Australia in the global economy : Year 12 economics

Cover Preliminary pages Half-title page Imprint page Title page Contents Welcome How to use this book Topic 1: The Global Economy Chapter 1: Introduction to the Global Economy 1.1 The global economy 1.2 Globalisation 1.3 The international and regional business cycles Chapter 2: Trade in the Global Economy 2.1 Advantages and disadvantages of free trade 2.2 Reasons for protection 2.3 Methods of protection 2.4 Trade agreements 2.5 International organisations 2.6 Government economic forums Chapter 3: Globalisation and Economic Development 3.1 Introduction 3.2 Differences in income and economic growth 3.3 Differences in economic development 3.4 Categories of development in the global economy 3.5 Causes of inequality in the global economy 3.6 The impact of globalisation COVID-19: The economic dimensions of a global pandemic Case Study: Brazil Case Study: Indonesia Topic 2: Australia's Place in the Global Economy Chapter 4: Australia’s Trade and Financial Flows 4.1 Understanding Australia’s place in the global economy 4.2 Trends in Australia’s trade patterns 4.3 Trends in Australia’s financial flows 4.4 The balance of payments 4.5 Trends in Australia’s balance of payments 4.6 The consequences of a high CAD Chapter 5: Exchange Rates 5.1 Introduction 5.2 Australia’s floating exchange rate system 5.3 Reserve Bank intervention in the foreign exchange market 5.4 Fixed exchange rate systems 5.5 Exchange rates and the balance of payments Chapter 6: Protection in Australia 6.1 Introduction 6.2 Government initiatives to reduce protection 6.3 Australia’s free trade agreements 6.4 Implications of a reduction in protection levels for the Australian economy 6.5 The impact of international protection levels on Australia 6.6 The future of Australian industry in the global economy Topic 3: Economic Issues Chapter 7: Economic Growth 7.1 Introduction 7.2 Economic growth and aggregate demand and supply 7.3 The components of aggregate demand 7.4 Changing levels of growth: the multiplier process 7.5 The role of aggregate supply 7.6 The effects of economic growth 7.7 Recent economic growth trends 7.8 Policies to sustain economic growth COVID-19: The impacts on the Australian economy Chapter 8: Unemployment 8.1 Introduction 8.2 Measuring the level of unemployment 8.3 Recent unemployment trends 8.4 The main types of unemployment 8.5 The non-accelerating inflation rate of unemployment 8.6 The causes of unemployment 8.7 The impacts of unemployment 8.8 Policies to reduce unemployment Chapter 9: Inflation 9.1 Introduction 9.2 Measuring the rate of inflation 9.3 Recent trends in inflation 9.4 The main causes of inflation 9.5 The effects of inflation 9.6 Policies to sustain low inflation Chapter 10: External Stability 10.1 Introduction 10.2 Australia’s current account deficit 10.3 Australia’s foreign liabilities 10.4 Australia’s exchange rate 10.5 Policies to achieve external stability Chapter 11: Distribution of Income and Wealth 11.1 Introduction 11.2 Measuring the distribution of income and wealth 11.3 Sources of income and wealth 11.4 Trends in the distribution of income and wealth 11.5 The costs and benefits of inequality 11.6 Government policies and inequality Chapter 12: Environmental Sustainability 12.1 Introduction 12.2 Ecologically sustainable development 12.3 Market failure: private benefits and social costs 12.4 Public and private goods 12.5 Major environmental issues 12.6 Government policies and environmental sustainability Topic 4: Economic Policies and Management Chapter 13: The Objectives of Economic Policy 13.1 Introduction 13.2 The objectives of economic management 13.3 The goals of government policy in 2021 13.4 Conflicts in government policy objectives 13.5 The economic policy mix Chapter 14: Fiscal Policy 14.1 The meaning of fiscal policy 14.2 Budget outcomes 14.3 Changes in budget outcomes 14.4 Methods of financing a deficit 14.5 The current stance of fiscal policy 14.6 The impact of recent fiscal policy Chapter 15: Monetary Policy 15.1 Introduction 15.2 The objectives of monetary policy 15.3 The implementation of monetary policy 15.4 The impact of changes in interest rates 15.5 The stance of monetary policy in Australia Chapter 16: Microeconomic and Environmental Policies 16.1 Microeconomic policies and aggregate supply 16.2 Microeconomic policies and individual industries 16.3 Environmental management policies Chapter 17: Labour Market Policies 17.1 Introduction 17.2 The role of national and state industrial systems 17.3 Australia’s wage determination system 17.4 Dispute resolution 17.5 Decentralisation of the labour market 17.6 Education, training and employment programs 17.7 Evaluating labour market outcomes in Australia Chapter 18: Effectiveness and Limitations of Economic Policy 18.1 An overview of the effectiveness of economic management 18.2 Limitations of economic policy 18.3 Evaluating the effectiveness of specific policies Appendices Appendix A: Key Economic Skills A.1 Introduction A.2 Drawing and interpreting economics diagrams A.3 Equations and calculations in economics A.4 Interpreting economic data and information Appendix B: Advanced Economic Analysis B.1 Comparative advantage and gains from trade B.2 Income-expenditure diagram B.3 Long-run Phillips curve B.4 Limitations of macroeconomic policy Glossary Index Australia's leading texts in Economics have been completely updated in 2021 for students undertaking NSW Year 12 courses. The 2021 text has been completely revised to reflect the latest developments in Australia and the global economy relevant to Year 12 students. It guides students through an understanding of the key features of the economy in 2020, including the impact of the COVID-19 pandemic and the end to Australia's record-breaking run of economic growth, the backlash against globalisation and the era of the Trump Administration, the widening differences in the economic policy debate, Australia's economic performance in the decade since the global financial crisis, Australia's energy policy debate and the era of historically low inflation and wage growth