HSC Economics

 

HSC Economics

Back to the HSC guides list

 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 

 

Preliminary Course

Full Preliminary Study Guide #1

Full Preliminary Study Guide #2

Full Preliminary Study Guide #3

TOPIC 1: INTRODUCTION TO ECONOMICS

The Nature of Economics

The Economic Problem- Needs, Wants and Scarcity

  1. For some basic knowledge on the economic problem, have a look here: Google Docs The Economic Problem

The Need for Choice by Individuals and Society

  1. As a part of life we all need to make choices, click here for the economical perspective: Classof1 Scarcity and Choice

Opportunity Cost and Its Application Through Possibility Frontiers

  1. Click here for a detailed explanation all about production possibility frontiers and opportunity cost: Investopedia Economics Basics
  2. Have a look at this great video on opportunity cost:

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

  1. Curious about what influences the choices and decisions of individuals, businesses and governments? Have a look here to find out: Excel Future Implications of Current Choices 

 

Operation of an Economy

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

  1. In order to produce satisfying goods and services, four factors come into play. Click here to find out how it all works: AmosWEB Scarce Resources 
  2. If you're a visual learner, you might want to check out this video on the four factors of production:

The Distribution of Goods and Services

  1. Click here for a brief definition on the distribution of goods and services: Excel The Distribution of Goods and Services
  2. Here is a short video that will give you a new perspective on the distribution of goods and services:

 

The Exchange of Goods and Services

  1. Here is a quick explanation of the exchange of goods and services in the economy: Excel The Exchange of Goods and Services

The Provision of Income

  1. What is the provision of income, you ask? Click here to find out: Excel The Provision of Income

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

  1. Click here to find a short paragraph on the provision of employment and quality of life: Excel The Provision of Employment and Quality of Life

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

  1. Click here and scroll down for a diagram on the circular flow of income and find out how production and consumption are possible: Excel The Circular Flow of Income
  2. Here is a You Tube video which gives a simple explanation of the circular flow of income: You Tube Circular Flow

Economies: Similarities and Differences

Coming soon!

 

TOPIC 2: CONSUMERS AND BUSINESS 

The Role of Consumers in the Economy

Consumer Sovereignty

  1. Consumer sovereignty ultimately means consumers determine what goods and services are produced. Click here for more info: AmosWEB Customer Sovereignty

Patterns of Consumer Spending and Saving/Dissaving

  1. To learn more about the patterns of consumer spending and saving/dissaving, click here: Excel Consumer Spending and Saving/Dissaving

Variations with Income and Age

  1. Income and age are two important determinants of the level of consumption and saving undertaken. Have a look here to learn more: Excel Income and Age

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

  1. Click here and scroll down for definitions of the factors influencing consumer choice: Excel Factors Influencing Individual Consumer Choice

Sources of Income

  1. There are five primary sources of income. Click here (scroll down) to find out what they are: Excel Sources of Income

The Role of Business in the Economy

Definition of a Firm and Industry

  1. Click here (scroll down) to find out about firm and industry including a firm's production decisions, what to produce, quantity to produce, and how to produce: Excel Definition of a Firm and Industry

 Business as a Source of Economic Growth and Increased Productivity

  1. Have a look here (scroll down) to learn about the different financial objects a firm may wish to achieve, including maximising growth and profits, increasing market share, and shareholder expectations: Excel Business as a Source of Economic Growth and Increased Productivity

Satisficing

  1. Click here (scroll down) to learn about satisficing as a financial objective of a business: Excel Goals of a Business- Satisficing
  2. Here is a short and simple video that explains the concept of satisificing:

Efficiency and the Production Process

  1. This resource will boost your knowledge about efficiency and the production process, including productivity, internal and external economies of scale:  Excel Efficiency and the Production Process

Diseconomies of Scale

  1. Click here (scroll down) for a quick definition of the diseconomies of scale: Excel Diseconomies of Scale
  2. Take a look at this video for an understanding of diseconomies of scale:

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

  1. Click here (scroll down) for information on the impacts on a firm, including production methods, prices, employment, output, profits and globalisation: Excel Impact of Investment, Technological Change and Ethical Decision-Making 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

