Revision notes.

Try this with Economics

1. Close your notes and write the main idea in two sentences from memory.
2. Reopen the source and correct the first mistake or omission you find.
3. Add one example and one question to test whether you can apply the idea.

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Topics in the resource inventory

• Australia's global linkages, openness and trade patterns
• Absolute advantage, comparative advantage and opportunity-cost calculations
• Specialisation, gains from trade, PPF and demand/supply models
• Trade liberalisation and free-trade agreements
• Tariffs: price, quantities, revenue, surplus and deadweight loss
• Subsidies, quotas and arguments for protection
• Balance-of-payments structure and double-entry recording
• Current-account drivers and the saving-investment gap
• Terms of trade: calculation, causes, trends and effects
• Exchange rates and TWI: market determination, movements and effects
• Foreign direct and portfolio investment, flows, stocks and the international investment position
• Unit 3 data analysis, model construction and extended-response synthesis
• Business cycle phases, turning points, indicators and recent Australian performance
• Consumption function, MPC, MPS and multiplier calculations
• AE equilibrium, inventories and expenditure shocks
• AD, SRAS and LRAS equilibrium, demand and supply shocks and the business cycle
• Fiscal objectives, budget outcomes, automatic stabilisers, discretion and debt finance
• Monetary policy, the cash rate, tools and transmission channels
• Policy strengths, weaknesses, lags, policy mix and current Australian evidence
• Labour productivity, capital, technology, APF and long-run growth