mreditor16
Well-Known Member
- Joined
- Apr 4, 2014
- Messages
- 3,169
- Gender
- Male
- HSC
- 2014
Hey All,
Just a thread to help you guys out. A friend asked which dot-points from the Preliminary Economics syllabus they should know well and revise, in preparation for the HSC course to give them a great foundation, and so that they can get ahead of the pack and save some valuable time during the HSC.
And hopefully lead to better marks.
So, after looking through the Prelim syllabus, here are the dot-points you really need to know, as you will either re-learn it in the HSC course or go further into it, in terms of depth and complexity. All the other dot-points in the Year 11 syllabus you pretty much won't need in the HSC course (but sometimes you can set yourself apart and use some nuggets of knowledge from the prelim syllabus, and if used appropiately in the HSC, it will get mucho kudos)
So here are the critical dot-points taken straight from the Year 11 Economics syllabus:
* the circular flow of income - individuals, businesses, financial institutions, governments, international trade and financial flows
* Sources of income - the return for resources: wages, rent, interest and profits / social welfare
* Demand - law of demand, individual and market demand, the demand curve / factors affecting demand / movements along the demand curve and shifts of the demand curve
* Supply - law of supply, individual and market supply, the supply curve / factors affecting supply / movements along the supply curve and shifts of the supply curve
* Market price - market equilibrium (using diagrams) / movement to equilibrium / effects of changes in supply and/or demand on equilibrium market price and quantity through the use of diagrams
* definition of the workforce - employed / unemployed
* general characteristics of the Australian workforce
* Differences in incomes from work - wage outcomes for all persons by income groups, occupational groups, age, gender and cultural background / trends in the distribution of income from work over time / arguments for and against a more equitable distribution of income from work
* role of the Reserve Bank of Australia in determining the cash rate
* influence of the cash rate on interest rates.
* inequality in the distribution of income – disadvantaged groups, relative poverty
* externalities and the environment – pollution, climate change
* fluctuations in economic activity – the business cycle and the adverse effects of booms and recessions
* reallocation of resources – types of taxes: direct and indirect, types of expenses
* redistribution of income – progressive, regressive and proportional taxes, social welfare payments
* stablisation of economic activity – a brief overview of the stabilising role of monetary and fiscal policies
*the budget process
* types of budgets – surplus, balanced, deficit
* revenue and expenses
Hope that helps! And good luck!
Just a thread to help you guys out. A friend asked which dot-points from the Preliminary Economics syllabus they should know well and revise, in preparation for the HSC course to give them a great foundation, and so that they can get ahead of the pack and save some valuable time during the HSC.
And hopefully lead to better marks. So, after looking through the Prelim syllabus, here are the dot-points you really need to know, as you will either re-learn it in the HSC course or go further into it, in terms of depth and complexity. All the other dot-points in the Year 11 syllabus you pretty much won't need in the HSC course (but sometimes you can set yourself apart and use some nuggets of knowledge from the prelim syllabus, and if used appropiately in the HSC, it will get mucho kudos
)So here are the critical dot-points taken straight from the Year 11 Economics syllabus:
* the circular flow of income - individuals, businesses, financial institutions, governments, international trade and financial flows
* Sources of income - the return for resources: wages, rent, interest and profits / social welfare
* Demand - law of demand, individual and market demand, the demand curve / factors affecting demand / movements along the demand curve and shifts of the demand curve
* Supply - law of supply, individual and market supply, the supply curve / factors affecting supply / movements along the supply curve and shifts of the supply curve
* Market price - market equilibrium (using diagrams) / movement to equilibrium / effects of changes in supply and/or demand on equilibrium market price and quantity through the use of diagrams
* definition of the workforce - employed / unemployed
* general characteristics of the Australian workforce
* Differences in incomes from work - wage outcomes for all persons by income groups, occupational groups, age, gender and cultural background / trends in the distribution of income from work over time / arguments for and against a more equitable distribution of income from work
* role of the Reserve Bank of Australia in determining the cash rate
* influence of the cash rate on interest rates.
* inequality in the distribution of income – disadvantaged groups, relative poverty
* externalities and the environment – pollution, climate change
* fluctuations in economic activity – the business cycle and the adverse effects of booms and recessions
* reallocation of resources – types of taxes: direct and indirect, types of expenses
* redistribution of income – progressive, regressive and proportional taxes, social welfare payments
* stablisation of economic activity – a brief overview of the stabilising role of monetary and fiscal policies
*the budget process
* types of budgets – surplus, balanced, deficit
* revenue and expenses
Hope that helps!
And good luck! 
