We invite you to attend our second online Teacher Network Afternoon meeting for 2022. The spotlight is EA: Preparation
Dane, Deb, Jodie and Justin, four experienced Economic teachers, will lead discussion of share experiences and different
approaches. The event is on Thursday 21 July and will commence at 4pm and conclude at 5.30 (including questions).
The theme for this year’s conference is “Connected: Together is Better” and focuses on reuniting
educators across the country to engage in proactive discussions on emerging business concepts, and changes to the curriculum, offering
opportunity to share knowledge amongst peers to improve systems nationally.
As business educators, we share a vision to give every student opportunities to acquire knowledge and understanding that can be applied
creatively to problem solve issues in the context of the corporate world.
The disruption of COVID-19 may have created physical barriers, and challenged the way in which teaching is conducted; however, the business
world has evolved as a consequence. It’s time to reconnect, and embrace the opportunity to collaborate and share expertise, challenges and
learn from one other.
The core of economics education as well many people’s beliefs is that markets work best and that government interventions leads to inferior results. Economics provides a strong analytical framework to proof the superiority of the market as well. However, even Adam Smith emphasised that certain goods should be provided by the government.
This workshop focuses upon situations where the free-market solution is inefficient and government interventions are required to achieve efficient production and consumption.
What are the fundamental characteristics of goods and market structures that cause market failures?
How can we approach these situations such that students can discover the problems and solutions themselves?
Unit 4 - Monetary Policy
Draw the transmission mechanism diagram from memory, and annotate with arrows to show how what increases/decreases if the RBA implements expansionary monetary policy or contractionary monetary policy. Write a paragraph summarising the effects of an increase in the cash
Unit 2 - Market Concentration
Find data which supports the belief that "the Australian grocery industry is largely dominated by Woolworth's and Coles". Using
supporting research, identify the impacts this has on the household and business sectors of the circular flow of income. In your opinion, would growth in an overseas competitor such as Aldi, Costco or Wal-Mart be net beneficial or harmful for Australia's economy.
1. Explain the concepts of "allocative, dynamic and productive" efficiency.
2. List some of the benefits and costs of privatising the following mostly public goods
Gather "the big 3" economic indicators of CPI, GDP growth and the Unemployment Rate. Choose 2-5 additional indicators as well. Based purely on these charts, evaluate the extent to which the Australian economy recovered from the GFC in 2008 by the end of 2013.
Here's another example of perfect timing. There's a good chance many of you are transitioning between Units 1 and 2 and therefore be circling market failure, modified markets, and market intervention with yours classrooms. Of course, minimum wage laws are a go-to example
of a price floor - a fundamental concept the price mechanism and one that lends itself to both the micro and macro policy camps. Will
the added income be offset by inflationary pressure and job losses? Will there be an impact on income inequality? How might this affect
business productivity? The discussion points are endless.
Here's a terrific interview the ABC ran this week where Phillip Lowe discusses the purpose and intention of monetary policy since 2020 as well as the justification for the "surprising" lifts in the cash rate, as well as some projections for the future. Classroom talking points may be around the micro vs macro pictures of the economy, the role of monetary poicy in general, and of course criteria-based conclusions on economic decision.
At the time of writing this, the news cycle has been pretty much dominated by the "shockingly" large increase in the Cash
Rate from 0.35 to 0.85 percent. While it's interesting to see how much monthly repayments will increase for a $500,000, $750,000 and
$1,000,000 mortgage, economics students may find additional learning in unpacking the economic data and influences which may be sparking
current montetary policy. Here is the link to Govenor Lowe's Statement this week. Have a go at highlighting indicators, idneitfying trends
as expansionary or contractionary, and summarise the justifications for the cash rate decision. For the extra keen, where is Australia on the economic cycle? How does this relate or compare to existing fiscal policy? The value the world is providing for economics classrooms right now is endless!
1. Explain the differences between perfectly competitive, oligoplistic and monopolistic markets.
2. Draw a diagram of a "price floor". Explain the purpose of price floors using minimum wage as an example.
1. Imagine there is a supply shock which leads to inflationary pressures. Draw a Phillips Curve which includes the short and potential long run impacts of this.
Assume that over a 5 year period, the foreign sector experienced significant growth reflected in a strong and consistent trade surplus. Explain how it's possible that GDP growth may be stagnant despite this growth in the foreign sector. Use 3 example economic indicators to detail your response.
List 3 examples of each of the following and describe why they can be classified this way:
- public goods
- private goods
- merit goods
- demerit goods
You may have noticed that fuel prices are on the rise again, a few weeks after the government cut the fuel excise task. While there was a bit of temporary relief, I remember pump prices getting to around $1.60, they're back up to well over $2.00 a litre. Here is an early paper
by the Gratten Institute explaining the implications back in April. Revisiting previous analyses and evaluations can often help clarify economic problems, and for students' may help with the validation or consolidation of previous learnings.
Draw a supply and demand diagram showing a price ceiling such as a "maximum cap on rent" and explain why a price ceiling would be
placed below the market equilibrium in the rental market.
Collect 3 economic indicators that could be used to represent the following macroeconomic objectives.
a) sustainable economic growth
b) full employment
c) price stability
d) standard of living
e) external stability
Justify whether your would identify residential solar panels as a price elastic or inelastic good. Imagine there was an increased government subsidy to home owners and apply this to a diagram to supplement your response.
Imagine CPI has shown decreases in Year 2 and Year 3. Which of the follow are more likely to be true, ceteris paribus. Justify your
A) Consumer spending decreased in Year 1
B) Consumer spending increased in Year 2
Housing affordability has taken centre stage in the last week of the election. The latest major announcement from the Coalition, just six
days before voters head to the poll, would see first home buyers raid their super to help them with their deposit.
The RBA posted its latest "Summary of economic conditions" video just at the time I'm writing this! If you haven't seen these before, the RBA does a brilliant job of unpacking the latest economic data. It's a brilliant example of how to analyse and evaluate the latest figures -- crucial for all economic students. I often pause the video, just as a new graph is shown (but before they explain it) to
challenge the students to conduct their own analysis first and see how well their insights match.
Explain how the following would impact the market for electricity in Australia. Draw a supply and demand diagram to supplement your answer
a) Increased consumer rebate for solar panel installation for home owners.
b) Severe flooding forces the closure of coal mines
c) The reintroduction of a carbon tax
Draw a diagram of the economic cycle, highlighting a period of strong recovery and a diagram showing an inflationary gap. Annotate each
diagram to show what would likely happen going forward, in the absence of demand-side economic management.
The mentoring program seeks to assist and support newly registered teachers, out of field teachers and teachers who are returning to
teaching Economics in Queensland schools. The program connects these teachers to passionate and experienced Economic teachers who teach
students across Years 7-12.
If you're interested, please follow the links to the application process.
Draw supply and demand diagrams to model the likely impacts of the following events:
A) RBA increases interest rates
B) The government increases subsidies to home builders
C) Analysts project significant increases in house prices next year
D) World price of steel increases
Draw a Phillips Curve and explain the potential tension which exists between unemployment and inflation