WACE Economics Year 12 Notes

These are the 20 revision notes inside the WACE Economics Mastery Pack. Open any note to see what it covers before you buy.

1. Australia's global linkages, openness and trade patterns3 · Australia and the global economy

   International trade

2. Absolute advantage, comparative advantage and opportunity-cost calculations3 · Australia and the global economy

   Comparative advantage

3. Specialisation, gains from trade, PPF and demand/supply models3 · Australia and the global economy

   Gains from trade

4. Trade liberalisation and free-trade agreements3 · Australia and the global economy

   Trade policy

5. Tariffs: price, quantities, revenue, surplus and deadweight loss3 · Australia and the global economy

   Protection

6. Subsidies, quotas and arguments for protection3 · Australia and the global economy

   Protection

7. Balance-of-payments structure and double-entry recording3 · Australia and the global economy

   Balance of payments

8. Current-account drivers and the saving-investment gap3 · Australia and the global economy

   Balance of payments

9. Terms of trade: calculation, causes, trends and effects3 · Australia and the global economy

   Terms of trade

10. Exchange rates and TWI: market determination, movements and effects3 · Australia and the global economy

    Exchange rates

11. Foreign direct and portfolio investment, flows, stocks and the international investment position3 · Australia and the global economy

    Foreign investment

12. Unit 3 data analysis, model construction and extended-response synthesis3 · Australia and the global economy

    Economic skills

13. Business cycle phases, turning points, indicators and recent Australian performance4 · Macroeconomic theory and economic policy

    Business cycle

14. Consumption function, MPC, MPS and multiplier calculations4 · Macroeconomic theory and economic policy

    Aggregate expenditure

15. AE equilibrium, inventories and expenditure shocks4 · Macroeconomic theory and economic policy

    Aggregate expenditure

16. AD, SRAS and LRAS equilibrium, demand and supply shocks and the business cycle4 · Macroeconomic theory and economic policy

    AD–AS

17. Fiscal objectives, budget outcomes, automatic stabilisers, discretion and debt finance4 · Macroeconomic theory and economic policy

    Fiscal policy

18. Monetary policy, the cash rate, tools and transmission channels4 · Macroeconomic theory and economic policy

    Monetary policy

19. Policy strengths, weaknesses, lags, policy mix and current Australian evidence4 · Macroeconomic theory and economic policy

    Policy evaluation

20. Labour productivity, capital, technology, APF and long-run growth4 · Macroeconomic theory and economic policy

    Productivity