Studying from Syllabus (1 Viewer)

[PaternalNinja]

I wrote summaries as per the syllabus which meant that in the premium notes and Leading Edge HSC economics text book I skipped the policies for all 6 syllabus points under topic 3: economic issues. As they are not in the syllabus does that mean we can definately not get a question relating to say 'policies to achieve external stability'? Forgetting topic 4 that is. It may still come under the 'causes' when looking at macro and micro economic policies though I suppose

 

[Sparcod]

Economic issues is in the syllabus. Topic 3 is an outline of the causes and effects as well as trends of major economic issues (such as inflation etc). It would be rather hard to learn topic 4 (economic management) without the knowledge of topic 3. (In other words, topic 4 builds on topic 3 by explaining the policy responses to tackle contemporary economic issues such as inflation etc.) Usually for one of the essay questions, it'll involve combining knowledge from topic 3 and topic 4.

You can get a question involving 'policies to achieve external stability' and here you'll have to write about 'causes' (and 'effect').

I apologise if I misread your question.

 

[Conspirocy]

Are you referring to

Policy responses and their effects in dealing with the economic issues
• economic growth
• unemployment
• inflation
• external stability
• distribution of income and wealth
• management of the environment.

(which is in topic 4)

thats in the syllabus so i would suggest you do need to learn topic 3

no textbook covers this section (quoted above) from memory, although they should have probably made the links to be complete.

Also you could have a question on external stability. I did the HSC in 2004 and got a question on it. I nailed it hehe cause was the same as our trial question...so lucky

here is the 2004 Question

Analyse the causes of Australia’s on-going current account deficit and its effects on external stability.

if thats what you skipped then you should probably think about how to answer these questions because there will be a question on this in the HSC in the essay section at least 2 of these will pop up

I would like to stress that everything in the leading edge textbook does fall under the syllabus, sometimes it might have a different heading but it is all required knowledge.

Im a bit confused so maybe this is what you are saying you skipped

Economic growth
• aggregate demand and its components: Y = C+I+G+X-M
• injections and withdrawals (I+G+X; S+T+M)
• the simple multiplier: k = 1/(1– MPC)
• measurement of growth through changes in real Gross Domestic Product
• sources and effects of economic growth in Australia
• business cycle — trends
Unemployment
• measurement
– labour force
– participation rate
– unemployment rate
• trends
• types and causes
– cyclical
– structural
– frictional
– seasonal
– hidden
– long term
• natural rate of unemployment
• main groups affected by unemployment
• effects of unemployment — economic and social costs
Inflation
• measurement — current Australian Bureau of Statistics measure
• trends
• causes
– demand inflation
– cost inflation
Economics Stage 6 Syllabus
38
– imported inflation
– inflationary expectations
• effects
External stability
• measurement
– CAD as a percentage of Gross Domestic Product
– net foreign debt as a percentage of Gross Domestic Product
– net foreign liabilities as a percentage of Gross Domestic Product
• trends
• causes and effects
Distribution of income and wealth
• measurement — Lorenz curve and Gini coefficient
• sources of income as a percentage of household income
• sources of wealth
• dimensions and trends, according to gender, age, occupation, ethnic
background and family structure
• economic and social costs and benefits of inequality
Environmental management
• ecologically sustainable development
• private and social costs and benefits — market failure
• public and private goods — free riders
• issues:
– preservation of natural environments
– pollution control
– externalities
– depletion of renewable and non-renewable resources.

again external stability is in the syllabus here as well.


plus I'm not a big fan of the globalisation question so I would pay extra attention to these instead for the essays


if you are referring to topic 4 then:

the rest of this part of the syl is covered in the leading edge textbook and so you should make notes on the whole textbook to be complete

so in case you havent you should have notes on these topics

Economic objectives in relation to:
• economic growth
• full employment
• price stability
• external stability
• environment
• distribution of income
Potential conflicts between objectives
The main policies available for economic management
Macroeconomic policies
• rationale for macroeconomic policies — stabilisation and shifts in aggregate
demand
Microeconomic policies
• rationale for microeconomic policies including shifts in aggregate supply,
efficiency
Fiscal policy
• Federal Government Budgets and budget outcomes
• effects of budgetary changes on resource use, income distribution and
economic activity
• methods of financing deficits
• use of a surplus
Monetary policy
• purpose of monetary policy
• implementation of monetary policy — Reserve Bank of Australia
• impact of changes in interest rates on economic activity, exchange rate
Structural change
• effects of microeconomic policies on individual product and factor markets and
the economy
• regulation and deregulation
Trade policy
• direct and indirect policies to promote or restrict trade
• trade and industry policies in Australia
Prices and incomes policy
• reasons for prices and incomes policies
• possible prices and incomes policies in Australia
• advantages and disadvantages of centralised and decentralised policies
Labour market policies
• current industrial relations framework
– safety net, wage cases, enterprise bargaining, workplace agreements,
individual contracts
– role of the courts, tribunals and the employment advocate
– arguments for and against the current mix of market and non-market forces
used to determine the returns to labour
• work practices
• dispute resolution
• education and training, employment programs
Limitations on policy implementation
• time lags
• global influences
• political constraints

 

[PaternalNinja]

Yes without wings that is the bit that makes me realise it is necessary in the HSC perhaps not in trial if we haven't finished topic 4 yet and sparcod thanks for clearing the whole topic 4 being an extension of topic 3 thing up it makes it easier to understand the syllabus in whole terms
Conspirocy I suppose that means I'll be reading through the Leading Edge again to make sure I haven't missed anything and just to clarify I didn't skip any of topic 3 syllabus but in the leading edge book it splits that section of topic 4 you mentioned into topic 3 by putting the policies at the end of each subtopic and external stability was an example, they do it for macro/micro policies with growth and inflation etc so I was wondering if it should be summarised in my topic 3 notes...if that made any more sense than before

Anyhow thanks for all that it answered my question completely