Economics Topic 3 Essay Help! (1 Viewer)

mikrokosmos

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hey guys! hope holidays are going well :D

i have this essay due on saturday and i'm so stuck!!

Analyse the changing sources of economic growth and their effects on the Australian economy (20)

let me know if you have any tips! thank uu <3
 

Hiheyhello

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i have the same essay due after the holidays.

i haven't really looked at it yet but my teacher was explaining that it's about linking two aspects of the syllabus to create cause and effect.

i'm referring to subheadings within the textbook (Tim Dixon) rather than the syllabus. i'm not sure how your textbook structures it, but the annoying thing about mine is it kinda splits them apart so i have to find a way of connecting a changing source of growth with its effect on the economy.

the changing sources of economic growth could include any of the dot points under the 'economic growth' section.
i.e. you could guide each paragraph by one subheading e.g. 'components of AD', 'AS', and 'the multiplier'. They are examples of changing sources of economic growth. This is the 'cause component'.

The 'effect' component refers to current trends, stats, and examples that have occurred as a result of a changing source of economic growth. what is their effect on the economy? The subheadings that you'd bring in here are 'the effects of economic growth' and 'recent economic growth trends'.

The way you want to structure each paragraph is by using cause and effect.
you can either structure each paragraph like this
1) cause --> effect --> cause --> effect
or
2) umbrella cause --> umbrella effect

OR

3) 2 paragraphs looking at the causes. 2 paragraphs looking at effects. i just personally find that the first wasy is more synthesized but the second way is a lot clearer so up to you.

CAUSES (changing sources of economic growth)

components of AD (Para 1)
- influences on consumption (e.g. low IRs increase consumption thus increase AD )
- influences on investment (e.g. govt policy encouraging investment on cap goods --> increasing AD)
- influences on govt spending & taxation (e.g. high economic growth leads govt to implement contractioaniry policy --> can decrease AD because lower taxes or lower govt spending may lead to decreased consumption)
integrate trends (examples & stats)

multiplier process (Para 2)
- yep i'm sorry can't explain this one yet because i bludged towards the end of term and haven't fully gotten my head around it yet.

the role of aggregate supply (Para 3)
- measures an economies' potential
- population growth (e.g. Aus population growth has contributed to Aus’ growth rates putting it ahead of most advanced economies)
- discovery of new resources (e.g. new resources will increase supply of raw materials. → increase aggregate supply)
- increased cap (increases business’s capacity to produce goods in the long term)
integrate trends

EFFECTS (effects on the economy)
living standards
- i would link this to para 1. how does an increase in AD impact LS?
- faster growth → increase in real GDP → higher disposable income
bring in trends e.g.
  • Slower growth in the 2010s meant that Australia’s living standards increased at a slower rate.
  • This suggests that the link between economic growth and living standards has weakened in the past decade.
employment
- maybe link to P2?
- Higher employment → increase production because of increased demand → increased jobs
bring in trends

Income distribution
- link to P3 --> considering that P3 is about supply (referring to firms) --> how can an increase in firms profits and supply lead to an uneven distribution of Y?
- dispororitantal increase in income. The income will go to employers rather than employees (high-income earners win).
bring in trends.
________________________

might've gotten a bit carried away lol - at least answering your question this forced me to create an essay plan!

well, i have no idea if that is right or if it even makes sense.

that's just how i interpreted the question

good luck!
 

mikrokosmos

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YOU ARE LITERALLY AMAZING! I AM SO GRATEFUL FOR YOUR MESSAGE <3

good luck to you too !!!!!!
 

mikrokosmos

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i'm quite honestly failing economics. ive been going tutoring for a term now and i dont really think its helping ahhh :( but tysm once again <3!!
 

Hiheyhello

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awww TYSM!
so glad i could help!
eco is a hard subject tbh, but i'm sure that you'll do great if you persevere!
it's a lot about understanding economic concepts, and then familiarising yourself with application to questions
if you have any more questions, let me know (hopefully i can answer them 😂)
 

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