Topic 1 - The Global Economy

 Examine the main features of the global economy and the nature and extent of
interdependence between economies.
 Assess the impact on the global economy of international organisations and
contemporary trading bloc agreements.
 Discuss the impact of globalisation on standards of living in the global economy
and the effect globalisation has had on countries with differing levels of
economic development.
 Analyse the impact of globalisation on an economy other than Australia;
including the strategies used by that economy to promote growth and
development.
 Examine the impact of globalisation on unemployment, inflation and external
stability.
 Analyse the impact of globalisation on government economic policies.
 Assess the main factors that influence the international business cycle.
 Assess the potential impact on the environment of economic development.
 Discuss the effects of protectionist policies on the global economy.
 Evaluate the impact of reduced levels of protection on developed and developing
nations in the global economy.
 Explain how and why nations protect domestic industries.
 Examine the consequences of the unequal distribution of wealth.
 Examine the impact of globalisation for an economy you have studied other than
Australia.
 Analyse the impact of international agreements and organisations on
globalisation.
 Discuss the role and influence of international organisations, contemporary
trading blocs and trading agreements in the global economy for Australia.
 Explain the impact of the World Trade Organisation and regional trading blocs
on global trade flows.
 Describe ONE quality of life indicator used to measure economic development in
the global economy.
 Discuss the impact of globalisation on living standards in the global economy.
 Discuss the impact of trade flows on economic growth and living standards in
the global economy.
 Explain the impact of global protectionist policies on Australia.

Topic Two — Australia’s Place in the Global Economy

 Examine recent trends in the composition and direction of Australia’s trade
flows.
 Analyse the relationship between Australia’s foreign liabilities and Balance of
Payments.
 Examine the recent trends in the size and composition of Australia’s balance of
payments and the issues associated with Australia’s balance of payments.
 Examine the nature of and influences on Australia’s Capital and Financial
Account.
 Examine the effects of a continuing current account deficit on the Australian
economy.
 Analyse how globalisation has affected individuals, firms and government in
Australia.
 Examine the consequences of a high level of foreign debt on the Australian
economy.
 Analyse the relationship between the terms of trade, international
competitiveness and structural change in the Australian economy.
 Critically analyse the different methods of exchange rate determination used in
countries around the world.
 Analyse the impact of a depreciation of the Australian dollar on the Australian
economy.
 Evaluate the reasons for international protectionist policies and their impacts
upon the Australian economy.
 Examine the changes in Australia’s free trade and protectionist policies in recent
years and their impact on the Australian economy.
 Evaluate the impact of globalisation on the Australian economy.
 Examine the impact of changes in the global economy on Australia’s economic
performance.
 Analyse the relationship between international competitiveness and structural
change in the Australian economy.
 Examine the relationship between the current account deficit, net foreign debt,
and net foreign liabilities.
 Examine the factors that cause the value of the Australian dollar to fluctuate,
and the impacts of these changes.
 Analyse the impact of globalisation on key economic indicators of another
country in comparison to Australia
 Evaluate the reasons for international protectionist policies and their impact on
the Australian economy and quality of life.
 Discuss the effects of protectionist policies on the global economy
 Analyse the impact of globalisation on the level of development within the global
economy
 Analyse the impact of the bop on the Australian economy
 Analyse the relationship between the TOT and the bop
 Analyse the impact of changes in the global economy on Australia's current
account and net foreign debt
 Analyse the impact of globalisation on the economic performance of the
Australian economy
 Analyse the relationship between structural change and international
competitiveness in the Australian economy
 Analyse the impact of movements in the exchange rate on the Australian
economy
 Evaluate Australia's policies regarding free trade and protection
 Analyse the link b/w the various components of the BOP
 Analyse the link b/w Australia's BOP and its exchange rate
 Analyse the impact of globalisation on Aust's BOP and evaluate govt policies to
improve Aust's international competitiveness [2003 Independant Trial]
 Discuss the characteristics of globalisation and analyse its impacts on the
economic development and living standards of an economy other than Aust
[2003 Independant Trial]
 Outline the indicators of globalisation and explain how globalisation has affected
an economy other than Australia [2001 Trial]
 Explain why the Australian exchange rate fluctuates and discuss the effect of
these fluctuations of the Australian economy [2001 Trial]
 Explain why the Australian exchange rate fluctuates and discuss the effect of
these fluctuations of the Australian economy [2001 Trial]
 Outline three factors that may cause an appreciation of Australia's exchange
rate.
 Discuss the impact of an exchange rate appreciation on Australia's current
account balance.
 Explain how exchange rate fluctuations can affect inflation.
 Discuss the impact of a depreciation in the value of the Australian dollar on
Australia's balance of payments.

