Economics:
Know your budget
s. You should check out past VCAA papers for the types of questions you'll get, but you should know how things in the budget affect the various economic objectives. It's not enough to know this year's, you should read up on the last five years. Look for what stance they take, and pick a policy that you can easily remember for each objective (an increase in the intake of skilled migrants and its effect on economic growth, for instance).
Know your current trends. By current, I mean the past 12 months. Know the basics: inflation rate, unemployment rate, interest rate, exchange rate. Know the numbers and the factors that have contributed to them.
SACs: I think the
Study Design should say what your outcomes should cover. I didn't use it myself for sacs, but I used it to make a check list for end of year revision. It probably varies from school to school, so I think it's best to just ask your teacher.
Exam:
Section A: Multiple choice. All you need is theory for this. This is easiest place to get marks in the exam, so don't stuff it up! Besides a couple of ambiguous questions, you should be able to do all of them in reading time. If you have time at the end, go back and check (the time away from them might let you see mistakes you wouldn't have seen when you were doing them all at once).
Section B: This part is reaallly long. This is also the part where all your studying of budgets and keeping up with the news pays off. There are only a couple of 'questions', but they are made up of lots of parts. They were kind of similar to the question structure in my sacs, but longer. If you're super smart, you should be able to handle everything they throw at you, but if you're like me, you need to learn the art of bullshitting. There were a couple of times I just stopped and went 'wtf?' in the exam. For situations like this, you need to calm down, look over the question and grab onto the thing that looks most familiar to you. Just write about that, and attempt to answer the question. Try to make it sound like you know what you're talking about, so don't just slap random crap onto your answer, make it flow and display a logical thought process. The ability to display this should be drilled into your skull through the conversations you have in class and in the answers you write for sacs and homework. You don't really need to BS that much. Besides that balance question last year, it's only for the specifics (eg, policy implemented in the past five years). You might not know that, but you should still be able to scrounge some marks using your basic knowledge. This basic knowledge (supply/demand factors, objectives, etc) is covered over and over again throughout Units 3 and 4, so it shouldn't be that big of a worry. Finally, answer the question. There was an exam section at the back of my textbook (and also in checkpoints) that explains what you have to do to answer different types of questions (explain, describe, analyse, etc). For a question like ' ... describe the relationship between these two', it's not enough to just define each term, you have to detail how the two interact, whether they complement or contradict one another, etc.
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