HSC Economics Revision Session Insights

Sep 25, 2024

HSC Economics Revision Lecture Notes

Introduction

  • Final lecture for the current cohort.
  • Presenter: Juliana, graduated in 2019, tutoring economics for 3 years.
  • Aim: Help students excel in HSC Economics.
  • ATAR Notes provides both free and paid resources for HSC students.

Overview of ATAR Notes Resources

  • Free resources: Study notes, lectures, forums, ATAR calculator, articles.
  • Paid resources: Tutoring service, study guides (e.g., economics guide).
  • ATAR Notes website hosts past lectures and additional resources.

Housekeeping & Interactive Elements

  • Encouragement to ask questions via the provided Q&A box.
  • Live polls with practice multiple choice questions.
  • Reminder to be respectful.

Today's Lecture Structure

  1. Current news and economic updates.
  2. Revision on Topic 1 (Global Economy).
  3. Exam tips, tricks, and skills.
  4. Q&A session.

Overview of HSC Economics Topics

  • Topic 1: Global economy and globalization.
  • Topic 2: Australia's involvement in the global economy.
  • Topic 3: Economic issues (6 key issues likened to Rubik's cube faces).
  • Topic 4: Economic policies and management.

Study Tips

  • Adapt study methods based on effectiveness.
  • Study with friends for better understanding.
  • Organize statistics and understand trends.
  • Familiarize with syllabus through essay plans.

Economic News and Impact

  • Pre-COVID: Australia had weakening economic performance.
  • COVID-19 Impact: Sharp contractions in GDP and consumer spending.
  • Government response: $320 billion in emergency funding.
  • Importance of international trade during the pandemic.

Key Economic Indicators (as of September 2022)

  • Cash rate: 2.35%
  • Inflation: 6.1%
  • Economic growth: 3.6%
  • Unemployment: Lowest in 50 years at 3.8%.
  • Wage growth: 2.6%
  • Household savings rate: 8.7%

Globalization

  • Integration and removal of trade barriers.
  • Key drivers: New markets, actors (MNCs/TNCs, WTO), rules, and tools (technology, communication).

Trade and Financial Flows

  • Increase in global trade percentage of GDP.
  • Financial flows: Forex market is critical.
  • Speculation issues causing market volatility.

Technology, Transport, and Communication

  • Advances increase globalization and efficiency.
  • Consumers have global access to goods and services.

International Division of Labor

  • Migration for skilled labor and outsourcing.
  • Risks: Brain drain effect on developing countries.

International and Regional Business Cycles

  • Australia’s GDP influenced by global cycles (63% linked to G7 changes).
  • Factors influencing cycles: trade, financial, and investment flows.

Protection in Trade

  • Purpose: Protect domestic industries.
  • Methods: Tariffs, quotas, subsidies, local content rules, export incentives.

Exam Preparation Tips

  • Understand language and question requirements.
  • Familiarize with types of questions and skills needed.
  • Planning essays and integrating stimulus effectively.
  • Use graphs and definitions in answers.

Q&A Highlights

  • Balance of Payments depth: Focus on current account.
  • External stability: Current account, terms of trade, exchange rates.
  • Tips for introducing essays and integrating complex terms.
  • Discussion on economic policies, labor market reforms, and macroeconomic trends.

Note: For more detailed information, refer to the ATAR Notes study guide and other resources available on their website.