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Unit 4
Draw two models to show how an economy may move from optimal level of economic growth to "stagflation conditions". Explain a hypothetical event which may cause this to happen and one economic policy which could be implemented to address it.
Unit 2
Explain the concept of the "tragedy of the commons," using a real or hypothetical example, and propose a potential government
policy which can be used to reduce its impacts.
Unit 4
1. Explain the concept of leading, lagging and coincident indicators providing two examples of each.
Unit 2
1. Explain the concepts of negative and positive externalities using casino games (negative) and youth sports (positive) as examples. Draw a price mechanism model for each showing these externalities.
CEDA (Committ for Economic Development in Australia) has producers a fascinating report on productivity in the construction industry (or relative lackthereof), highlighting the high proportion of small businesses and the associated challenges things like lack of scale has on housing supply. According to the report, tax incentives favour construction workers to start small businesses, and incentivises small businesses to stay small -- both factors preventing the growth of more productive larger scale construction companies. For those digging into the price mechanism or microeconomic reform, this could provide some excellent food for thought. Here's a quick video, and below is the report.
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