  1. Confused about the supply curve? This website will help make things a bit clearer: Shmoop The Supply Curve
  2. Watch this cartoon for a simple explanation of the law of supply:

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

  1. For some more information on the factors affecting supply, including technology, cost structure, prices of substitutes and complements and future prices, click here: Infoplease Supply, Demand and the Invisible Hand

Movements Along the Supply Curve and Shifts of the Supply Curve

  1. Want to know what causes movements and shifts in a supply curve? you've come to the right place: Bized Movements in the Supply Curve

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

  1. For short and sweet definitions on the different types of 'demand', check out these study notes: Studymode Year 11 Economic Notes
  2. Check out this website to find out about the demand curve: Shmoop The Demand Curve
  3. This video will bring some entertainment into your study, while also teaching you about demand:

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

  1. To refresh your memory, see these quick dot points on the factors affecting demand: Studymode Year 11 Economic Notes

Movements Along the Demand Curve and Shifts of the Demand Curve

  1. To determine the difference between movements and shifts of the demand curve, take a look at this link: Bized Shifts Versus Movements Along the Demand Curve

Market Price: Market Equilibrium

  1. Have a look at this resource to see a diagram of market equilibrium and how it interacts with supply and demand: Tutor2u Finding An Equilibrium Price
  2. This video will make the concept of market equilibrium much easier to understand:

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

  1. This resource will give you plenty of information on everything in this topic. Scroll down to see the market effects of changes in supply/demand: Google Docs Market Effects of Changes in Demand  

Ceiling Prices, Floor Prices

  1. You might be wondering what ceilings and floors have to do with economics. Check out this website to find out: Investopedia Microeconomics Price Ceilings and Floors

Market Failure (Merit Goods, Public Goods, Externalities)

  1. For an understanding of market failure, have a look at this great resource: S-Cool What is Market Failure?

Elastic and Inelastic Supply

  1. Here is a short explanation on elastic and inelastic supply, including diagrams. Click here: Economics Help Elastic and Inelastic Supply

Factors Affecting Elasticity of Supply

  1. Check out this website to learn what price elasticity of supply actually is, as well as the factors that affect it: Tutor2u Price Elasticity of Supply

Significance of Price Elasticity of Demand (Market Research)

  1. Here is a slideshow that outlines why the price elasticity of demand is important, click here: Slideshare The Importance of Elasticity of Demand

Price Elasticity of Demand

  1. Have a look here for a comprehensive resource about the price elasticity of demand: Tutor2u Price Elasticity of Demand
  2. This simple, clear video will extend your knowledge about price elasticity of demand without making your head spin:

 

Elastic, Inelastic and Unit Elastic

  1. Elasticity often varies among products because some products are in more demand than others. The demand of a good is measured by elastic, inelastic and unit elastic, click here to find out more: Ehow What are Elastic, Unitary and Inelastic Elasticity?
  2. For a more technical and in depth explanation of elastic, inelastic and unit elastic, check out these notes: Google Docs Price Elasticity of Demand

Calculation of Elasticity Using Outlay Method

  1. The total outlays method is a simple method of measuring the price of elasticity of demand. Take a look at this to find out how it works: Interactive Economics The Total Outlays Method

Factors Affecting Elasticity of Demand

  1. Have a look at this website for three main factors that influence a demands price elasticity: Investopedia Factors Affecting Demand Elasticity

Necessities and Luxuries

  1. This resource has a short paragraph about the difference between necessities and luxuries, click here: Essentials of Economics Necessities and Luxuries

Existence of Close Substitutes 

  1. What are close substitutes, you ask? Have a look here to find out: Essentials of Economics Availability of Close Substitutes
  2. For further information about close substitutes, click here: Transtutors Availability of Substitutes 

 

Variations in Competition

Market Structures

  1. Click here for the perfect summary on market structures: Tutor2u Market Structures Summary
  2. Sick of reading pages of notes? Why don't you watch this interesting video about market structures instead:

