Economics game (1 Viewer)

[Scrub Ya Flaps]

hmmm see the herd mind set working if i have more money and i spend it and buy let say a new jag and i show other people other people. "Ordinary people"(majority of people) would goes mhhhh i want to buy something new and they go and buy something and then more people buy and so on and so forth. So of like a new catch phrase catches on it starts from one person to another, however there are those who would think it pointless and never bother with the catch phrase (economist).

if that was in response to me, Thanks heaps for helping me, is you wanna be a smart-arse go somewhere else. i asked for help not patronising

 

[Scrub Ya Flaps]

Lol thanks for that. i get all of that but i dont get at what point can we say tht our objective of distribution of income and wealth is achieved

is it at gini coefficient at 0.3 at 0.2 at -0.2

I HAVE NO IDEA HAHA

They need to set a goal of some sort, but i guess that population increases and decreases would dramatically change that goal and since the baby boomers are almost out of the work place, had they had a goal in place, i'd think they would have changed it. MAN I'M CONFUSING MYSELF

AND BTW you can't have a Gini below 0 or above 1 so -0.2 can't happen. << haha just being picky i know you were just making your point

 

[AnandDNA]

if that was in response to me, Thanks heaps for helping me, is you wanna be a smart-arse go somewhere else. i asked for help not patronising

Lol i didnt even understand that guy

 

[Scrub Ya Flaps]

outline recent initiative to achieve global free trade?

I hope someone answers this. I've heard of the DOHA stuff but not sure if that is one, im going to look it up. lol I AM PREPARED

 

[P.T.F.E]

outline recent initiative to achieve global free trade?

Current WTO members are trying to finish the DOHA rounds which began in 2001, some of the objectives are too reduce protection on the agriculture industries obviously this is difficult as countries protect their ag heavily such as US.

Australia is trying to sign bilateral free trade agreements with countries such as China and India.

G20 has agreed not to increase protection during the GEC.

 

[tedstedsteds]

Identify the main sources of wealth in the Australian economy.

main sources of wealth in australia, roughly 46% own occupied property, 13 investment property, 12% superannuation, 9% house conents, 7% small business, 4% savings in financial institutions and 3% vehicles with the remaing percentage in trusts and shares,

edit: my bad, forgot to refresh

 

[Scrub Ya Flaps]

Using examples, explain the impact of tax reform in the australian economy over the past decade

In 2000, the new taxation system was introduced which included;

The introduction of the GST which replaced the sales tax and some state taxes.
It also reduced marginal taxation rates (MTR's) so that the majority of Australians pay no more than 30% of their incomes in tax.
Lower compliance costs of taxation for individuals and businesses with the replacement of several income taxes with the simplified PAYG system
The states and territories reveive all the GST revenue to finance some of thier spending
A reduction in the company rate of tax fom 36% to 30% and lower rates of capital gains tax.

Reforming the taxation system will improve resource allocation and the incentives to work, save and in invest. Since 2000 and including the 2003/4/5/6 and 2007 budgets all included changes in MTR's and tax thresholds were introduced along with the increase in tax thresholds to take into account 'bracke creep'.

More recently in the 2007-8 budget government co-contribution of $1,500 payment into the superannuation accounts of low income earners was introduced. In the 2008/9 budget the gov't announced a comprehensive revier of Australia's tax system to make it simpler, fairer and more effecient. A major goal was to reduce the number of MTR's from four to three, and the top two MTR's from 45% to 40% and 40% to 30%. This would further increase demand for goods and services but also increase savings, which both add to the circular flow of income helping to expand the economy.

A bit long but i hope this helps.. Didn't explain to much but this is not an exam so to bad

 

[Scrub Ya Flaps]

main sources of wealth in australia, roughly 46% own occupied property, 13 investment property, 12% superannuation, 9% house conents, 7% small business, 4% savings in financial institutions and 3% vehicles with the remaing percentage in trusts and shares,

edit: my bad, forgot to refresh

haha no problems. BUT did you know that off the top of your head? if you did WTF!! haha.. Thanks for that though, puts it into perspective more

 

[Scrub Ya Flaps]

Current WTO members are trying to finish the DOHA rounds which began in 2001, some of the objectives are too reduce protection on the agriculture industries obviously this is difficult as countries protect their ag heavily such as US.

Australia is trying to sign bilateral free trade agreements with countries such as China and India.

G20 has agreed not to increase protection during the GEC.

Thanks for that, if that comes up tomorrow you can take credit in helping my alot

 

[tedstedsteds]

haha no problems. BUT did you know that off the top of your head? if you did WTF!! haha.. Thanks for that though, puts it into perspective more

I have a brilliant memory for pie graphs hahaha but i generally visually learn and drop the level of detail since it is an exam, the original statistics were like 46.2% etc so i just simplified them, plus they were from 2007 abs? but the marker will hopefully be lenient.

