Week Economic Knowledge (Topics) Resources Activities Term 1 Week 1 Unit 3 – Australia & The Global Economy Introduction to course – distribute syllabus and program. Discuss expectations Global interdependence The linkages between economies (including trade, foreign investment, tourism and immigration) The concept of globalisation Economic indicators of globalisation (including growth in foreign investment, flows of people, growth in communications) The factors facilitating globalisation (including trade liberalisation, advances in transport and communications, growth in multinational corporations) The economic effects of globalisation (both costs and benefits) Parry & Kamp Chapter 1 WACE Study Guide Chapter 1 King Pg. 186 PPT Presentation on Global Interdependence Case Studies: 1. Impact of globalisation 2. The impact of the mining boom on Australia Article analysis: slowdown and commodity slump Term 1 Week 2 Pattern and trends in global trade over time The significance of the Chinese and US economies The composition of global trade The relationship between global and economic growth The concept of international competitiveness The determinants of international competitiveness (including productivity, real unit labour costs, the exchange rate, inflation, education, technology, economic policy) Revision - Assessment 1: Global interdependence Websites: Data Interpretation: 1. TWI & ULC Creelman Multiple Choice Practice Extended answer practice Term 1 Week 3 Free trade and protection The significance of trade for the Australian economy The theory of absolute and comparative advantage and the concept of opportunity cost The sources of comparative advantage The gains from specialisation and trade using the PPF & the demand/supply model The gains from both exports and imports (changes to CS/PS) Parry & Kemp Chapter 2 WACE Study Guide Chapter 2 King pg 206 - 209 Clip: PPT presentation on Why nations trade? Working with models: AA vs. CA (Parry & Kamp) Calculating CA input vs. Output worksheet Different forms of protection, including tariffs and Parry & Kemp
demand, inflation Changes in Australia’s exchange rate over the past ten years Revision - Assessment 4: Exchange Rates Essentials of Economics 3 pg. 615-627 Term 2 Week 2 Foreign investment The concept of foreign investment The distinction between foreign investment into Australia and Australian investment abroad The distinction between foreign assets and foreign liabilities The distinction between foreign direct and foreign portfolio investment The link between foreign investment and the balance of payments The types of foreign liabilities – foreign debt and foreign equity The types of income payments associated with foreign liabilities Parry & Kamp Chapter 7 WACE Study Guide Chapter 8 PPT presentation on Exchange Rates Creelman Multiple choice practice Data Interpretation Extended answer practice Foreign investment and liabilities worksheet (Parry & Kamp) Term 2 Week 3 The link between foreign liabilities and the current account Changes in Australia’s foreign direct investment and foreign debt over the last 10 years The benefits and costs of Australia’s foreign direct investment and foreign debt Revision – Assessment 5: End of Unit Test King Chapter 16 Complete Student Activity 16.1, 16.2 and 16.3 Term 2 Week 4 Unit 4 – Economics Policies & Management The business cycle The concept of the business cycle The distinction between actual GDP and potential GDP The characteristics of the phases of the business cycle The effect of the business cycle on key economic indicators (including real GDP, inflation, unemployment, retail sales, business investment, share prices) Causes of the business (including domestic and external factors) The aggregate expenditure model The components of aggregate expenditure (C, I, S) Parry & Kamp Chapter 8 WACE Study Guide Chapter 9 PPT presentation on the Business Cycle Data Interpretation (Parry & Kamp) Creelman Multiple choice practice Data Interpretation Extended answer practice