Pure Competition

  1. Have a look here for an in depth summary about pure/perfect competition:  Tutor2u Perfect Competition  
  2. Perfect competition is another terms used to describe pure competition. Check out this video to boost your knowledge:

Monopolistic Competition

  1. Many small businesses operate under conditions of monopolistic competition, click here to find out more: Economics Online Monopolistic Competition
  2. If you're seeking to find a broader understanding of monopolistic competition, this video will help to ease your mind:

Oligopoly

  1. For everything you need to know about oligopoly, have a look at this great resource: Economics Online Oligopoly
  2. Take a look at this fantastic video to learn all about the concept of oligopoly:

Monopoly

  1. Click here to find out the definition and key characteristics of a monopoly: Economics Online Monopoly 
  2. There's a lot more to monopoly than moving pieces around a game board. Watch this video to find out more:

TOPIC 4: LABOUR MARKETS

Demand for and Supply of Labour

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

  1. If you're wondering what a derived demand is, you will find an easy explanation right here: Cliffsnotes Labour Demand and Supply
  2. To gain extensive knowledge on the demand for labour, have a look at this: S-Cool A Demand for Labour

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)

  1. Click here for a few factors that affect the supply of labour: Tutor2u Supply of Labour to Markets

Labour Market Outcomes

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

  1. Take a look at this great resource for a better understanding of wage outcomes for different groups: No Intrigue Economics The Labour Market

Trends in the Distribution of Income from Work Over Time

  1. This awesome resource will give you facts and figures in regards to trends in the distribution of income, click here: Google Docs Distribution of Income and Wealth

Labour Market Trends: Unemployment/Underemployment

  1. Have a look here to see Australian Labour Market trends for unemployment: Google Docs The Australian Labour Market and Unemployment in 2004
  2. Click here to find information on the trends in underemployment: Google Docs The Labour Market in Australia

Labour Market Trends: Part-Time Work

  1. To see some graphs and percentages that show the changes and trends in part-time work, have a look here: ABS Employment Arrangements- Trends In Part-Time Work

Labour Market Trends: Casualisation of Work

  1. There has been a strong growth in the number of casual employees in Australia. Click here to learn more: Google Docs The Labour Market in Australia

Labour Market Institutions

Coming soon!

 

TOPIC 5: FINANCIAL MARKETS

Financial Markets in Australia

Primary and Secondary Markets

  1. If you're wondering what is the difference between primary and secondary markets, you've come to the right place: Money Thinking Primary Vs. Secondary Markets

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

  1. Here is one document that gives you definitions and examples of all of these terms, keep it handy: Australian Financial Markets Products and Providers

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

  1. Here is a brief explanation about the role of the share market and its effects on the economy: Studymode Role of Financial Markets in a Modern Economy 

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

  1. To find out about the role of the Reserve Bank of Australia, check out their official website here: RBA Our Role

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

  1. The Australian Prudential Regulation Authority has a very important role in the regulation of financial markets. Click here to learn more: The Treasury Australian Prudential Regulation Authority

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

  1. For information about what the Australian Securities and Investments Commission do, have a look here: ASIC Our Role

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

  1. The Council of Financial Regulators is the co-ordinating body for Australia's main financial regulatory agencies. To learn more about this organisation, click here: RBA The Council of Financial Regulators

Factors Affecting the Demands for Funds: Transactions and Speculative Motives

  1. There are many factors affecting the demand for money. Click here to find out about the transactions and speculative motives: Cliffsnotes The Demand for Money

Factors Affecting the Demands for Funds: Financial Innovations

  1. For a quick explanation on the financial innovations factor, check out this website: Tutor2u Demand for Money

 

TOPIC 6: GOVERNMENT IN THE ECONOMY

Government Intervention in the Economy

Provisions of Goods and Services, Public Goods, Merit Goods

  1. To find out all about merit goods, click here: Tutor2u Merit Goods and Services
  2. Have a look here for information on public goods: Bized Public Goods and Merit Goods

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

  1. For a better understanding of inequality in the distribution of income, click here for a brief explanation: MBA Essay Inequality in Income Distribution

