How do statistics work? (1 Viewer)

[AKONS]

G'day guys

For HSC economics will we need know statistics for every topic or dot point? If so will they have to be the same country?

Thanks in advance guys

 

[#RoadTo31Atar]

You should know some for your case study country and Australia. I wouldn't worry about it tho because you'll just memorise them while studying the topics anyway, plus knowing the trend of a statistic is a lot more important than the actual numbers. e.g you can say that the NPY deficit usually contributes to around 3% of the CAD due to high FD from persistent CADs but the BOGS tends to fluctuate depending on world economic activity and it can be a deficit or surplus. I think you could show more knowledge by talking about contemporary issues e.g covid and its effects on economies rather than old statistics because it shows the marker that you actually have an idea/care about economics.

 

[AKONS]

You should know some for your case study country and Australia. I wouldn't worry about it tho because you'll just memorise them while studying the topics anyway, plus knowing the trend of a statistic is a lot more important than the actual numbers. e.g you can say that the NPY deficit usually contributes to around 3% of the CAD due to high FD from persistent CADs but the BOGS tends to fluctuate depending on world economic activity and it can be a deficit or surplus. I think you could show more knowledge by talking about contemporary issues e.g covid and its effects on economies rather than old statistics because it shows the marker that you actually have an idea/care about economics.

Thank you!

 

[BLIT2014]

RBA Snapshots

A series of infographics, updated regularly, covering macroeconomic and financial trends on the Australian economy.

rba.gov.au

I'd recommend that you have the Key Economic Indicators memorised at the bare minimum (from the RBA).

 

[AKONS]

RBA Snapshots

A series of infographics, updated regularly, covering macroeconomic and financial trends on the Australian economy.

rba.gov.au

I'd recommend that you have the Key Economic Indicators memorised at the bare minimum (from the RBA).

Thanks for the advice, BLIT2014 !!!

 

[BLIT2014]

Thanks for the advice, BLIT2014 !!!

The composition of Australian Economy and Financial Stability snapshots would also be good.