WACE Economics

Subscribing to ReviseOnline WACE Economics course (Units 1&2 and Units 3&4) gives you access to an extensive range of revision material, which can deliver a significant boost to your ATAR score. WACE Economics is designed to give the student a better understanding of the analysis of the allocation, distribution and utilisation of scarce resources that determine our wealth and wellbeing. Unit 1&2 in Year 11 covers economic enquiry and the operation of the economy, while the Year 12 (Units 3&4) course explores Australian economic policy and management in a global context.

Using only WA Curriculum specific assessment material, students use ReviseOnline to develop skills to more effectively articulate responses and manage time pressure, leading to less stress and higher scores.

Users of ReviseOnline Economics will receive:


Topic tests

Exam builders

Full exams

Year 11 (Unit 1&2)




Year 12 (Unit 3&4)




Structure of assessments

  • Topic tests -20 Multiple Choice (20 marks), 2 Short Answers (24 marks). Suggested time 55 min each

  • Exam builders - 24 Multiple Choice (24 marks), 3 Short Answers (36 marks), 1 from 2 Extended Answer (20 marks). Suggested time 2hr 30min each

  • Full exams - 24 Multiple Choice (24 marks), 3 Short Answers (36 marks), 1 from 2 Extended Answer (20 marks), 1 from 2 Extended Answer (20 marks) Suggested time 3hr each

Marking keys

Each test or exam also comes complete with sample answers and WACE style marking keys. Multiple choice is automatically marked for you.

Topic areas covered:

Year 11 (Unit 1&2)

Year 12 (Unit 3&4)

Balance of payments

Aggregate demand and aggregate supply model

Demand, supply and equilibrium

Aggregate expenditure model

Economic Growth

Business Cycle


Economic policy objectives

Income distribution, the public sector and Taxation

Exchange rates


Fiscal Policy


Foreign Investment


Free trade and protection

Market Efficiency; Market Failure; effects of government policies

Global interdependence

Market Power and Externalities

Measures to improve productivity and structural change

Public goods and common resources; Equity

Monetary Policy

The Business Cycle

Patterns of trade and Balance of Payments


Terms of Trade