Externalities and the Environment- Pollution, Climate Change

  1. This detailed source talks about negative and positive externalities and why pollution is classed as a negative externality. Click here to learn more: International Monetary Fund Externalities: Prices Do Not Capture All Costs 

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

  1. Click here to find out about the formation of monopolies: Economics Online Monopoly Power
  2. To find out about government-owned monopolies and why they exist, have a look here: Ehow What is a Government Monopoly
  3. Want to learn more about the concept of privatisation? Click here: Tutor2u Privatisation and De-regulation

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

  1. For everything you need to know about the business cycle, economic booms and economic recessions, have a look at this: Tutor2u Nature and Causes of Fluctuations in Economic Activity

 

The Role of the Government

Functions of the Three Levels of Government

  1. In Australia there are three levels of government, click here to find out about the functions of federal, state and local government: WAEC Australia's Three Tiered Government System

Constitutional Powers

  1. The Constitution is a legal framework of how Australia is governed. Here are some key features to give you an understanding of its importance: PEO Key Features of the Constitution
  2. It is a challenging process to get the Constitution changed. Have a look here to find out about past attempts and the referendum process: PEO How the Constitution Can Be Changed

Size of the Public Sector

  1. If you're looking for some quick info about the size of the public sector, click here: Budget Size and Structure of the Public Sector

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

  1. Click here and scroll down to find out about reallocation of resources and why taxes are enforced: Harper College The Role of the Government and Government Finance
  2. Curious about the difference between direct and indirect tax? This resource will ease your mind: Wise Geek What is Direct Tax?

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

  1. For an overview of progressive, regressive and proportional taxes, have a look here: Britannica Taxation

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

  1. Here is a great essay all about monetary policy stabilising prices and output. Click here to find out more: International Monetary Fund Monetary Policy: Stabilising Prices and Output
  2. To find out more about fiscal policies and the government attempts to stabilise the economy, click here: Economics Help Fiscal Policy

Types of Budgets (Surplus, Balanced, Deficit)

  1. There are different types of government budget, these include balanced, surplus and deficit. Click here find out what they are: Kalyan City Life Different Types of Government Budget

 

HSC COURSE

Full HSC Study Guide #1

Full HSC Study Guide #2

Full HSC Study Guide #3

Full HSC Study Guide #4

 

TOPIC 1: THE GLOBAL ECONOMY   

International Economic Integration

The Global Economy

  1. Click here for some study notes all about the global economy, you'll be an expert in no time: Google Docs The Global Economy

Gross World Product

  1. For a brief explanation on the gross world product, take a look at this resource: Excel Gross World Product

Financial Flows

  1. Click here for a quick definition of financial flows: Excel Trade and Financial Flows

The International and Regional Business Cycles

  1. To find out more about international business cycles, click here and scroll down: Excel The International Business Cycle

The Basis of Free Trade- Advantages and Disadvantages

  1. Click here (scroll down) to learn about the basis of free trade and its pros and cons: Excel The Basis of Free Trade

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

  1. Click here (scroll down) for some quick revision on the World Trade Organisation, The International Monetary Fund and the World Bank: Excel International Organisations
  2. Want to know more about what the World Trade Organisation (WTO) does? Have a look at this: WTO What We Do
  3. Visit this website to find out more about the role of the International Monetary Fund (IMF): IMF What We Do
  4. The aim of World Bank is to help reduce poverty, to learn more about this great organisation click here: The World Bank What We Do
  5. Looking for a brief outline about the role of the United Nations? See their website here: UN At a Glance
  6. To find out about the Organisation of Economic Co-operation and Development (OECD), click here: About the OECD

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

  1. Take a look at this slideshow for more information about previous topics as well as the influence of government economic forums (G20, G7/8): Slideshare Trade in the Global Economy

Trading Blocs, Monetary Unions and Free Trade Agreements

  1. To boost your knowledge on trading blocs, monetary unions and free trade agreements, have a look at these detailed notes: Enotes Trading Blocs

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

  1. Searching for some quick and easy to read notes about the reasons for protection? Look no further: Bored of Studies Reasons for Protection

