Economics_Revision

Year 12 Economics Revision Points for the Trial HSC To help you organise your revision work, I have given you the hints for the Trial. If you haven’t completed the entire course you will need to read through the notes relevant to the hints i have given you. Good luck with your revision Section 1 Multiple choice Some points on; * Globalisation * Australia’s International competiveness * Business cycle * Aggregate Demand/Supply * Budget deficit/finance * RB intervention in exchange rates/depreciation/appreciation * Calculation-Marginal propensity to C /participation rates, tariffs and their impact, Terms of Trade, Real GDP, Consumer Price Index, HDI,Multiplier * Balance of Payments/credits/debit entry * Benefits of microeconomic reform Section11 Short answers Relate answers to Australia’s current economic conditions 1.Understanding of multiplier and its impact on national income, impact of economic growth on an economy, impact of domestic and global economy on economic growth 2Microeconomic reform/ why have it/ limitations/case study of microeconomic reform( use information from your assessment task) 3. Globalisation/ benefits/ negatives/ TNC impact on a country other than Australia/ strategies used to promote economic development in a country other than Australia 4.CAD/ know the items and how they impact on CAD/ consequences of foreign debt Section 3 Extended Response Look at the rubics and cover the points mentioned You must refer to current conditions( 2009/10 and recent conditions(2007/10) In your response All Chose 1 of 2 questions Microeconomic policies and their impact on the Australian economy Or Current Account deficits for Australia- and their implications Section IV The Australian federal budget’s macroeconomic mix in addressing issues as inflation, unemployment Or Impact of recent changes in the global economy on Australia’s growth and external stability. Any questions please call your Economic teacher Maureen Murphy Ph.93830350 Head Teacher