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The Price Mechanism
For each of the following separate scenarios, draw a fully labelled supply and demand model to show the market impact, and explain in less
than 50 words.
1. Rivers in South Australia have been contaminated due to the excess rainfall recently. How would this likely impact the market for
salmon? (assuming there is samon in these rivers)
2. The government has decided to subsidise the cost of health-related university degrees such as nursing and physiotherapy. How might this
impact the market for healthcare in the future?
3. There’s a new Nintendo “Switch 2” coming out soon. What impact would this have on the market for current Nintendo Switch consoles?
4. Why are airline tickets more expensive during the school holidays? Explain using a supply and demand diagram.
Macroeconomics
1. Define the types of unemployment -- cyclical, structural, frictional and seasonal unemployment
2. "Nominal GDP has increased over the past 3 years -- but this has not been because of increased production or
consumption." Suggest how this statement might be true, and a more appropriate measure of GDP to account for this problem.
A little while ago, the Economics Society of Australia (ESA) hosted Emma Chow, economist in the public education team at the RBA. The incredibly interesting seminar has been recorded ans is now available here. Given the focus was on what high school economics students are choosing to study in university, much of the data and reflection was on engaging high school students and fostering future pathways.
Much of Queenslanders are well aware of the national declining trends of students enrolling in economics (especially since Queensland trends are increasing!) -- but Emma's research here took a specific look at what students who take economics in highschool end up choosing to study at the tertiary level which many will find incredibly fascinating. Many of you, no doubt, are in schools that maintains strong relationships with alumni and therefore may have some data on what your graduates are choosing after high school. So this may add some insight to these professional conversations as well.
The size and diversity of the economics student population has declined sharply since the early 1990s, raising concerns about economic
literacy in society and the long-term health of the economics discipline. Interest in studying economics at university is low, even for
those who studied economics in Year 12.
This presentation investigates what students are choosing to study at university – if not economics – using new microdata from the
Universities Admissions Centre.
While Year 12 economics students tend to enrol in economics at university at much higher rates than other students, they are more
likely to study a commerce and finance or arts and social science course than an economics course. Possible initiatives to increase the flow
of high school students into university economics include tailored advocacy to emphasise the connections between economics and other
preferred fields of study, and a greater focus on encouraging students to study economics subjects within a commerce and finance degree. It
may also be worth exploring whether any lessons can be applied from initiatives to promote the take-up of STEM (Science, Technology,
Engineering, Mathematics) courses, given the relative rise in enrolments in those subjects over recent years.
MIT (Massachusetts, not Melbourne) has uploaded an entire lecture series to its MIT "OpenCourseWare" Youtube Channel. Here you'll find 26 full lectures on everything from "supply and demand curves" and "monopolies," to "efficiency vs equity" and "externalities." Now, it's a university course, and I believe MIT is arguably the highest ranked university in the entire world, so it might be most appropriate for the most keen of our young economics students.
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