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

  1. Click here for some information about the methods and effects of protection policies: Bored of Studies Methods of Protection and the Effects of Protectionist Policies 

Differences Between Economic Growth and Economic Development

  1. Here is a website that compares the differences between economic growth and economic development: Diffen Economic Development Vs Economic Growth

Reasons for Differences Between Nations

  1. Differences between nations come down to many factors, have a look here to find out what they are: Excel Reasons for Differences Between Nations

Effects of Globalisation

  1. Click here (scroll down) to find out how globalisation impacts the world: Excel Impact of Globalisation

Environmental Sustainability

  1. This video will give you a brief outline on what environmental sustainability actually is, click below:

 

 

 

TOPIC 2: AUSTRALIA’S PLACE IN THE GLOBAL ECONOMY

  1.   Sometimes all you need is a good summary. Have a look here for notes on 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

  1. Take a look here to see what direction Australia's trade pattern has taken: Slideshare Trends in Australia's Trade Pattern
  2. These study notes with broaden your mind about the trends in Australia's trade pattern: Google Docs Trends in Australia's Trade Pattern

Trends in Financial Flows

  1. This resource will increase your understanding of the trends in financial flows, click here: Slideshare Trends in Financial Flows

Australia's Balance of Payments

  1. For everything you need to know about structure, current account, debits and credits, capital and financial account etc. Click here: Slideshare Australia's Balance of Payments
  2. Click here to learn about international competitiveness and more info about Australia's balance of payments: Google Docs International Competitiveness

 

Exchange Rates

Measurement of Relative Exchange Rates

  1. This resource will tell you all about the trade weighed index, demand and supply of the Australian dollar and appreciation/depreciation. Click here: Google Docs Trade Weighed Index
  2. Click here to learn about other individual currencies, fixed, flexible and managed rates, influence of the reserve bank, and the effects of fluctuations: Slideshare Exchange Rates

 

Free Trade and Protection

Australia's Policies Regarding Free Trade and Protection

  1. Australia has relied heavily on trade, so of course they need policies to ensure this works. Click here to see what they are: Slideshare Australia's Policies Regarding Free Trade and Protection

Australia's Multilateral and Bilateral Free Trade Agreements

  1. Curious about the difference between multilateral and bilateral? Take a look at this great resource: Slideshare Australia's Multilateral and Bilateral Free Trade Agreements

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

  1. Australia's free trade policies have an impact on individuals, firms and the government, have a look here to find out more: Bizcovering Australia's Free Trade and Protection Policies
  2. Click here to see the short term and long term implications of Australia's policies on different groups: Slideshare The Implications of Australia's Policies For Individuals, Firms and Governments

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

  1. Have a look here for a short pargraph on the implications for Australia of protectionist policies of other countries and trading blocs: Slideshare The Implications for Australia of Protectionist Policies of Other Countries and Trading Blocs

 

TOPIC 3: ECONOMIC ISSUES

  1.  Click here to find study notes on Economic Issues: Economic Issues Notes

Economic Growth

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

  1. If you're wondering what all these letters mean in the aggregate demand equation, click here and your questions will be answered: Auburn Aggregate Demand

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

  1. Click here to find out about the difference between injections and withdrawals: Economics Injection and Withdrawal
  2. For a bit more information on injections and withdrawals, click here: Bored of Studies Injections and Withdrawals (Leakages)

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

  1. For a quick memory booster on thye simple multiplier, have a look here: Bored of Studies The Simple Multiplier

Measurement of Growth Through Changes in Real Gross Domestic Product

  1. Click here to find out about the Real Gross Domestic Product (Real GDP) and how this measures economic growth:  Bored of Studies Measurement of Growth Through Changes in Real Gross Domestic Product

Sources and Effects of Economic Growth in Australia

  1. Have a look at this website to find out about te sources and effects of economic growth in Australia: Bored of Studies Sources and Effects of Economic Growth in Australia

Trends in Business Cycle

  1. Some of the trends of the business cycle include boom, downswing, recession, upswing etc. Click here to find out what they mean: Bored of Studies Business Cycle Trends

 

