Topic 2: Australia's Place in the Global Economy

Course Content

Outcomes: By the end of this module, you will have vastly improved your knowledge of Australia's place in the global economy. This includes understanding important concepts and their trends, such as Australia's trade and financial flows, Australia's exchange rates, and its policies regarding free trade and protection. Through the use of current statistics, examples and case studies, you will be able to effectively apply this information to your HSC economics exams.

Australia's Trade and Financial Flows

HSC Syllabus: Examine key trends in Australia's international economic interactions, focusing on trade patterns and financial flows. Explore the nation's balance of payments, export-import dynamics, and capital movements

• Trends in Australia's Trade Pattern
• Trends in Australia's Financial Flows
• The Structure of the Balance of Payments
• Trends in Australia's Balance of Payments

Exchange Rates

HSC Syllabus: Understand how Australian exchange rates are measured, what factors influence them, and explore methods of currency manipulation. Learn about the impact of exchange rates on Australia's economy and international trade relationships.

• Determination of Exchange Rates
• Measuring Types of Exchange Rates
• Factors Affecting the Demand and Supply of Australian Dollars
• The Reserve Bank's Influence on Australia Exchange Rates
• The Impact of Exchange Rate Fluctuations On The Australian Economy

Free Trade and Protection

HSC Syllabus: By the end of this chapter, you will have examined Australia's stance on free trade and protectionism. You will, explore key trade policies, major international agreements, and their economic implications.

• Australia's Policies Regarding Free Trade and Protection
• Australia's Multilateral and Bilateral Free Trade Agreements
• The Implications of Australia's Trade Policies