HSC Topic Three - Economic Issues

0 covered of 54 dot points

Lessons

Nothing written for this module yet. The dot points are listed beside this, so you can still see exactly what the module asks of you and take it to the official syllabus.

What the syllabus asks

Examine economic issues

examine the arguments for and against increasing economic growth rates
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investigate the economic and social problems created by unemployment
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analyse the effects of inflation on an economy
not written yet · needs a worked example
discuss the effect of a continued current account deficit on an economy
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investigate recent trends in the distribution of income in Australia and identify the impact of specific economic policies on this distribution
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analyse the economic and social costs of inequality in the distribution of income
not written yet · needs a worked example
examine the economic issues associated with the goal of ecologically sustainable development
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Apply economic skills

identify and analyse problems facing contemporary and hypothetical economies
not written yet · needs a worked example
calculate an equilibrium position for an economy using leakages and injections
not written yet · needs a worked example
determine the impact of the (simple) multiplier effect on national income
not written yet · needs a worked example
explain the implications of the multiplier for fluctuations in the level of economic activity in an economy
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calculate the unemployment rate and the participation rate using labour force statistics
not written yet · needs a worked example
interpret a Lorenz curve and a Gini coefficient for the distribution of income in an economy
not written yet · needs a worked example
use economic concepts to analyse a contemporary environmental issue
not written yet · needs a worked example
assess the key problems and issues facing the Australian economy.
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Economic issues in the Australian economy

Economic issues in the Australian economy
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Economic growth

aggregate demand and its components: Y = C+I+G+X-M
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injections and withdrawals (I+G+X; S+T+M)
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the simple multiplier: k = 1/(1-MPC)
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measurement of growth through changes in real Gross Domestic Product
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sources and effects of economic growth in Australia
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increases in aggregate supply - improvements in efficiency and technology
not written yet · needs a worked example
trends in business cycle
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Unemployment

measurement
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- labour force
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- participation rate
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- unemployment rate
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trends
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types and causes
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- cyclical
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- structural
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- frictional
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- seasonal
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- underemployment
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- hidden
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- long term
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non-accelerating inflation rate of unemployment (NAIRU)
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main groups affected by unemployment
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effects of unemployment - economic and social costs
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Inflation

measurement - headline and underlying
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trends
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causes
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- demand inflation
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- cost inflation
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- imported inflation
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- inflationary expectations
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positive and negative effects
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External stability

measurement
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- Current Account Deficit (CAD) as a percentage of Gross Domestic Product
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- net foreign debt as a percentage of Gross Domestic Product
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- net foreign liabilities as a percentage of Gross Domestic Product
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- terms of trade
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- exchange rate
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- international competitiveness
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trends
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positive and negative causes and effects
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Distribution of income and wealth

measurement - Lorenz curve and Gini coefficient
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sources of income as a percentage of household income
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taxation, transfer payments and other assistance
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sources of wealth
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dimensions and trends, according to gender, age, occupation, ethnic background and family structure
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economic and social costs and benefits of inequality
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Environmental sustainability

ecologically sustainable development
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private and social costs and benefits - externalities, market failure
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public and private goods - free riders
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environmental issues:
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- preservation of natural environments
  not written yet
- pollution, climate change
  not written yet
- depletion of renewable and non-renewable resources.
  not written yet

Wording is the official syllabus, read from the NESA document by a parser. The full document.