Unemployment

Labour Force

  1. The labour force is the section of the population over 15 who are working or actively seeking work. Have a look here to find out more: Bored of Studies Labour Force

Participation Rate

  1. Click here for a quick definition of the labour force participation rate: Bored of Studies Participation Rate

 

Unemployment Rate

Trends

  1. Here is a list of unemployment trends and percentages that have happened over the years since the 1960's: Bored of Studies Trends

Cyclical

  1. For a description about cyclical unemployment, check this out: Tutor2u Demand Deficient/Cyclical Unemployment

Structural

  1. If you're looking to boost your knowledge about different types of unemployment, including structural unemployment, have a look here: Tutor2u Structural Unemployment

Frictional

  1. Frictional unemployment is transitional movement due to people moving between jobs. Click here to find out more: Tutor2u Frictional Unemployment

Seasonal

  1. Have a look here for some detailed paragraphs about seasonal unemployment: Wise Geek What is Seasonal Unemployment?

Underemployment

  1. Underemployment refers to when an individual is not working to their full capacity, to learn more have a look here: Investopedia Underemployment

Hidden

  1. You may be curious about what hidden unemployment is, have a look at this resource to find out: Tutor2u Hidden Employment

 

Long Term

Non-Accelerating Inflation Rate of Unemployment (NAIRU)

  1. For a definition and example of this term, check out this website: Investopedia Non-Accelerating Inflation Rate of Unemployment (NAIRU)

Effects of Unemployment- Economic and Social Costs

  1. Unemployment affects more than just the individual, it affects the economy as a whole. Click here to find out why: Tutor2u Economic Costs of Unemployment

 

Inflation

  1. Inflation in simple terms - through cartoon: 

Measurement- Headline and Underlying Trends and Causes

  1. Check out this slideshow to find out how they measure inflation, including examples: Google Docs Inflation and Types of Inflation

Demand Inflation

  1. Here is a brief and easy to read explanation of demand inflation: Wise Geek What is Demand Inflation?

Cost Inflation

  1. Click here for a definition, diagram and other examples of cost inflation: Google Docs Inflation and Types of Inflation

Inflationary Expenses

  1. Inflationary expenses are the expectations consumers have concerning future inflation. Click here to find out more: AmosWEB Inflationary Expenses

Positive and Negative Effects

  1. Here are some easy to read notes all about the effects of inflation, including the positives and negatives: Scribd Effects of Inflation

 

External Stability

Measurement 

  1. There are three different ways to measure external stability, click here to see what they are: Mr Wood External Stability
  2. One measure of external stability is CAD as a percentage of GDP, have a look here to find out more: Google Docs CAD as a Percentage of Gross Domestic Product
  3. Net foreign debt as a percentage of GDP is another measure of external stability. Click here to learn more: Google Docs Net Foreign Debt as a Percentage of Gross Domestic Product
  4. Net foreign liabilities is a complex statistic, click here to see how it is broken down: Google Docs Net Foreign Liabilities as a Percentage of Gross Domestic Product
  5. Terms of trade is a way to look at the ratio of export prices to import prices, click here to find out more: Mr Wood Terms of Trade

 Trends

  1. Click here to see the different trends in external stability, including growth and fluctuation: Google Docs Trends in External Stability

Positive and Negative Cause and Effects

  1. To increase your understanding of the cause and effects of external stability, look no further: Google Docs Causes and Effects

International Competitiveness

Coming soon!

 

Distribution of Income and Wealth

Measurement- Lorenz Curve and Gini Coefficient

  1. If you're looking to further your knowledge on the lorenz curve and gini coefficient, take a look here: Tutor2u Distribution of Income and Wealth

Sources of Income as a Percentage of Household Income

  1. There are six basic sources of income in Australia, click here to find out what they are: Excel Sources of Income as a Percentage of Household Income

Sources of Wealth

  1. To find out about the four main sources of wealth, have a look here: Excel Sources of Wealth

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

  1. Click here for plenty of information all about the dimensions and trends of distribution and wealth in Australia: Excel Dimensions and Trends in the Distribution of Income and Wealth

