Download DOING YEAR 12 ECONOMICS NEXT YEAR

DOING YEAR 12 ECONOMICS NEXT YEAR ????
WISE CHOICE
What should you do to prepare yourself for this
great experience?
 Watch more TV/Check out new video clips
 Play with your phone
 Listen to the radio
 Read newspapers
Yes, it’s true. Is there a catch? Well, just a little one.
We’re not talking about Season 7 of Game of Thrones here, or the dance tracks on Fresh FM,
or texting your pals about Saturday night arrangements …..
Please…………take an interest in what’s happening in the
economic/political/social world around you.
The Twitter app is a useful economics mobile app because it is a one-stop shop for timely economics news. The
Twitter app makes it easy for anyone, including an economist, to follow the latest headlines from the comfort of a
phone or tablet. Make sure you don’t miss any economic news by creating lists of your favorite twitter users like
@WSJecon, NYTimeskrugman, @TheEconomist. And thanks to Twitter’s reply, mention, and retweet
functionality, it can also be a useful platform for conversation with fellow economists.
For
Android and Apple users. Price: Free.
See abc.net.au (or twitter @abcnews) to keep up with what’s happening locally.
Watch a few Khan Academy clips – though examples are from the USA.
Prick up your ears, & do some research when you hear words such as ‘inflation’,
‘unemployment’, ‘oil/gold price’, ‘government deficit; ‘interest rates’, ‘Australian dollar’…..
TUNE IN NOT TUNE OUT
If you develop a basic awareness of the state of the Australian economy, you will have a
foundation on which to build next year. An interest in what’s happening around you will
enhance your love of Economics ….and could put you on a whole new career path!
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Key Economics topics to be studied in year 12:
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The economic problem (scarcity) and the price mechanism (demand and supply)
Markets – considering perfect competition, monopolistic competition, oligopolies &
monopolies. Study of industries: characteristics & behaviour (assignment in 1st term)
The government’s major macro-economic objectives (full employment, economic growth,
price stability and external balance), goals, & problems if not achieved
How the government measures output in the economy and policies it can use to achieve its
goals (eg int. rate s/govt spending). Trends in the economy this year
Global economy: globalisation issues
issues relating to global poverty (eg corruption, population pressures, child
labour, trade problems (assignment in 3rd term)
Books:
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You will buy Economics Essentials Workbook next year through USC (new edition)
If you want to buy a textbook, Adelaide Tuition Centre (Pirie Street), publish a Year 12
Economics book by Neil Webster. It could be a useful book for background reading,
particularly if you have not done Economics before.
Assessment:
There are 4 summative tests (30%), two assignments (30%) & an oral presentation (5-7 mins, 10%
Topic of your choice). All assignments will be The school component counts for 70% of the final
result, with the examination taking 30%. The exam will consist of 60-65 marks for multiple choice
and short answer questions, and 20 marks for 1 essay (choice from 3).
Methodology:
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Lecture: Students will be issued with a booklet relating to each topic. This will form the basis
for lectures and tutorials and must be brought with you to each session. Space will be left in
the booklet for your own notes. Initially these notes will be provided as the lecture unfolds,
so that you are not trying to listen, to summarise and to take notes all at once. Students
generally respond well to this method.
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Tutorials: For each topic you will be given a number of questions to answer which involve
expansion on the lecture notes. Generally tutorials will involve reinforcement of that has
been introduced in the lecture. There will be extra articles to interpret and extracts from
current affairs shows to watch and discuss in tutorials as economic events unfold throughout
the year.
Survey of last year’s Eco. Students
“tests were consistent”
“booklets relatively easily to learn from”
“I could argue with my parents and knew what I was talking about”
“very applicable to everyday life”
“the basics were very interesting – a great addition to general knowledge”
Main suggestions for incoming year 12s:
“you must study after every lesson and not leave it to the night before a test”
“revise, revise and revise, & fill in the glossary as you go”
“start your notebook early so that you have summary material to help with revision”
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POSSIBLE IMPACTS OF TRUMP’S MACRO-ECONOMIC PLANS FOR REVIVAL
IN THE USA
Donald Trump plans to use fiscal policy to boost economic activity in the USA. (Fiscal
policy involves attempts to manipulate the economy through acting on …………………….
……………………………………In particular, he proposes a $ ………………………
expenditure package relating largely to increased spending on infrastructure, plus tax cuts.
Both measures encourage ……………………………………………………………….
In the USA, most of the economic growth is a result of spending by ………………………
(NOT government, as you might expect), so the measures above should encourage this,
helping in the improvement of the ……………………………….. goal, as well.
But are there any ‘costs’ (disadvantages) associated with this plan?
…………………………………………………………………………………………
…………………………………………………………………………………………
What else does he plan to do in relation to increasing jobs in the USA? (Hint: think China)
…………………………………………………………………………………………
What are major disadvantages associated with this idea?
 China is likely to retaliate by putting tariffs or other barriers against American exports
to its country, so protecting one group, could potentially hurt another.
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So, how will it all pan out? Of course the short term impacts could be quite different from
those of the long term. But no doubt we will be talking about this more next year
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