Topic Three — Economic Issues

 Examine the arguments for and against increasing economic growth rates.
 Analyse the economic and social problems created by unemployment.
 Analyse the impacts of inflation on the Australian economy.
 Outline the causes of inflation in the Australian economy.
 Examine the consequences of high levels of unemployment and high levels of
inflation on the Australian economy.
 Discuss the benefits and costs of low inflation for the economy.
 Analyse the effect of a continued current account deficit on the Australian
economy.
 Examine recent trends in the distribution of income in Australia and the impact
of specific economic policies on this distribution.
 Outline how income and wealth are distributed in Australia.
 Analyse the economic and social costs and benefits of inequality in the
distribution of income.
 Identify some of the main environmental issues currently facing the Australian
economy, and suggest economic solutions to them.
 Examine the economic issues associated with the goal of ecologically sustainable
development.
 With reference to a contemporary environmental issue, analyse the economic
arguments for and against resource exploitation.
 Explain the private and social costs and benefits of environmental management,
making reference to at least one Australian environmental issue.
 Analyse the impact of globalisation on the economic growth, quality of life and
external stability of global economies
 Explain the main causes of inflation, the effects of inflation and govt policy
initiatives to reduce inflation
 Discuss the policies which Australian governments have used to address the
issue of distribution of income and wealth.
 Examine recent trends in the distribution of income in Australia and the impact
of specific economic policies on this distribution.
 Outline how income and wealth are distributed in Australia.
 Analyse the economic and social costs and benefits of inequality in the
distribution of income.
 Analyse the factors influencing movements in the australian dollar in recent
years and explain how exchange rate movements affect trade and financial
flows in australia.
 Analyse the impact of protectionist policies on the domestic and global
economies
 Discuss the impacts of globalisation on an economy that you have studied in
relation to it's economic development.
 Analyse the impact of globalisation on economic growth, quality of life and
external stability on an economy other than Australia.
 Discuss the strategies used by either the Australian economy, or an economy
other than Australia, to promote economic growth and development.
 Explain how the Reserve Bank uses domestic market operations to change the
cash rate in Australia.
 Analyse the impact of an increase in the cash rate on economic growth in
Australia.
 Discuss the impact of labour market policies on the unemployment rate in the
Australian economy.
 Discuss the impact of economic growth on Australia's balance of payments.

Topic Four — Economic Policies and Management

 Examine the objectives of the current policy mix in the Australian economy.
 Analyse the methods by which governments can finance a budget deficit and the
impact of each on the economy.
 Explain the impact of the current policy mix on the economy.
 Outline policies that may be used by the government to reduce unemployment
and inflation.
 Examine the government's use of macroeconomic policy to meet its economic
objectives?
 Explain why governments use microeconomic policies in addition to
macroeconomic policies.
 Analyse the impact of a change in interest rates on the Australian economy.
 Examine recent changes in Australia’s trade and industry policy and the
anticipated effects of these changes.
 Explain why Australia has moved from a centralised to a more decentralised
system of industrial relations.
 Outline the current methods for wage determination in Australia.
 Evaluate recent labour market policies in Australia.
 Examine the limitations on policy implementation for governments in Australia.
 Discuss the policies which Australian governments have used to address the
issue of economic growth.
 Discuss the policies which Australian governments have used to address the
problem of unemployment.
 Discuss the policies which Australian governments have used to address the
problem of inflation.
 Discuss the policies which Australian governments have used to address the
problem of external stability.
 Discuss the policies which Australian governments have used to address the
issue of distribution of income and wealth.
 Discuss the policies which Australian governments have used to address the
issue of environmental management.
 Explain the role of monetary policy in achieving the economic goals of full
employment, inflation and economic growth
 Explain how macroeconomic and microeconomic policies may be used to achieve
external balance for the Australian economy [2004 Catholic Trial]
 Discuss the effectiveness of monetary policy and other economic policies in
achieving price stability in Aust [2003 Independant Trial]
 Discuss the use of fiscal policy in achieving the govts economic objectives in
Aust [2003 Independant Trial]
 Analyse the role played by economic policies in promoting globalisation in
EITHER the Australian economy OR an economy other than Aust [2004 Catholic
Trial]
 Analyse govt policies that may influence the distribution of income in Aust [2004
Catholic Trial]
 Analyse the role and rationale of macroeconomic policies in achieving the
objectives of economic management in Australia.
 Analyse the role of microeconomic policies in improving efficiency and
productivity of markets in Australia.