Economic and Social Costs and Benefits of Inequality

  1. Believe it or not there are some economic and cost benefits of inequality. To find out what they are, click here: Excel Economic and Social Cost Benefits of Inequality

 

Environmental Sustainability

Ecologically Sustainable Development

  1. There are a number of definitions of an ecologically sustainable development but there appear to be three common elements, click here to find out more: Excel Ecologically Sustainable Development

Private and Social Costs and Benefits- Externalities, Market Failure

  1. Curious about what the concepts of market failure and externalities mean? Have a look here: Excel Private and Social Costs and Benefits- Market Failure 

Public and Private Goods- Free Riders

  1. To find out all about the features of public and private goods as well as free riders, click here:  Excel Public and Private Goods- Free Riders

 

Environmental Issues

Preservation of Natural Environments

  1. Preservation of the natural environment is important because humans and the economy depend on it. For more information click here: Excel Issues- Preservation of the Natural Environment

Pollution, Climate Change

  1. Pollution has become an important concern to most societies. Click here to find out how pollution is controlled: Excel Issues- Pollution Control

Depletion of Renewable and Non-renewable Resources

  1. Click here to learn about the issues associated with renewable and non-renewable resources: Excel Issues- Depletion of Renewable and Non-renewable Resources

 

TOPIC 4: ECONOMIC POLICIES AND MANAGEMENT

  1.  Looking for a study guide resource? Click here: Economic Policies and Management Notes

Economic Objectives

  1. Check out this resource for some quick study notes about economic objectives in regards to economic growth, full employment, price stability, external stability and distribution of income: Bored of Studies Economic Objectives
  2. To learn more about price stability and how it exists, have a look here: Economics Online Stable Prices

 

Potential Conflicts Among Objectives

Macroeconomic Policies

  1. Here is a brief outline on what macroeconomic policies are: Ehow What are Macroeconomic Policies?

Fiscal Policy

  1. Click here (scroll down) to learn about the effects of budgetary changes on resource use, income distribution and economic activity: Excel Effects of a Budgetary Change on Resource Use
  2. This resource will tell you the different methods of financing budget deficits, click here: Bored of Studies Financing Budget Deficits
  3. Have a look at this to find out about the use of a surplus in the fiscal policy: Cliffsnotes Fiscal Policy

Monetary Policy

  1. You may be wondering, what is the purpose of monetary policy? Your questions will be answered here: Pearson Economics Fiscal and Monetary Policy
  2. Curious about how the Reserve Bank of Australia implements their monetary policy? Check this out: Reserve Bank of Australia Monetary Policy
  3. Here is an in depth resource about the monetary policy's impact on the economy, including interest rates and exchange rates: ONB How Does Monetary Policy Impact the Economy?

Microeconomic Policies

  1. This website talks about the basics of aggregate supply and efficiency in microeconomic policies, click here: Mr Wood Policy Approach
  2. This is a great resource that covers everything you need to know about microeconomic policies, including individual product and factor markets, regulation and deregulation, etc: Google Docs Microeconomic Policy and Structural Change

The National System for Determining

  1. The National Employment Standards have 9 minimum employment conditions/standards. Click here to see what they are: Inspire Success National Employment Standards
  2. The minimum wage in Australia is $15.96 per hour. Click here to find out more about an employee's basic rates: Fair Work Ombudsman National Minimum Wage
  3. To find out the different ways they deal with and manage industrial disputes, have a look here (scroll down): Excel Dispute Resolution
  4. If you're looking for some basic information about enterprise agreements, check out this: Fair Work Australia Enterprise Agreements

National and Global Context for Environmental Management

  1. Click here for some easy definitions of regulations, market-based policies, targets, and international agreements: Year 12 Revision National and Global Context for Environmental Management

Limitations of Economic Policies

  1. Time lags play an important role in the effectiveness of economic policy, but there are also some problems. Click here to find out what they are: Economics Help Time Lags in Economics
  2. To find out more about the limitations of economic policies for time lags, global influences and political constraints, click here: Bored of Studies Limitations on Policy Implementation

Policy Responses and Their Effects in Dealing with the Economic Objectives

Coming soon!

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