Surviving High School

HSC Economics

HSC Economics

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 You may be surprised to know that there is more to money than simply spending it on the latest trends. By studying economics in year 11 and 12, you will learn all about the role of the government and how the economy operates. You'll study key topics including, consumers and business, markets, the global economy, australia's place in the global economy, economic issues and more. So, by the time you finish your HSC course, you'll be on your way to solving the world's next Global Financial Crisis! 

    

Preliminary Course 

TOPIC 1: INTRODUCTION TO ECONOMICS

TOPIC 2: CONSUMERS AND BUSINESS

TOPIC 3: MARKETS

TOPIC 4: LABOUR MARKETS

TOPIC 5: FINANCIAL MARKETS

TOPIC 6: GOVERNMENT IN THE ECONOMY

 

HSC Course

TOPIC 1: THE GLOBAL ECONOMY

TOPIC 2: AUSTRALIA’S PLACE IN THE GLOBAL ECONOMY

TOPIC 3: ECONOMIC ISSUES

TOPIC 4: ECONOMIC POLICIES AND MANAGEMENT

 

 

Preliminary Course

Full Preliminary Study Guide #1

Full Preliminary Study Guide #2

 

TOPIC 1: INTRODUCTION TO ECONOMICS

The Nature of Economics

The Economic Problem- Needs, Wants and Scarcity

The Need for Choice by Individuals and Society

Opportunity Cost and Its Application Through Possibility Frontiers

  • Production possibility frontiers and opportunity cost detailed explanation
  • Opportunity cost:

Future Implications of Current Decisions by Individuals, Businesses and Governments. Economic Factors Underlying Decision Making

  • Coming soon!
 

Operation of an Economy

The Production of Goods and Services from Resources (Natural, Labour, Capital, and Entrepreneurial Resources)

  • Producing satisfying goods and services four factors
  • The four factors of production:

The Distribution of Goods and Services

  • The distribution of goods and services:

The Exchange of Goods and Services

  • Coming soon!

The Provision of Income

  • Coming soon!

The Provision of Employment and Quality of Life Through the Business Cycle

  • Coming soon!

The Circular Flow of Income (Individuals, Businesses, Financial Institutions, Governments, International Trade and Financial Flows)

  • Coming soon!
  • The circular flow of income:

Economies: Similarities and Differences

 

  • Coming soon!

 

 

TOPIC 2: CONSUMERS AND BUSINESS 

The Role of Consumers in the Economy

Consumer Sovereignty

Patterns of Consumer Spending and Saving/Dissaving

  • Patterns of consumer spending and saving/dissaving summary

Variations with Income and Age

Factors Influencing Individual Consumer Choice (Income, Price, Price of Substitutes, Price of Complements, Preferences/Tastes, Advertising)

Sources of Income

  • There are five primary sources of income

 

The Role of Business in the Economy

Definition of a Firm and Industry

 Business as a Source of Economic Growth and Increased Productivity

  • Different financial objects a firm may wish to achieve

Satisficing

  • Satisficing as a financial objective of a business
  • The concept of satisificing:

Efficiency and the Production Process

  • Productivity, internal and external economies of  scale

Diseconomies of Scale

  • Diseconomies of scale definition
  • Diseconomies of scale:

Impact of Investment, Technological Change and Ethical Decision-Making on a Firm

  • The impacts on a firm

 

TOPIC 3: MARKETS

Role of the Market  

Coming soon!

Supply and Demand

Law of Supply, Individual and Market Supply, the Supply Curve

  • The supply curve explanation
  • The law of supply:

Factors Affecting Supply (Price/Cost of Production Factors, Prices of Substitutes and Complements, Expected Future Prices, Number of Suppliers, Technology

Movements Along the Supply Curve and Shifts of the Supply Curve

  • What causes movements and shifts in a supply curve? Answer

Law of Demand, Individual and Market Demand, the Demand Curve

  • The different types of 'demand' study notes
  • The demand curve
  • Learn about demand:

Factors Affecting Demand (Price, Income, Population, Tastes, Prices of Substitutes and Complements, Expected Future Prices)

Movements Along the Demand Curve and Shifts of the Demand Curve

  • Movements and shifts of the demand curve

Market Price: Market Equilibrium

  • Market equilibrium diagram
  • The concept of market equilibrium:

Effects to Changes in Supply/Demand on Equilibrium Market Price and Quantity

Ceiling Prices, Floor Prices

Market Failure (Merit Goods, Public Goods, Externalities)

Elastic and Inelastic Supply

Factors Affecting Elasticity of Supply

Significance of Price Elasticity of Demand (Market Research)

  • The importance of elasticity of demand slideshare

Price Elasticity of Demand

  • Price elasticity of demand resources
  • Price elasticity of demand explained:

