HSC Economics Revision (1 Viewer)

[random-1005]

Answer the questions and put up any question you are unsure about, you guys know the deal. There was a marathon thread but that has died so time to make a good one.


QUESTION: Distinguish between economic growth and economic development

 

[bouncing]

Answer the questions and put up any question you are unsure about, you guys know the deal. There was a marathon thread but that has died so time to make a good one.


QUESTION: Distinguish between economic growth and economic development

yay i like how you make these threads even tho you finished hsc last year

economic growth occurs when there is a sustained increase in a country's productive capacity over time (measured by % change in GDP)

economic development is a more qualitative measure of a country's welfare - eg. adult literacy rates/indicators of health/environmental quality however it also measures material living standars (measured by the HDI)

NEW QUESTION: Outline TWO different types of economies and give ONE example of each.

 

[random-1005]

yay i like how you make these threads even tho you finished hsc last year

economic growth occurs when there is a sustained increase in a country's productive capacity over time (measured by % change in GDP)

economic development is a more qualitative measure of a country's welfare - eg. adult literacy rates/indicators of health/environmental quality however it also measures material living standars (measured by the HDI)

NEW QUESTION: Outline TWO different types of economies and give ONE example of each.

good answer

i finished my uni exams last week, have very little to do decided might as well something useful

 

[thongetsu]

You coulda just revived it.

 

[random-1005]

You coulda just revived it.

i dont understand what u mean lol

its not like its taking a huge amount of time off me, im not reading the textbooks or anything, just putting up questions from pure memory pretty much, i got pretty much 100% on multi choice and short answer in eco, my essays were where i lost my marks, but still got a good mark, cant complain

EDIT: oh now i get what you mean, god im such an idiot, nah this ones gona be better than that other piece of shit lol

 

[random-1005]

Give the characteristics of a public good.

Give the methods and reasons for protection

Define unemployment and participation rates and give formulas( be very specific on this one)

Define Market Failure

State what the Gini Coeffiecent measures, and how it is calculated, give the formula and state what an increase in the coeffiecent represents

Explain the relationship between the current account and the capital and financial accounts .

Explain the difference between a fiscal outcome and a fiscal stance.

What are the governtments economic objectives ( there are 6 of them, and theres a very easy way to remember them).

There are some questions that i strongly recommend you know inside out, back to front, i think there is a reasonable spread of questions there, i will probably put more up later, yes it is good to do past papers, but you WILL learn more by quizzing yourself on the specific content.

i can pretty much, bet my life that one these questions will asked in this yrs hsc

 

[bouncing]

i dont understand what u mean lol

its not like its taking a huge amount of time off me, im not reading the textbooks or anything, just putting up questions from pure memory pretty much, i got pretty much 100% on multi choice and short answer in eco, my essays were where i lost my marks, but still got a good mark, cant complain

EDIT: oh now i get what you mean, god im such an idiot, nah this ones gona be better than that other piece of shit lol

LOL
good that you get it now haha

okay jesus thats a whole load of questions i will probably try to answer them after my exam, ps would you be interested in taking a look at my essay???

 

[random-1005]

LOL
good that you get it now haha

okay jesus thats a whole load of questions i will probably try to answer them after my exam, ps would you be interested in taking a look at my essay???

What topic lol, as long as its not labour, im not the best at essays

you dont have to answer them on here lol, im saying you should go into the trials and hsc knowing thoses ones definately

 

[Deathless]

Give the characteristics of a public good.

Give the methods and reasons for protection

Define unemployment and participation rates and give formulas( be very specific on this one)

Define Market Failure

State what the Gini Coeffiecent measures, and how it is calculated, give the formula and state what an increase in the coeffiecent represents

Explain the relationship between the current account and the capital and financial accounts .

Explain the difference between a fiscal outcome and a fiscal stance.

What are the governtments economic objectives ( there are 6 of them, and theres a very easy way to remember them).

There are some questions that i strongly recommend you know inside out, back to front, i think there is a reasonable spread of questions there, i will probably put more up later, yes it is good to do past papers, but you WILL learn more by quizzing yourself on the specific content.

i can pretty much, bet my life that one these questions will asked in this yrs hsc

A1: A public good is non-rivalrous and non-excludable... therefore supplied by the government because firms are unwilling to supply...

A2: Tariffs, Subsidies, Quotas...
To protect domestic employment, firms, to protect infant industries/firms, to have a BOGS surplus...

A3: U/N = when a person is able and willing to work but is currently without work <-- looked at wikkipedia for that.
Participation rate = labour force/working age pop x 100/1 = The labour force participation rate is the percentage of the population aged between fifteen years and sixty seven years who are in the labour force.

A4: Market failure = when the price mechanism takes account of private benefits and costs of production to consumers and producers, but fails to take into account indirect costs.


State what the Gini Coeffiecent measures, and how it is calculated, give the formula and state what an increase in the coeffiecent represents

Explain the relationship between the current account and the capital and financial accounts .

Explain the difference between a fiscal outcome and a fiscal stance.

What are the governtments economic objectives ( there are 6 of them, and theres a very easy way to remember them).

I'll let some others answer that for now... (unless no one answers)