other areas of the exam paper that were incomplete.
To prevent myself from going overboard with unnecessary diagrams that added little to no value to my essay.
Students should use diagrams at their own discretion, but should know that too many diagrams will detract from the quality of their essay and will not necessarily provide them with additional marks. If you need some examples of how to use diagrams, exemplar past hsc exam papers are a good source of well-written essays with well-executed diagrams!
For tips with economics essay writing, read this article !
Students should avoid using diagrams in short answer questions. Not only do diagrams take up the limited space given to answer short answer questions but they are hardly effective unless they can be properly deconstructed. If you are unsure as to whether you ‘wrote enough’ to achieve full marks in a particular question and you have additional time left over, including a diagram may be worthwhile to secure those missing marks. However, only include diagrams that are relevant to the question and meaningful.
Draw the X and Y axis, label them (approx. a third to a quarter of the page)
Label the curves and draw them accurately
Create points of reference on the X and Y axis (i.e. real stats)
Include arrows and show a movement on the graph
Annotate or scribble where necessary
Include a title and reference it!
These are things commonly searched on google, write 50-80 words per response in an interesting way that reflects your understanding of the course and what you think would be useful for students.
1. Is Economics hard for the HSC?
Conceptually, some would argue that Economics is difficult. However, students who apply their theoretical knowledge to practical study methods, such as past papers, do not find the subject as challenging. Students who engage with the content, read beyond the textbook and prepare accordingly for Economics will not find the subject difficult.
2. What is the best HSC Economics tutoring in Sydney?
Project Academy has achieved four Economics state ranks from 2020-2021. These results are a testament to the close-knit community and the supportive Project staff. Each tutor at Project is an expert in their respective subject and can guide every student to their academic goals. Project’s application-based learning style and exam program (LEAP) has helped its Economics students to routinely achieve high Band 6s every year alongside state ranks.
3. How does Economics scale in the HSC?
Economics is often labelled a ‘high-scaling’ subject due to the complex nature of concepts and ideas introduced in the course. Students who undertake Economics as an HSC subject and perform well in the course are likely to see a significant boost to their ATAR. But most importantly, don’t do Economics just for the scaling — you need to make sure you would actually enjoy the subject!
4. Where can I find year 12 Economics notes?
If you are unable to find notes for Economics, I would encourage you to look through Project Academy’s website to locate additional resources made by state-ranking tutors. Whilst notes are important, it’s also important to consolidate your knowledge via past papers and practice questions. These can also be found on Project’s website.
5. How do I make HSC Economics notes?
The best way to make HSC Economics notes is to use the syllabus dot points as a guide, using in-class resources, textbooks or alternative resources to note down important concepts and ideas under each dot-points. As tempting as it is, it is highly inefficient to write down absolutely everything you can find under each dot-point. Use your own discretion to differentiate between what is important and what isn’t - this will make your note-taking more efficient and effective.
6. What are the best year 12 Economics textbooks?
Most HSC Economics teachers will use Tim Riley or Tim Dixon’s textbook. However, in my honest opinion, textbooks are prone to containing irrelevant information and have a tendency to over-explain and complicate simple concepts. I did not use a textbook in Year 12 and relied on Project Academy’s resources when I was a student there.
7. Is Year 12 Economics similar to Year 11 Economics?
Year 11 Economics focuses on microeconomics, whereas Year 12 Economics focuses on macroeconomics. Most concepts learnt in Year 11 are expanded on in Year 12. A strong foundational knowledge in Year 11 will certainly help students excel in Year 12. Some would argue that Year 12 Economics is considerably more enjoyable than Year 11 Economics due to its real-world application.
8. How do I study for HSC Economics?
To put it simply, students should prioritise their understanding and avoid memorising HSC Economics content. Students should write a detailed set of notes using the syllabus as a guide but should not rely on notes as their only form of study. By completing past exam papers and practice questions in conjunction, students will apply their knowledge to questions that could appear in their HSC exam, allowing them to isolate aspects of the syllabus that they struggle with and to work from there.
What most exam guides miss, and what most students cannot observe, is the hidden mental preparation high performers go through to fully prepare for an exam.
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NOT GOOD: "Economic growth increased by 1 percentage point in 2017 to 2018". NOT GOOD: "GDP was $1.32403 trillion in 2017". GOOD: "The 2017 Budget's Infrastructure Plan injected $42 billion into the economy — up 30% from 2016's $31 billion, and 20% higher than the inflation-adjusted long-term expenditure.".
Editor's Note: Although this post was made in 2018, any sample responses will be written as if they were written in 2016, reflecting the current state of the economy at the time. Step 1: Plan Your Response. Step 2: Finish Your Introduction Strong. Step 3: The Writing Process. Step 4: Practise Writing HSC Economics Essay Plans.
Mathematics STEM Pathway - Stage 5. Mathematics STEM Advanced Pathway - Stage 5. Planning for success in secondary Mathematics. Stage 1 Teacher modelling. Stage 2 First guided practice. Stage 3 Second guided practice. Stage 4 Joint construction. Support materials for students with disability K-6. Assessment.
