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Economics Down Under Book 2 VCE Economics Units 3&4 8E & eBookPLUS

Economics Down Under Book 2 VCE Economics Units 3&4 8E & eBookPLUS
Title information
Author/s
Morris
ISBN13 9780730307525
Pub date November 2013
Pages 400
RRP $94.95
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Economics Down Under Book 2 Units 3 & 4, Eighth Edition specifically follows the VCE Economics Units 3 and 4 study design for 2010–2015.

KEY FEATURES:
• completely up-to-date statistics and economic analysis
• fresh and engaging design to help aid learning
• use of photographs and cartoons to help demystify Economics
• regular review questions to ensure student learning is reinforced and key concepts are understood
• definitions of economic terms included on the page they’re introduced

Economics Down Under Book 2 Units 3 & 4, Eighth Edition also includes:
• examples of school-assessed coursework including a range of data investigations and analysis tasks
• multiple choice questions, chapter summaries and concept maps for easy revision
• end of year examination tips and strategies
• up-to-date comprehensive economics dictionary

Economics Down Under Book 2 Units 3 & 4, Eighth Edition features eBookPLUS, an electronic version of the textbook and a complementary set of targeted digital resources. These flexible and engaging ICT activities are available online at the JacarandaPLUS website (www.jacplus.com.au).

Your eBookPLUS resources include:
• weblinks to key economic bodies and updated data and statistics
• webquest activities that allow students to use the internet for analysis, synthesis and evaluation of information
• updated tables from the book reproduced as Excel documents

About eBookPLUS vii
How to use this book viii
ICT activities x
Acknowledgements xi

UNIT 3 Economic activity and the Australian economy 1

Chapter 1 Microeconomics: living standards, the market system and resource allocation in Australia 3

1.1 Understanding the concept of living standards 4
1.2 What is economics? 5
1.3 Relative scarcity 5
1.4 Choice, resource allocation and opportunity cost 8
1.5 Australia’s economic system 11
1.6 Some microeconomics — how Australia’s market or price system makes important decisions 12
1.7 More microeconomics — using demand–supply diagrams to show the operation of the price system 18
1.8 Market failure and other reasons for government intervention in Australia’s economy 28
1.9 Other infl uences on Australia’s resource allocation 36
1.10 Revisiting living standards 36

Chapter 2 Macroeconomics: output, employment and income in the Australian economy 49

2.1 The nature and purpose of macroeconomic activity 49
2.2 The business cycle and the level of economic activity 50
2.3 Indicators of the level of economic activity 52
2.4 Using the circular fl ow model to look at the influences on economic activity 54
2.5 Aggregate demand as an infl uence on Australia’s cyclical level of economic activity 57
2.6 Aggregate supply as an infl uence on Australia’s economic activity 61
2.7 Factors affecting recent trends in Australia’s level of economic activity to 2013 66
2.8 Using the aggregate demand–supply diagram to show changes in economic activity 72

Chapter 3 Macroeconomic activity and the Australian government’s economic goals 87

3.1 Introduction 87
3.2 The goal of low infl ation (stability of the Australian currency) 92
3.3 The goal of strong and sustainable economic growth 101
3.4 The goal of full employment 119
3.5 The goal of external stability 129
3.6 The goal of equity in income distribution 147

UNIT 4 Economic management of the Australian economy 181

Chapter 4 Managing aggregate demand using budgetary policy 183

4.1 Definition of budgetary policy 184
4.2 The recent aims or priorities of budgetary policy 184
4.3 The nature of specifi c budgetary policies 185
4.4 Using budgetary policy to pursue low inflation, strong economic growth, full employment and better living standards to 2013 196
4.5 Using budgetary policy to pursue external stability and improved living standards to 2013 208
4.6 Using budgetary policy to help promote equity in income distribution and better living standards to 2013 213

Chapter 5 Managing aggregate demand using monetary policy 235

5.1 Definition of monetary policy and the financial system 235
5.2 The aims of monetary policy 238
5.3 The nature of specifi c monetary policies 239
5.4 Using monetary policy to pursue low inflation, strong and sustainable economic growth, full employment and better living standards to 2013 243
5.5 Recent relationships between monetary and budgetary policies in managing aggregate demand to 2013 249

Chapter 6 Policies for managing aggregate supply 263

6.1 Definition and aims of aggregate supply policies 264
6.2 The nature and operation of microeconomic reform policies to 2013 266
6.3 The nature and operation of supply-side budgetary policies to 2013 284
6.4 The nature and operation of immigration policy as a supply-side measure to 2013 296
6.5 The nature and operation of environmental policy as an infl uence on aggregate supply
to 2013 303
6.6 Relationships between aggregate supply and aggregate demand policies in the government’s
current policy mix to 2013 312

End-of-year examination 345

Multiple-choice answers 347

Economics dictionary 349

Index 381

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