And what the examiner’s report shows about where relevance broke down
One of the strongest undercurrents in the 2024 VCE Economics examiner’s report is how often students gave answers that were correct, but still not rewarded.
These responses contained accurate theory, appropriate terminology and familiar policy explanations. Yet marks were withheld because the answers were not specific enough to the question being asked.
The 2024 exam did not penalise lack of knowledge. It penalised lack of alignment.
When correct theory still failed to score
Across multiple questions in the 2024 paper, the examiner’s report notes that students explained economic concepts accurately but did not tailor them to the economic condition or stimulus provided.
For example, students explained how monetary policy affects aggregate demand, or how fiscal policy can influence economic growth. These explanations were sound.
The problem was that the question was not asking how policy works in general. It was asking how it works here.
Responses that failed to engage with the specific inflationary, growth or labour market conditions described were capped, even when technically correct.
Generic policy responses were the most costly
The examiner’s report repeatedly highlights the overuse of generic policy explanations.
Students described expansionary fiscal policy or contractionary monetary policy without explaining why that policy was appropriate for the economic problem identified in the question.
In some cases, students did not even clearly identify the economic problem before discussing policy. Without that link, the response became disconnected from the task.
High-scoring responses always began with the condition. They then tailored the policy discussion to that condition.
Why “this improves economic outcomes” was not enough
Another pattern noted in the 2024 report was the use of vague outcome statements.
Students wrote that a policy would “improve economic outcomes” or “support the economy” without specifying which objective was affected or how.
In VCE Economics, outcomes must be explicit. Improvement must be tied to an objective such as low inflation, strong growth, full employment or improved living standards.
When outcomes were implied rather than stated, marks were lost.
Data was included but not integrated
The 2024 exam required students to engage with data in several questions.
The examiner’s report notes that many students accurately described data trends but did not explain their significance. Data was treated as something to comment on rather than something to use.
High-scoring responses selected specific figures, compared them, and explained what those differences showed about economic conditions or policy effectiveness.
If the data could be removed without weakening the answer, it was not being used properly.
Why broad answers collapsed under evaluation
Evaluation questions in the 2024 exam were especially unforgiving of generic responses.
Students who listed advantages and disadvantages without prioritising or concluding lost marks quickly. The examiner’s report makes it clear that evaluation requires judgement, not balance.
Generic evaluation avoided the hardest part of the task. The exam rewarded students who confronted it.
What the strongest responses did instead
According to the examiner’s report, high-scoring responses shared clear traits.
They:
- engaged directly with the stimulus material
- identified the specific economic condition
- tailored theory and policy to that condition
- stated outcomes explicitly
- made and justified judgements
These responses were not necessarily longer. They were more focused.
The lesson from the 2024 Economics exam
The 2024 exam reinforced that VCE Economics is not about demonstrating familiarity with theory. It is about using theory with precision.
Students who rely on generic responses, even when accurate, will continue to lose marks. Students who learn to anchor every idea to the question will score more consistently.
What this means for Economics preparation
Preparation must go beyond content revision.
Students need practice in reading questions carefully, identifying what makes this question different, and shaping their responses accordingly.
Generic answers are safe in revision. They are risky in the exam.
Working with ATAR STAR
ATAR STAR Economics tutoring is designed around the exact weaknesses highlighted in the 2024 examiner’s report.
We help students learn how to move from correct theory to targeted application, how to use data meaningfully, and how to write responses that stay inside the question from start to finish.
The 2024 exam showed that alignment, not ability, is what separates marks in VCE Economics.