Economics Essays Plans (Topic 1-4) RETURN TO RESOURCE LIBRARY SUBSCRIBE TO OUR EMAIL LIST. Grade: HSC. Subject: Economics. Resource type: Essay. Written by: N/A. Year uploaded: 2021. Page length: 35. DOWNLOAD THE RESOURCE.
HSC Economics Past Papers. We suggest going through each past paper under test conditions and then getting a teacher or friend to mark your extended response and short answer section responses. Now if you're also studying Business Studies, you should read through our guide on writing a Band 6 Business Studies report!
Important Points about HSC Economics Sample Papers 2025. Alignment with Syllabus: The sample papers are designed to reflect the latest syllabus and examination pattern set by the Maharashtra Board. Variety of Questions: They include a range of question types, such as multiple-choice, short answer, and essay-type questions, providing ...
Still can't quite get the hang of writing Economics essays? Well, you're in luck! Rowan shares his top tips in this video so you can get those precious marks...
This is the ultimate guide to writing an A-range (17-20) essay in the HSC! Essays comprise 40% of your Final HSC Economics Exam, so getting a good grasp on them is paramount. You are required to respond to two essays in the HSC, Section III and Section IV. Each essay is worth 20 marks each. Section III consists of two stimulus-based essays.
HSC Economics resources. Practice with our collection of HSC Exam papers. Updated articles and Economics statistics. Free Download. top of page. Enrol Now. ... Sample Essay Plan. Macroeconomic Policies Essay Plan . DOWNLOAD FREE ESSAY PLAN. Written by Spencer Hu (1st in HSC Economics 2016) Past Papers.
Past Papers Master List. To keep things all in one place for you, here's a master list with all of NESA's past HSC Economics past papers from 2011 to date, complete with the answers and assessed topics! Be sure to bookmark this tab for easy access. 2022 Paper and 2022 Answers. 2021 Paper and 2021 Answers. 2020 Paper and 2020 Answers.
Title. 2013 HSC - Economics Band 5/6 Question 28 sample 1. Author. Board of Studies, Teaching & Educational Standards. Subject. 2013 HSC Economics standards materials. Created Date. 2/10/2015 11:18:47 AM.
Sample answer: b) Calculate the rate of growth in real GDP from 2016 to 2017. (2 marks) Sample answer: c) Explain the relationship between net foreign debt and net foreign liabilities. (2 marks) Answers could include: outline of net foreign debt and net foreign liabilities. explanation of their relationship.
Welcome to the home of Ignite's HSC Economics resources! Ignite's team of Economics resource producers comprises several students who achieved a state rank in NSW for the course, as well as high-achieving Economics graduates from the University of Sydney. Our team knows exactly how to achieve full marks for each section of the exam, and we want ...
HSC Standards Package for Economics. In 2001 the Board of Studies introduced, as part of the Higher School Certificate, major changes to the way in which student achievement was reported. ... Exemplar samples of non-multiple choice items. The 2002 Standards Packages include in a separate area an exemplar sample for all questions and options ...
Look for examples of economic theory in the news, in case studies, or even in your own life. Practice explaining how these concepts apply and what the implications might be. Exam Practice: ... The second document you should create is your HSC Economics Essay Plans. This is where you can craft your arguments for the different topics in the ...
HSC Economics Papers. Home Page Back to Year 12 - HSC Up One Folder. Note: Some materials listed are from old syllabus prescriptions. Note 2: 2021 exams were conducted online, so the format of materials listed may differ slightly. Sample answers or marking guidelines included with most papers. To contribute past papers or other practice ...
Crest Economics - Sample Essay Plans. Crest HSC Economics Tuition Crest offers specialised Economics tuition through our online course. Students enrolled in our online program will have access to: - Detailed resource booklets including essays and essay plans for commonly asked questions - Full length videos covering the resource booklets, accessible for 12 months - Online Q&A help ...
Step 1: Stay on Top of Your HSC Economics Study Notes. Step 2: Work One Week Ahead. Step 3: Stay Up to Date with the Economy. Step 4: Integrate Case Studies and Statistics Into Your Notes. Step 5: Convert the Syllabus into Short Answer Questions. Step 6: Write Practice Essays. Step 7: Teach Weekly.
3. In a great Economics essay, every paragraph will include simply-written but sophisticated theory. Unlike English, it's best not to use big words and complicated senses. You just have to get to the point, and kind of treat the marker like an idiot…this means you have to explain every step in a process.
1. Past Papers. An underrated method of finding statistics for HSC Econ is sifting through past papers and analysing the source material included in each paper. Usually, Question 25 and 26 of every Economics past paper will include graphs, statistics and a quote from a famous economist.
This is a set of 10 20/20 exemplar essays written for HSC Economics Topic 2. Written by Christian, a 99.95 ATAR student who achieved 97/100 in HSC Economics, these essays are both rich in detail and concise and will no doubt be a great help for any student taking HSC Economics. I have vetted this resource carefully and picked it for its quality ...