 

[Scrub Ya Flaps]

I have a brilliant memory for pie graphs hahaha but i generally visually learn and drop the level of detail since it is an exam, the original statistics were like 46.2% etc so i just simplified them, plus they were from 2007 abs? but the marker will hopefully be lenient.

That's awesome, i dont think they will mind at all, it wouldn't have changed that much that quickly either, plus, do they really expect us to remember stuff like that, im not good at it like you and jsut can't remember numbers that easily. Gl for tomorrow anyhow man

 

[Freeba]

since the questions have dissappeared...

Explain how the simple multiplier interacts with a change in spending to change economic activity (3 marks)

 

[Nikkay75]

I hope someone answers this. I've heard of the DOHA stuff but not sure if that is one, im going to look it up. lol I AM PREPARED

There is the Cairns group I believe it is called. Which was looking at removing agricultural protection. It was started by Australia.

I'm sure there is much more to be said, or generally I am incorrect. Feel free to correct me anyone.

 

[P.T.F.E]

There is the Cairns group I believe it is called. Which was looking at removing agricultural protection. It was started by Australia.

I'm sure there is much more to be said, or generally I am incorrect. Feel free to correct me anyone.

Yer thats right except cairns group 1986 so its not really recent the most recent is the Doha rounds

 

[Scrub Ya Flaps]

since the questions have dissappeared...

Explain how the simple multiplier interacts with a change in spending to change economic activity (3 marks)

I think we've had this, but i think it's a common question anyhow..


The simple expenditure multiplier refers to the extent to which an initial change in autonomous expenditure (e.g autonomous consumption or investment expenditure) is multiplied to give a larger change in the level of national income.
This means that any change in AD will result in a must larger increase in national income boosting economic activity and income greater than the change in AD.

Bit of waffle but yeah

Describe some structural changes that have taken place in the Australian economy resulting from micro-economic reform.

 

[tian1chen]

if that was in response to me, Thanks heaps for helping me, is you wanna be a smart-arse go somewhere else. i asked for help not patronising

the reason behind it is clearly not a definite thing economics we assume all people are rational. This point is disproven when emotional you reacted to my message i don't mean to be patronising or rude, but smart-ass that would be too far nah lol your right.

so you know the say of herd mentally that was line thought that's all, but just remember it is on the macroeconomics the economy in overall terms that's all.

 

[Nikkay75]

Yer thats right except cairns group 1986 so its not really recent the most recent is the Doha rounds

Yeah sorry, I didn't read the question particularly well. I didn't notice it said recently, I just immediately linked to it generally across time.

 

[Scrub Ya Flaps]

the reason behind it is clearly not a definite thing economics we assume all people are rational. This point is disproven when emotional you reacted to my message i don't mean to be patronising or rude, but smart-ass that would be too far nah lol your right.

so you know the say of herd mentally that was line thought that's all, but just remember it is on the macroeconomics the economy in overall terms that's all.

Ok, sorry for misunderstanding, but i can't really understand what your trying to say most of the time haha. And yes, i guess it is the overall term since its Macro so yer.

I have a question though for everyone. It's simple but i mix them up

which is which, MACROECONOMIC AND MICROECONOMIC. I always get them mixed up because i know that Monetary and Fiscal is Macro? haha... but i thought that Micro needs fiscal in some way, can someone explain MICRO to me i think that is my main question haha.

 

[tedstedsteds]

I have a question though for everyone. It's simple but i mix them up

which is which, MACROECONOMIC AND MICROECONOMIC. I always get them mixed up because i know that Monetary and Fiscal is Macro? haha... but i thought that Micro needs fiscal in some way, can someone explain MICRO to me i think that is my main question haha.

To put it flat - Macroeconomic policies deal with aggregate demand, Fiscal policy involves the government spending and taxing (that is increasing AD and 'reducing' AD). Monetary policy is a macro-economic policy aswell and so it also deals with demand, by lowering interest rates people lend more money - thus investment and consumption increases and in the same way an increase in interest rates will less people borrowing and spending and just focus on paying their loans and financial obligations. (this is generalising to contrast these policies)

Now we look at Microeconomic policies - namely Structural reform, these policies are used to increase efficiency and hence they work by enhancing aggregate supply. In the short term this can see a small increase in unemployment, we usually see short term costs with long term benefits.

making sense or do you need more detail?

 

[tian1chen]

quick and simply remember microeconomics usually long term to improve supply side of the economy ( things like education spending and infrastructure, but it can also be things like reducing traiff) therefore more or less improve competitiveness.

marco is usually fast and increase demand side economics.