Course Structure
Topic 3: Economic Issues
Course Content
Outcomes: By the end of this module, you will have completed your understanding on the various economic issues faced by the Australian economy. This includes understanding the impacts of economic growth, unemployment, inflation, external stability, distribution of income and wealth and environmental sustainability on all aspects of the Australian economy. Through the use of current statistics, examples and case studies, you will be able to effectively apply this information to your HSC economics exams.
Economic Growth
HSC Syllabus: Explore economic growth through key concepts: aggregate demand, the simple multiplier, equilibrium formula, growth sources, Real GDP, and aggregate supply increases. Learn specifically how these factors interact to drive economic expansion.
- Aggregate Demand
- The Equilibrium Formula
- The Simple Multiplier
- Measuring Economic Growth Through Real Gross Domestic Product
- Sources and Effects of Economic Growth in Australia
- Increases in Aggregate Supply
Unemployment
HSC Syllabus: Explore unemployment in Australia, covering measurement methods, historical trends, types and causes, NAIRU concept, and economic and social effects.
- Measuring Unemployment
- Trends in Australia's Unemployment
- Types and Causes of Unemployment
- The NAIRU
- Groups That are Affected by Unemployment
- Effects of Unemployment
Inflation
HSC Syllabus: Explore inflation in economics: measurement methods, Australian trends, causes, and its positive and negative effects. Learn about headline vs. underlying inflation and inflation's impact on growth, debt, and purchasing power.
- Measuring Inflation
- Trends in Australia's Inflation
- Causes of Inflation in Australia
- Effects of Inflation
External Stability
HSC Syllabus: Examine Australia's external economic stability: its measurement, trends, and impacts. Learn about key indicators like Current Account Deficit, foreign debt, terms of trade, and competitiveness.
Distribution of Income and Wealth
HSC Syllabus: Explore the economic issue of income and wealth distribution. You will learn about measurement tools like the Lorenz curve and Gini coefficient, household income sources, taxation and transfer payments, and wealth origins.
- Measuring the Distribution of Income and Wealth
- Sources of Household Income
- Taxation, Transfer Payments and Other Assistance
- Sources of Wealth
- Trends in the Distribution of Income and Wealth
- Economic, Social Costs and Benefits of Inequality
Environmental Sustainability
HSC Syllabus: Explore the key concepts of environmental sustainability, including ecologically sustainable development and the balance of private and social costs and benefits.