Elastic, Inelastic and Unit Elastic

  • Elastic, nelastic and unit elastic explanation
  • Elastic, inelastic and unit elastic technical notes

Calculation of Elasticity Using Outlay Method

  • Measuring the price of elasticity of demand

Factors Affecting Elasticity of Demand

  • Three main factors that influence a demands price elasticity

Necessities and Luxuries

  • The difference between necessities and luxuries

Existence of Close Substitutes 

 

Variations in Competition

Market Structures

  • Market structures summary

Pure Competition

  • Perfect competition summary  
  • Pure competition:

Monopolistic Competition

  • Small businesses and monopolistic competition

Oligopoly

  • Everything you need to know about oligopoly

Monopoly

  • Monopoly definition and characteristics
  • Find out more about monopoly:

 

TOPIC 4: LABOUR MARKETS

Demand for and Supply of Labour

The Demand for Labour by Individual Firms: Labour- A Derived Demand

Factors Affecting the Supply of Labour (Pay/Renumeration, Working Conditions, Human Capital, Skills, Experience, Education/Training Levels, Occupational and Geographic Mobility of Labour, Participation Rate)

 

Labour Market Outcomes

Wage Outcomes For All Persons By Income Groups, Occupational Groups, Age, Gender and Cultural Background

  • Wage outcomes for different groups

Trends in the Distribution of Income from Work Over Time

Labour Market Trends: Unemployment/Underemployment

Labour Market Trends: Part-Time Work

  • Changes and trends in part-time work graphs

Labour Market Trends: Casualisation of Work

  • Growth in the number of casual employees in Australia

Labour Market Institutions

Coming soon!

 

TOPIC 5: FINANCIAL MARKETS

Financial Markets in Australia

Primary and Secondary Markets

  • Coming soon!

Consumer Credit, Housing Loans, Business Loans, Short-Term Money Market, Bond Market, Financial Futures, Foreign Exchange

  • Australian financial markets, products and providers definitions

The Share Market- Its Role, Function and Effect on the Economy

  • The role of the share market and its effects on the economy

Regulation of Financial Markets- The Role and Functions of Current Institutions: Reserve Bank of Australia

Regulation of Financial Markets- The Role and Functions of Current Institutions: Australian Prudential Regulation Authority

  • Coming soon!

Regulation of Financial Markets- The Role and Functions of Current Institutions: Australian Securities and Investments Commission

  • The role of the Australian Securities and Investments Commission

Regulation of Financial Markets- The Role and Functions of Current Institutions: Council of Financial Regulators

Factors Affecting the Demands for Funds: Transactions and Speculative Motives

  • Transactions and speculative motives notes

Factors Affecting the Demands for Funds: Financial Innovations

 

TOPIC 6: GOVERNMENT IN THE ECONOMY

Government Intervention in the Economy

Provisions of Goods and Services, Public Goods, Merit Goods

Inequality in the Distribution of Income- Disadvantaged Groups, Relative Poverty

  • Inequality in the distribution of income

Externalities and the Environment- Pollution, Climate Change

Monopoly Power- The Formation of Monopolies, Government-Owned Monopolies, Privatisation, Corporatisation and Competition

Fluctuations in Economic Activity- The Business Cycle and the Adverse Effects of Booms and Recessions

  • Nature and causes of fluctuations in economic activity

 

The Role of the Government

Functions of the Three Levels of Government

  • Australia's three tiered government system

Constitutional Powers

Size of the Public Sector

Reallocation of Resources- Types of Taxes: Direct and Indirect, Types of Expenses

Redistribution of Income- Progressive, Regressive and Proportional Taxes, Social Wellfare Payments

  • Progressive, regressive and proportional taxes overview

Stabailisation of Economic Activity- A Brief Overview of the Stabilising Role of Monetary and Fiscal Policies

  • Monetary policy stabilising prices and output example essay
  • Fiscal policies and the government attempts to stabilise the economy

Types of Budgets (Surplus, Balanced, Deficit)

 

HSC COURSE

Full HSC Study Guide #1

Full HSC Study Guide #2

Full HSC Study Guide #3 

 

TOPIC 1: THE GLOBAL ECONOMY   

International Economic Integration

The Global Economy

Gross World Product

Financial Flows

The International and Regional Business Cycles

  • International business cycles summary

The Basis of Free Trade- Advantages and Disadvantages

Role of International Organisations (WTO, IMF, World Bank, United Nations, OECD)

  • World Trade Organisation, The International Monetary Fund and the World Bank revision
  • World Trade Organisation role
  • International Monetary Fund role
  • The aim of World Bank is to help reduce poverty
  • United Nations outline
  • Organisation of Economic Co-operation and Development role

Influence of Government Economic Forums (G20, G7/8)

Trading Blocs, Monetary Unions and Free Trade Agreements

  • Coming soon!

