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The Price Mechanism
1. Explain "Marginal Social Cost" and "Marginal Social Benefit" as applied to supply and demand models. Use an example
market in your explanation
2. Imagine the government increased subsidies for the production of electric vehicles, presumably reducing market prices for EVs. Explain how this may impact the market for petrol cars.
Macroeconomic Objectives
1. Define cyclical, seasonal, frictional and structural unemployment.
2. Explain why CPI below the RBA's target range of 2-3% may be problematic.
The AEO is hosting another free educative seminar this saturday at 5, this time speaking with Eugenia Marembo, senior policy analyst in New
South Wales Treasury. Many teachers and students will find her expertise especially interesting.
Eugenia Marembo is a senior policy analyst in New South Wales Treasury. She has over 10 years of experience in
government, specialising in program and policy evaluation. She has worked on diverse public policy issues, including the evaluation of
Sydney’s lockout laws, and contributed to a range of reviews including in the child protection policy. For the past four years, she has
worked in the Aboriginal and Torres Strait Islander policy space, and she has contributed to the development of the First Nations Investment
Framework which provides guidance on good practice when working with First Nations people. Eugenia is passionate about evidence-informed
practice, cross-sector collaboration, and nonprofit advocacy. She recently completed her PhD at the Social Policy Research Centre, UNSW,
where her research examined the role of nonprofit peak bodies in shaping Australian housing and homelessness policy. Outside of work she is a
blogger, avid reader, and she finds joy in mentoring young girls and women.
Zoom Meeting
Meeting ID: 869 3196 5084
Passcode: 877897
Quick note: Seminar 2 was with a 2022 National Winner
of the Economics Olympiad who shared some invaluable advice for the competition, and next weeks (17 May) will focus again on how to prepare for the Round 1
competition as well.
Here's a great bit of reading for everyone jumping into Unit 4 and introducing macroeconomic objectives, economic indicators, and labour market statistics -- perfect for the nitty gritty of Year 12, or a bit of Year 11 extensions!
From the RBA:
his article considers whether information contained in indicators that are typically viewed as signalling a change in conditions before it
becomes apparent in the official labour market statistics – referred to here as ‘leading indicators’ – are helpful in forecasting the
unemployment rate. It finds that information contained in measures of unmet demand, such as job advertisements and vacancies, and consumers’
expectations for unemployment are...
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