Economics Essay Plan (1 Viewer)

hs17

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Explain the role of fiscal and monetary policy in relation to the government's economic objectives

I need some help coming up with a plan for this essay question.
 

#RoadTo31Atar

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There are 6 economic issues, to solve(contain) these issues there are 6 economic objectives

Eco growth = Sustainable eco growth 3-4%

Unemployment = Full emp NAIRU = 5%

Inflation = 2-3% legislation makes RBA keep it there

Income inequality = more equitable distribution is achieved with taxation and G transfer payments

Environment = too much eco growth is harmful to the environment (market failure, free riding)

External stability = A's ability to pay its debt and stuff (CAD must be sustainable)

The first 4 issues and objectives are most related to this question as they are directly influenced by MP and FP, so talk about them. The role of the policies is to achieve the objectives, how? You can explain that in ur essay e.g MP tightening is used when.. it leads to... You can also talk about conflicts between objectives and that it is hard to achieve everything all the time. Mention recent events e.g recession, increased unemployment and increased G transfer payment through jobkeeper and jobseeker. The current budget deficit and stimulus package is an example of FP being used to achieve objectives.
 

maaax

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Hey! What ideas do you have in mind already?

I'd 100% recommend attending the seminar and Q&A session by Roland Tam for HSC Economics. Even though you're doing prelim now, he can definitely give you some guidance during the Q&A. He's the managing director at Talent 100 and is really really good for eco. I've been to some of his seminars before for ranking and scaling and they legit helped me so much. You can check it out here eventbrite.com.au/e/117475926659
 

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