A non-profit organisation of teachers and other educators throughout Queensland, Australia, committed to the promotion and advancement
of Economics and Business Education in schools.
We are a friendly organisation of dedicated and passionate teachers who specialise in teaching and the promotion of Senior Economics in
Queensland, and Economics and Business in Years 7-10.
We are determined to break down myths: Economics is interesting, topical and logical.
It is understanding front page news and answering questions as to how to make informed decisions when economic conditions are changing.
This includes decisions about jobs, production, investments, and entrepreneurial decisions as individuals or as managers in future
careers and businesses. Studying Economics gives students hope and optimism, as it
involves solving issues for a better world!
To achieve this goal, the association organises and resources a range of activities aimed at enhancing the professional qualities
of teachers and the understanding of Economics among students.
QETA Inc. was established in 1968. It is a non-profit organisation.
Unit 1
Assume the demand for asthma medication is price inelastic. Also assume that the demand for airpods are price elastic. Draw a price mechanism model for each of these markets to show the impacts of supply shocks on the equilibrium price and quantity for each. Use
these models to explain the impact that the price elasticity of demand has when a supply shock occurs in markets.
Unit 3:
Explain the difference between the following economic indicators, and whether "increases" are most likely favourable or
unfavourable for the Australian economy.
a) Terms of Trade
b) Current Account Balance
c) Australian dollar against the Trade Weighted Index
d) Net income transfers
Were you caught off guard with the latest RBA Monetary Policy decision as well? It may take us a bit of time to adjust to the new schedule of meetings, no longer on the first Tuesday of every month but now, 8 times a year, without a patter distinguishable by me. For everyone
(else) who wants to mark these in their calendars, here are the RBA
meeting dates for 2024:
5–6 February
18–19 March
6–7 May
17–18 June
5–6 August
23–24 September
4–5 November
9–10 December.
In any case, here is the link to the speech and statement. Even though monetary policy does lock in until Unit 4, there are plenty of reasons younger students will benefit from understanding the impact central banks have on the supply of money and the circular flow of
income. It's tradition around here to read the statement, annotating
key indications of economic performance, unpacking forecasts and discussing the logic behind the RBA decision making. This year, my classrooms have tried predicting what the media coverage may be like. Much of the
journalism
around each decision follows similar flows:
1. Why this decision
2. What it means for <stakeholder XYZ>
3. What predictions can be made about the future and,
4. What economic data will these forecasts be based on.
We'd like to put out a call if there is anyone who loves to play and tinker with websites who may be able to provide some admin work. Our
website is very user friendly and we would love some help to load information from contributors and assist with maintaining the site. We
will provide training – 6 hours, and we will pay the lucky member while they are being trained. If interested, please contact info@qeta.com.au.
Economic literacy and financial literacy
Defining what is meant by economic literacy is not straightforward and it has been the subject of debate over many decades. New research by
the RBA and their Bulletin article explores the meaning of ‘economic literacy’.
Economic and financial literacy are clearly distinguished by the RBA research. RBA
Bulletin articleRBA
Bulletin article
This is important information required by teachers of the Australian Curriculum Economics and
Business Years 5-10.
The curriculum, both versions 8.4 and 9.0 refer to core ideas of economics and financial literacy, so it is critical that teachers
appreciate the difference of economic and financial literacy for their teaching programs.
The recording is available to all members and non members of QETA.