Somerset Times

Economics at Somerset College

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Somerset Times Edition

Week 2, Term Three, 2017

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Economics is life! Everything from buying a house, to investing in the stock market, to running a business, or working as a doctor, lawyer, teacher, entrepreneur, vet or dentist involves economics; regardless what you do for a job, economics will be part of your life.

Currently, Year 11 Economic students are putting their evaluative skills to good use as they work in teams to solve a real world problem. In summary, students are in the process of advising the Australian Competition and Consumer Commission (ACCC) about a proposed new Woolworths’ development at the Mill on Somerset Drive. This proposed new supermarket will be in direct competition with the independently owned IGA supermarket, which is already operating at this site. When evaluating the proposed development for the ACCC, students will consider the impact the new store will have on competition, prices and Woolworths’ market power in the supermarket industry.

2017 - T3 - W2 - Economics

To assist students with their investigation, the class has looked at a proposed merger between Instagram and Snap Chat. Interestingly, students felt that Instagram should not be permitted to buy Snap Chat because such a takeover would decrease competition in the industry, and increase the cost of advertising on social media for businesses.

As students have been evaluating Woolworth’s proposed development, the class has been commenting on how valuable learning about economics is to them both now and in the future. A summary of the student’s comments can be found below:

Michael Guy, Year 11 Starkey 7

Economics does not only give you the skills to operate and manage a business successfully, it gives you life-related skills to be able to be successful at making money. And as Mr. Oman says 'why would you not study Economics?'

James Harraway Year 11 Andrews 9

I feel that every student should chose to learn economics because you are taught vital information that can benefit you on a day to day basis. Not only that, but it's a fun class that everyone can earn something from. Everything you do, every day is related to Economics in some way.

Gwyneth Van Broekhuizen Year 11 Andrews 4

Economics is a subject all students should pick in Year 11 because it teaches us content about the world that no other subject reaches. The enjoyable subject teaches students about the important financial and economic factors of the government and of course, how to get rich.

Kurt Grgic – Year 11 Andrews 6

Economics is an incredibly interactive subject, where class discussions help shape the classes learning, giving students an enjoyable and diverse understanding. All of the content learned is applicable to our lives at the moment and in the near future, providing vital information, from tips on how to make the most of your money to big picture macroeconomics. After all, economics makes the world go round, and by studying it, all students have a leading edge in life.

Josh Hamlin Year 11 Starkey 7

I chose to study Economics in Year 11 because it is of fundamental importance to gain an understanding of how the world of business works, so that you can apply this knowledge to starting your own business, managing your finances and ensuring you use your money in the most effective way. Even if you don’t work in an industry directly related to Economics, Economics is useful in any job you choose. In Economics, you always learn things that will be useful to you in life after school which is something that lots of other subjects are missing.

Tyge Walker, Year 11 Laver 7

I have found that economics is the most applicable subject that I do. I am sure that the content I am learning today can be applied to anything that I do in the future.

Stepan Zhigulin, Year 11, Franklin 5

You should pick economics in Year 11 because the content that you will study in Economics will most certainly be applied in the future life. This includes tax loop holes, manipulation of law and many other fun things.

Joe McElhone Andrews 4

Economics is a great subject to do that develops your skills and knowledge about everything economics related. Economics is very relevant to any job that you will have, it is useful for almost everything money-related.

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