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Syllabus

Sep 11, 202510 min read

The global economy

Content

Students learn about:

==HUGE NOTE GAP ^==

Australia in the Global Economy

Outcomes

A student:

  • H1 demonstrates understanding of economic terms, concepts and relationships
  • H2 analyses the economic role of individuals, firms, institutions and governments
  • H4 analyses the impact of global markets on the Australian and global economies
  • H5 discusses policy options for dealing with problems and issues in contemporary and hypothetical contexts
  • H7 evaluates the consequences of contemporary economic problems and issues on individuals, firms and governments
  • H8 applies appropriate terminology, concepts and theories in contemporary and hypothetical economic contexts
  • H9 selects and organises information from a variety of sources for relevance and reliability
  • H10 communicates economic information, ideas and issues in appropriate forms
  • H11 applies mathematical concepts in economic contexts
  • H12 works independently and in groups to achieve appropriate goals in set timelines.

Content

Students learn to:

Examine economic issues

  • assess the impact of recent changes in the global economy on Australia’s trade and financial flows
  • examine the effects of changes in trade and financial flows on Australia’s economic performance
  • analyse the effects of changes in the value of the Australian dollar on the Australian economy
  • discuss the impact of free trade and protection policies on the quality of life in Australia
  • propose likely changes to the structure of industry within Australia as a result of current trends in the global economy

Apply economic skills

  • calculate the main components of Australia’s balance of payments
  • analyse the relationship between the balance of the capital and financial account and the net income balance
  • explain the relationship between the current account balance and the balance of the capital and financial account
  • use supply and demand diagrams to explain how the value of a currency is determined under different exchange rate systems
  • analyse the impact of changes in the components of the balance of payments on the value of the Australian dollar

Students learn about:

Australia’s trade and financial flows

Value, composition and direction of Australia’s trade and financial flows

Australia’s Balance of Payments

  • structure
  • links between key Balance of Payments categories
  • trends in the size and composition of Australia’s Balance of Payments
    Trends in Australia’s balance of payments
    • international competitiveness, terms of trade, international borrowing, foreign investment
    • effects of these trends on Australia’s Balance of Payments

Exchange rates

Free trade and protection

Economic Issues

Outcomes

A student:
H1 demonstrates understanding of economic terms, concepts and relationships
H2 analyses the economic role of individuals, firms, institutions and governments
H4 analyses the impact of global markets on the Australian and global economies
H7 evaluates the consequences of contemporary economic problems and issues
on individuals, firms and governments
H9 selects and organises information from a variety of sources for relevance and
reliability
H10 communicates economic information, ideas and issues in appropriate forms
H11 applies mathematical concepts in economic contexts
H12 works independently and in groups to achieve appropriate goals in set
timelines.

Content

Students learn to:

  • Examine economic issues

    • examine the arguments for and against increasing economic growth rates
    • investigate the economic and social problems created by unemployment
    • analyse the effects of inflation on an economy
    • discuss the effect of a continued current account deficit on an economy
    • investigate recent trends in the distribution of income in Australia and identify the impact of specific economic policies on this distribution
    • analyse the economic and social costs of inequality in the distribution of income
    • examine the economic issues associated with the goal of ecologically sustainable development

  • Apply economic skills

    • identify and analyse problems facing contemporary and hypothetical economies
    • calculate an equilibrium position for an economy using leakages and injections
    • determine the impact of the (simple) multiplier effect on national income
    • explain the implications of the multiplier for fluctuations in the level of economic activity in an economy
    • calculate the unemployment rate and the participation rate using labour force statistics
    • interpret a Lorenz curve and a Gini coefficient for the distribution of income in an economy
    • use economic concepts to analyse a contemporary environmental issue
    • assess the key problems and issues facing the Australian economy.

Students learn about:

Economic issues in the Australian economy

Economic Policies and Management

Outcomes

A student:
H1 demonstrates understanding of economic terms, concepts and relationships
H2 analyses the economic role of individuals, firms, institutions and governments
H5 discusses alternative policy options for dealing with problems and issues in
contemporary and hypothetical contexts
H6 analyses the impact of economic policies in theoretical and contemporary
Australian contexts
H7 evaluates the consequences of contemporary economic problems and issues
on individuals, firms and governments
H9 selects and organises information from a variety of sources for relevance and
reliability
H10 communicates economic information, ideas and issues in appropriate forms
H11 applies mathematical concepts in economic contexts
H12 works independently and in groups to achieve appropriate goals in set
timelines.

Content

Students learn to:

  • Examine economic issues

    • analyse the opportunity cost of government decisions in addressing specific economic problems or issues
    • investigate structural changes in the Australian economy resulting from microeconomic policies
    • apply economic theory to explain how a government could address an economic problem or issue in hypothetical situations
    • analyse alternative ways to finance a budget deficit

  • Apply economic skills

    • explain how governments are restricted in their ability to simultaneously achieve economic objectives
    • use (simple) multiplier analysis to explain how governments can solve economic problems
    • identify limitations of the effectiveness of economic policies
    • explain the impact of key economic policies on an economy
    • propose and evaluate alternative policies to address an economic problem in hypothetical and the contemporary Australian contexts
    • explain, using economic theory, the general effects of macroeconomic and microeconomic policies on an economy
    • select an appropriate policy mix to address a specific economic problem.

Students learn about:

commented means NOT IN TRIAL

Economic objectives in relation to:
Objectives of economic management

  • economic growth and quality of life
  • full employment
  • price stability
  • external stability

Potential conflicts among objectives
Conflicts in policy objectives

Macroeconomic policies

  • rationale for macroeconomic policies – stabilisation and shifts in aggregate demand

  • Fiscal policy

    • Federal Government budgets and budget outcomes
    • effects of budgetary changes on resource use, income distribution and economic activity
    • methods of financing deficits
    • use of a surplus

  • Monetary policy
    Monetary policy

    • purpose of monetary policy
      Purpose
    • implementation of monetary policy by the Reserve Bank of Australia
      Implementation (by the RBA)
    • impact of changes in interest rates on
      economic activity and the exchange rate

Microeconomic policies

National and global context for environmental management

  • regulations
  • market-based policies
  • targets
  • international agreements

Limitations of economic policies
Limitations of economic policies

  • time lags
  • global influences
  • political constraints

Policy responses and their effects in dealing with the economic objectives
Effectiveness of specific policies

  • economic growth and quality of life
  • full employment
  • price stability
  • external stability

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