In making an informed decision, you should consider your performance in your subjects throughout year 11. In particular, you should consider whether your standard of performance in Economics could justify keeping it instead of Science Extension. However, given your comments, it seems like Economics did not appeal to you and/or your performance was not as good as you would have wanted it to be compared to your other subjects.
You seem like a student who is interested in studying medicine. If this is the case, it would be more rational to keep Biology as opposed to Economics given its relevance (alongside Chemistry) to the Doctor of Medicine. From this perspective, Economics does not make a relevant contribution.
The only advantage that Economics has over Science Extension is the unit value. Economics is a 2 unit subject whereas Science Extension is a 1 unit subject. This means that in the event of favourable performance, Economics can make a more positive contribution to your ATAR than Science Extension.
Both the combination where you drop Mathematics Extension 2 and Economics and the combination where you drop Economics and Science Extension means that you will keep 10 units. The first combination can be characterised by the following:
- Advantage - You would not need to worry about Mathematics Extension 2 and its difficulty. The additional time gained from dropping this subject can subsequently be allocated towards your other subjects.
- Disadvantage - While you would not be taking Mathematics Extension 2, you would be focusing on more subject areas than you would if you chose the second combination, which could be more challenging.
The second combination can be characterised by the following:
- Advantage - You will be taking Mathematics Extension 2, which is a high-scaling subject. While scaling is not a primary consideration, it remains relevant in this context.
- Advantage - You would be focusing on less subject areas than you would if you chose the first combination.
- Disadvantage - Mathematics Extension 2 is definitely a challenging subject, although this does not mean that you cannot perform well in this subject and consequently negate this disadvantage.
Additionally, whether you need a backup unit(s) can be questioned because you appear to be determined to achieve favourable results in year 12, meaning that you may likely not need backup units to begin with.
Alternatively, you could keep your current subject combination as it is and allow yourself a bit more time to experience more aspects of your subjects before making the final decision.
I hope this helps!