Reasons for Protection- Infant Industry Argument, Domestic Employment, Dumping, Defence

Coming soon

Methods of Protection and the Effects of Protectionist Policies on the Domestic and Global Economy (Tariffs, Subsidies, Quotas, Local Content Rules, Export Incentives)

Coming soon

Differences Between Economic Growth and Economic Development

  • Economic growth and economic development comparison

Reasons for Differences Between Nations

  • Reasons for differences between nations

Effects of Globalisation

Environmental Sustainability

  • Environmental sustainabiliy:

 

TOPIC 2: AUSTRALIA’S PLACE IN THE GLOBAL ECONOMY

  •  Australia's place in the Global Economy notes

Australia’s Trade and Financial Flows

Trends in Australia's Trade Pattern

Trends in Financial Flows

Australia's Balance of Payments

 

Exchange Rates

Measurement of Relative Exchange Rates

 

Free Trade and Protection

Australia's Policies Regarding Free Trade and Protection

  • Policies regarding free trade and protection slideshare

Australia's Multilateral and Bilateral Free Trade Agreements

  • Multilateral and bilateral trade agreements slideshare

The Implications of Australia's Policies For Individuals, Firms and Governments

  • Short term and long term implications of Australia's policies on different groups

The Implications for Australia of Protectionist Policies of Other Countries and Trading Blocs

  • The implications for Australia of protectionist policies of other countries and trading blocs slideshare

 

TOPIC 3: ECONOMIC ISSUES

Economic Growth

Aggregate Demand and Its Components: Y = C + I + G + X - M

Injections and Withdrawals (I + G + X; S + T + M)

The Simple Multiplier: k = 1/(1 - MCP)

Coming soon

Measurement of Growth Through Changes in Real Gross Domestic Product

Coming soon

Sources and Effects of Economic Growth in Australia

Coming soon

Trends in Business Cycle

Coming soon

 

Unemployment

Labour Force

Coming soon

Participation Rate

Coming soon

 

Unemployment Rate

Trends

Coming soon

Cyclical

Structural

Frictional

Seasonal

Underemployment

Hidden

 

Long Term

Non-Accelerating Inflation Rate of Unemployment (NAIRU)

  • Non-accelerating inflating rate of unemployment explanation

Effects of Unemployment- Economic and Social Costs

Inflation

  • Inflation in simple terms: 

Measurement- Headline and Underlying Trends and Causes

Demand Inflation

  • Explanation of demand inflation essay

Cost Inflation

Inflationary Expenses

  • Inflationary expenses are the expectations consumers have concerning future inflation

Positive and Negative Effects

  • The effects of inflation notes

 

External Stability

Measurement 

  • CAD as a percentage of GDP
  • Net foreign debt as a percentage of GDP is another measure of external stability
  • How net foreign liabilities is broken down

 Trends

Positive and Negative Cause and Effects

International Competitiveness

Coming soon!

 

Distribution of Income and Wealth

Measurement- Lorenz Curve and Gini Coefficient

  • The lorenz curve and gini coefficient tutorial

Sources of Income as a Percentage of Household Income

Sources of Wealth

  • The four main sources of wealth

Dimensions and Trends, According to Gender, Age, Occupation, Ethnic Background and Family Structure

  • The dimensions and trends of distribution and wealth in Australia

Economic and Social Costs and Benefits of Inequality

 

Environmental Sustainability

Ecologically Sustainable Development

  • Common elements of an ecologically sustainable development

Private and Social Costs and Benefits- Externalities, Market Failure

Public and Private Goods- Free Riders

  • Features of public and private goods as well as free riders

 

Environmental Issues

Preservation of Natural Environments

Coming soon!

Pollution, Climate Change

Depletion of Renewable and Non-renewable Resources

Coming soon!

 

TOPIC 4: ECONOMIC POLICIES AND MANAGEMENT

  •  Economic policies and management notes

Economic Objectives

 

Potential Conflicts Among Objectives

Macroeconomic Policies

Fiscal Policy

  • The effects of budgetary changes on resource use, income distribution and economic activity
  • The use of a surplus in the fiscal policy

Monetary Policy

  • The purpose of monetary policy
  • Reserve Bank of Australia's monetary policy

Microeconomic Policies

  • Individual product and factor markets, regulation and deregulation

The National System for Determining

  • The National Employment standards
  • Fair Work Ombudsman- National minimum wage
  • Fair Work Australia- Enterprise agreements

National and Global Context for Environmental Management

  • Regulations, market-based policies, targets, and international agreements revision

Limitations of Economic Policies

Policy Responses and Their Effects in Dealing with the Economic Objectives

Coming soon!

 

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