ECONOMICS
Topic 3: Economic Issues
Students learn about:
Economic issues in the Australian economy
Economic growth
- aggregate demand and its components: Y = C+I+G+X–M
- injections and withdrawals (I+G+X; S+T+M).
Topic 4: Economic Policies and Management
Students learn about:
Economic objectives in relation to:
- Potential conflicts among objectives.
Macroeconomic policies
- rationale for macroeconomic policies – stabilisation and shifts in aggregate demand.
Fiscal policy
Federal Government budgets and budget outcomes
- effects of budgetary changes on resource use, income distribution and economic activity.
Policy responses and their effects in dealing with the economic objectives
- economic growth and quality of life
- full employment
- price stability.