Australia in the Global Economy : Year 12 Economics

Preliminary pages
	Title page
	Imprint page
	Welcome
	Table of contents
	Acknowledgements
	How to use this book
Topic 1: The Global Economy
	Topic 1 Introduction: The Global Economy
	Chapter 1: Introduction to the Global Economy
		1.1 The global economy
		1.2 Globalisation
		1.3 The international and regional business cycles
	Chapter 2: Trade in the Global Economy
		2.1 Advantages and disadvantages of free trade
		2.2 Reasons for protection
		2.3 Methods of protection
		2.4 Trade agreements
		2.5 International organisations
		2.6 Government economic forums
	Chapter 3: Globalisation and Economic Development
		3.1 Introduction
		3.2 Differences in income and economic growth
	3.3 Differences in economic development
		3.4 Categories of development in the global economy
		3.5 Causes of inequality in the global economy
		3.6 The impact of globalisation
	COVID-19: The economic dimensions of a global pandemic
	Case Study: Brazil
	Case Study: Indonesia
Topic 2: Australia\'s Place in the Global Economy
	Topic 2 Introduction: Australia\'s Place in the Global Economy
	Chapter 4 Australia’s Trade and Financial Flows
		4.1 Understanding Australia’s place in the global economy
		4.2 Trends in Australia’s trade patterns
		4.3 Trends in Australia’s financial flows
		4.4 The balance of payments
		4.5 Trends in Australia’s balance of payments
		4.6 The consequences of a high CAD
	Chapter 5: Exchange Rates
		5.1 Introduction
		5.2 Australia’s floating exchange rate system
		5.3 Reserve Bank intervention in the foreign exchange market
		5.4 Fixed exchange rate systems
		5.5 Exchange rates and the balance of payments
	Chapter 6: Protection in Australia
		6.1 Introduction
		6.2 Government initiatives to reduce protection
		6.3 Australia’s free trade agreements
		6.4 Implications of a reduction in protection levels for the Australian economy
		6.5 The impact of international protection levels on Australia
		6.6 The future of Australian industry in the global economy
Topic 3: Economic Issues
	Topic 3 Introduction: Economic Issues
	Chapter 7: Economic Growth
		7.1 Introduction
		7.2 Economic growth and aggregate demand and supply
		7.3 The components of aggregate demand
		7.4 Changing levels of growth: the multiplier process
		7.5 The role of aggregate supply
		7.6 The effects of economic growth
		7.7 Recent economic growth trends
		7.8 Policies to sustain economic growth
	COVID-19: The impacts on the Australian economy
	Chapter 8: Unemployment
		8.1 Introduction
		8.2 Measuring the level of unemployment
		8.3 Recent unemployment trends
		8.4 The main types of unemployment
		8.5 The non-accelerating inflation rate of unemployment
		8.6 The causes of unemployment
		8.7 The impacts of unemployment
		8.8 Policies to reduce unemployment
	Chapter 9: Inflation
		9.1 Introduction
		9.2 Measuring the rate of inflation
		9.3 Recent trends in inflation
		9.4 The main causes of inflation
		9.5 The effects of inflation
		9.6 Policies to sustain low inflation
	Chapter 10: External Stability
		10.1 Introduction
		10.2 Australia’s current account deficit
		10.3 Australia’s foreign liabilities
		10.4 Australia’s exchange rate
		10.5 Policies to achieve external stability
	Chapter 11: Distribution of Income and Wealth
		11.1 Introduction
		11.2 Measuring the distribution of income and wealth
		11.3 Sources of income and wealth
		11.4 Trends in the distribution of income and wealth
		11.5 The costs and benefits of inequality
		11.6 Government policies and inequality
	Chapter 12: Environmental Sustainability
		12.1 Introduction
		12.2 Ecologically sustainable development
		12.3 Market failure: private benefits and social costs
		12.4 Public and private goods
		12.5 Major environmental issues
		12.6 Government policies and environmental sustainability
Topic 4: Economic Policies and Management
	Topic 4 Introduction: Economic Policies and Management
	Chapter 13: The Objectives of Economic Policy
		13.1 Introduction
		13.2 The objectives of economic management
		13.3 The goals of government policy in 2022
		13.4 Conflicts in government policy objectives
		13.5 The economic policy mix
	Chapter 14: Fiscal Policy
		14.1 The meaning of fiscal policy
		14.2 Budget outcomes
		14.3 Changes in budget outcomes
		14.4 Methods of financing a deficit
		14.5 The current stance of fiscal policy
		14.6 The impact of recent fiscal policy
	Chapter 15: Monetary Policy
		15.1 Introduction
		15.2 The objectives of monetary policy
		15.3 The implementation of monetary policy
		15.4 The impact of changes in interest rates
		15.5 The stance of monetary policy in Australia
	Chapter 16: Microeconomic and Environmental Policies
		16.1 Microeconomic policies and aggregate supply
		16.2 Microeconomic policies and individual industries
		16.3 Environmental management policies
	Chapter 17: Labour Market Policies
		17.1 Introduction
		17.2 The role of national and state industrial systems
		17.3 Australia’s wage determination system
		17.4 Dispute resolution
		17.5 Decentralisation of the labour market
		17.6 Education, training and employment programs
		17.7 Evaluating labour market outcomes in Australia
	Chapter 18: Effectiveness and Limitations of Economic Policy
		18.1 An overview of the effectiveness of economic management
		18.2 Limitations of economic policy
		18.3 Evaluating the effectiveness of specific policies
Appendices
	Appendix A: Key Economic Skills
		A.1 Introduction
		A.2 Drawing and interpreting economics diagrams
		A.3 Equations and calculations in economics
		A.4 Interpreting economic data and information
	Appendix B: Advanced Economic Analysis
		B.1 Comparative advantage and gains from trade
		B.2 Income-expenditure diagram
		B.3 Long-run Phillips curve
	Glossary
	Index