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Course Notes
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Introductory concepts
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What is Economics?
Relative Scarcity
Opportunity Cost
Production Possibility Curve
Efficiency
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Allocative efficiency
Technical efficiency
Intertemporal efficiency
Dynamic efficiency
Basic Economic Questions
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Markets Versus Planning
Market Mechanism
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What is a market?
Demand for goods and services
Supply of goods and services
Equilibrium
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Excess supply
Excess demand
Shifts of supply
Shifts of demand
Convergence to equilibrium
Factors influencing decision making
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Consumer decisions
Producer decisions
Government decisions
Decisions of other groups
Elasticities
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Price elasticity of demand
Price elasticity of supply
Market Structures
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Perfect competition
Monopolistic competition
Oligopoly
Monopoly
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Monopoly vs monopsony power
Market structure and efficiency
Market failures
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merit goods
De-merit goods
Public goods
Externalities
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Externalities in production
Externalities in consumption
Abuse of market power
Aysmmetric information
Common Access Resources
Government failure and unintended consequences
Macro Activity/ECO Growth
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Macroeconomic activity
Aggregate demand and supply
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AD and AS diagrams
Five sector model of economy
Measurement of economic activity
Non-market activity
The business cycle
Goal of strong and sustainable economic growth
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Measuring economic growth
Economically sustainable development
Trade-off betwen economic growth and sustainability
Alternative measures of living standards
Goal of Low Inflation
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Why inflation is bad
Why the RBA targets 2-3%
Measurement of inflation
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Headline vs underlying
Deflation versus disinflation
Inflationary expectations
Goal of Full Employment
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The Phillips Curve
Benefits vs costs of full employment
Measurement of unemployment
Hidden unemployment
Underemployment & underutilisation rate
Unemployment and participation rates
External Stability
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Measurement – balance of payments
Why Australia trades with the world
Is the CAD a problem?
The exchange rate
International investment position
Free trade vs protection
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Problems with protection
Terms of Trade
Income Distribution
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The ‘equity goal’
Measurement of income distribution
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Lorenz curve
Gini-coefficient
Absolute vs relative poverty
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Henderson Poverty Line
Equity vs efficiency trade-off
Costs and benefits of inequality
Factors affecting the economy
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Real disposable income
Interest rates
Taxation rates
Exchange rates
Consumer confidence
Business confidence
Growth overseas
Terms of Trade
Tariff rates
Productivity
Labour costs
Industrial disputation
Government regulations
Participation rates
Climatic or geopolitical events
Fiscal/Budgetary Policy
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Goals of budgetary policy
Budget outcomes
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Cash vs underlying outcomes
Fiscal outcome
Composition of revenue
Composition of expenditure
Financing a deficit
Dealing with a surplus
Actual vs estimated budget outcomes
Automatic vs discretionary stabilisers
Expansionary vs contractionary Budgets
Rationale for budget surpluses
Fiscal drag/bracket creep
Budgetary policy and economic goals
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Medium term fiscal strategy
BP and economic growth
BP and low inflation
BP and full employment
BP and external stability
BP and the distribution of income
Budgetary policy and living standards
Budgetary policy strengths/weaknesses
Monetary Policy
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Goals of monetary policy
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RBA charter
Role of the underlying inflation
Implementing monetary policy
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Monetary policy tightening
Monetary policy loosening
How other interest rates change
Pre-emptive decision making
‘Open mouth operations’
Exchange rate intervention
Monetary policy stance
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Expansionary monetary policy
Monetary policy neutrality
Restrictive monetary policy
The transmission mechanism
Monetary policy and economic goals
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MP to achieve low inflation
MP to stimulate growth and jobs
Monetary policy strengths/weaknesses
Aggregate Supply Policies
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Goals of aggregate supply policies
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Productivity vs efficiency
Productivity and international competitiveness
The impetus for supply side policies
Budgetary policy supply side initiatives
Industry policy
Microeconomic reform policies
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Labour Market Reform
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The benefit of a flexible labour market
EMAs and section 457 visas
Trade Liberalisation
MRPs and internal stability
MRPs and external stability
MRPs and equity in the distribution of income
MRPs and living standards
Immigration policies
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immigration policy & the three Ps
Immigration and labour markets
Immigration and Aggregate Supply
Immigration and the government’s economic goals
Immigration and living standards
Environmental policies
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Emissions Trading Scheme
Carbon tax
ETS vs carbon tax
Direct action
The Policy Mix
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Strong and sustainable growth
Low inflation
Full employment
External stability
Equity in the distribution of income
Living standards
Test your Self
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Introductory concepts tests/activities
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MC Introductory concepts
SA Introductory concepts
Miscellaneous
Market mechanism tests/activities
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MC market mechanism
SA market mechanism 1
Miscellaneous
Elasticities tests/activities
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MC elasticities
SA elasticities
Miscellaneous
Market structures tests/activities
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MC market structures
SA market structures
Miscellaneous
Market failure tests/activities
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MC market failures
SA market failures 1
Miscellaneous
Macro activity/eco growth tests/activities
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MC macro activity/eco growth
SA macro activity/eco growth1
Miscellaneous
Low inflation tests/activities
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MC low inflation
SA low inflation1
Miscellaneous
Full employment tests/activities
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MC full employment
SA full employment1
Miscellaneous
External stability tests/activities
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MC external stability
SA external stability1
Equity in income distribution tests/activities
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MC equity in distribution of income
SA equity in distribution of income1
Miscellaneous
Factors affecting the economy
Fiscal/budgetary policy tests/activities
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MC fiscal/budgetary policy
SA fiscal/budgetary policy 1
Fiscal/budgetary policy: Miscellaneous
Monetary policy tests/activities
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MC monetary policy
SA monetary policy 1
Miscellaneous
Aggregate suply policies tests/activities
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MC Aggregate supply policies
SA Aggregate supply policies 1
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SA Aggregate supply policies 2
SA Aggregate supply policies 3
SA Aggregate supply policies 4
SA Aggregate supply policies 5
Miscellaneous
Policy mix tests/activities
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MC Policy mix
SA Policy mix
Miscellaneous
Course revision tests/activities
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MC course revision
SA course revision 1
Miscellaneous
contemporary activities
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contemporaryactivities2020
contemporaryactivities2019
contempactivities2018
Contemporary activities 2017
Contemporary Activities 2016 B
Contemporaryactivities2015a
contemporary activities2015b
Miscellaneous
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Tutorials/Programs
Videos
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Misc videos
Misc videos
The Checkout miscellaneous
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The Checkout season 2
The Corporation
EconPop
Freakonomics
Diagrams used in activities
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PPC1
PPC2
PPC3
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