Recent Events & The HSC Eco Exam (1 Viewer)

[nandayo]

I was just wondering how much we are expected to know about recent events and accompanying statistics to perform well in the HSC Economics exam.

For example, whilst it seems pretty obvious that we need to know current figures for inflation, unemployment, external stability etc. does this mean that we also need to have supporting data when we talk about say unemployment during 90-91 or can we just talk about it as a general trend being 'high unemployment'. What level of statistical support is needed to score a HSC mark around the mid-nineties?

Also, how much are we expected to know about the 08/09 Budget and the recent 'credit crisis'. My guess was that monetary policy and recent RBA measures are a must , but are we expected to know the nitty gritty of the budget and the credit crisis. For example should we be able to talk about securitisation of loans and the implications of the crisis for Australia etc. or do we just need to know about it in a really general sense?

Likewise with the budget, do we just need to know about its midly expansionary effect and a few key areas of spending or do we need to mention specifics like possible non-discretionary components affecting the budget, size of planned outlays and names of funds like the 'Meeting Working Families Support Package'?

Finally, what about all the recent changes to the IR system with ITEAS and the banning of new AWAs....how much are we supposed to know about that?

In short: how much are we expected to know in regards to current statistics, economic conditions and the budget in order to get high marks?

 

[vmoore]

as far as the new industrial relations stuff, i have posted some info in 'Role of courts, tribuna;s and the employment advocate' thread'.

As far as contemporary statistics i think it is important, like you said, to knowa bout inflation, external stability and unemployment. As far as comparing to earlier i think you just need to know that unemployment has fallen and that we are at a 32 (or something) year low for unemployment.

For the new industrlial lead (bout ITEAs) i think you do need to know what they mean and how they work. Not statistics... well i dont think there are about this.

My advise is to know current figures bout the CAD, inflation, unemployment and know the trends over the last 20-30 years (ie. risen 10% since 199x or watever).

To do with the creidt crisis... figure are not needed, they can never ask you think (not isn sylabus) nor are any of the essays qs hugley related. Yes there is cross over and there is cause for a mension. (id say it would fit well in a disadvantage of free trrade - grteater reliance on world financial markets as seen by last months global credit crisis and the sub prime mortgage crisis). figures would be nice, but not VITAL. basically, understand what HAS happened.

The budget is a good one to have. again they canoot really ask 'what is in this years budget' but in a fiscal essay, looks very impressive. Know what has happened to the structual component of the BS and figures. Additionally know how cyclical factos HAVE and CAN affect the budget. ie. with lower economic growth, and the inevitable rise in the unemployment rate i nthe next yewar or two is good to have as future affexcts on the BS.

Note that these statistics are only useful for essays and although they do improve your essay, they are not vital for full marks.

Id say you know enough o nthese issues as it is, but learn some stats on curtrent tredns (specially on CAD - this is a distinct dot point) and inflation, unemployment ect.

hope this helps, let us know if you need any other input.
http://community.boredofstudies.org/showthread.php?t=184883