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ECB, housing market, gordon brown, golden rule
price of other goods and income, in the demand function. Price Elasticity of
Demand. Cross Price Elasticity of Demand. Income Elasticity of Demand. Utility
& marginal utility.The
Law of Diminishing Returns & Economies of Scale. The importance of Economies
of Scale for the Irish economy. Understand how the profit maximizing level of
output is decided.
the concept of market structure & what determines the competitive
that the firm operates. Perfect competition Monopoly, Oligopoly &
Monopolistic Competition. The types of competition that takes place between
firms in the competitive environment.
between GNP, GDP and NNP as measures of Economic activity. Appreciate the
limitations of these economic indicators. Economic issues such as inflation,
unemployment, the business cycle.
between GNP, GDP and NNP as measures of Economic activity. Appreciate the
limitations of these economic indicators. Economic issues such as inflation,
unemployment, the business cycle.
circular flow of income. The role of aggregate demand in determining national
income & the importance of the multiplier. The difference between monetary
& fiscal policy. Irish Public expenditure & the national debt.
function & origins of money. How money is created and the implications of
increases in the money supply. The structure of the Irish Financial Services
Sector. The role of the Irish and European Central Banks.
opportunity costs are associated with economic problem solving fundamental choices facing every society – what, how, how much and who?
several real-life situations that involve choice and opportunity cost. label a simple circular flow of income model to illustrate the flows of a market economy
savings and investment (the financial sector), taxation and government spending (the government sector), imports and exports (the international sector).
describe the essential characteristic of a market explain the importance of prices in solving the economic problem in a market economy
illustrate how prices are determined in the market, with the aid of simple demand and supply diagrams.
account for factors which cause price changes in the market define the terms ‘price elasticity of demand’ and ‘income elasticity of demand’ and outline the significance of each concept analyse market mechanism.
illustrate methods used by governments to redistribute income towards zero income or low income earners in Australia
assess the impact of government programs to redistribute income in Australia.
discuss the nature of goods and services not necessarily adequately provided by the market mechanism
assess the privatisation debate. discuss the meaning of the terms ‘unemployment’ and ‘full employment’
the economic and social effects of unemployment the problem of youth unemployment in Australia
define ‘headline and underlying inflation’show how the Consumer Price Index is constructed
analyse recent inflation statistics discuss the economic and social effects of inflation
define economic growth and describe how it may be measured analyse recent economic growth statistics
describe pattern of exports and imports tracecurrent account deficit in recent years
assess the implications of current account deficit. understand the nature of the financial system and the contribution of publicly listed companies to that system
share market and the factors that affect the price of shares at a particular time
leading market indicators, their formulation, meaning and usefulness in understanding market trends
design strategies and plans for an individual's investment portfolio.
identify the financial market as part of the circular flow
describe the financial system in terms of two major groups
financial intermediaries (including banks, building societies, credit societies, money market and merchant banks) stock market describe the elements of each of these groups in the financial system
illustrate with the use of examples the competition and interdependence between the sectors of the financial market
describe briefly the procedures required by the Stock Exchange to float a company
discuss the necessity and describe the format of reporting to the Exchange by each listed company.
differentiate between the terms ‘stock market’ and ‘stock exchange’
identify the difference between the primary and secondary market describe the functioning of these markets (between buyers and sellers) and how price is determined describe the various types of securities traded identify the role of stockbrokers in the operations of the stock market illustrate an understanding of the national share quote tables as published in the daily press identify the internal and external factors that may affect the price of a share trace the variation in price of several shares on the market over a period of time
· identify the types of index numbers that are compiled on the
· describe the meaning of a movement in an index number in terms of the total market and individual shares
· appraise the usefulness of index numbers
· analyse a long-term index graph and distinguish between factors that cause short run movements and long-run trends in the All Ordinaries Index
· collect index data from newspapers, construct a graph of the data and annotate the movements
· outline the types of securities available on the share market
· describe the major forms of returns that investors in the Stock Market receive, such as dividends, rights and capital gains
· distinguish between the major aims of investing (safety, income, capital gains) and outline the advantages and disadvantages of each aim
· evaluate the long term returns from a ‘blue chip’ company and a speculative mining company
· outline a framework for the assessment of alternative share market investments
· list the risks attached to trading on the Stock Exchange
· understand and use evaluative tools such as dividend yield, earnings per share, price earnings ratio and net tangible assets per share in making investment decisions
· outline the features of a perfect market (perfect competition) and describe the condition of equilibrium in a perfect market
· discuss the concept of economic efficiency and consider whether perfect competition will necessarily yield economic efficiency
· describe the features of the following imperfect market forms: monopolistic competition, oligopoly and monopoly
· define a restrictive trade practice and discuss those restrictive trade practices outlawed by the 1974 Trade Practices Act, as it is administered by the Australian Competition and Consumer Commission.
· discuss criteria for judging performance in a market
· analyse, through a case study, the market in one or two selected industries in Australia e.g. motor vehicles, brewing, banking, interstate airlines, steel, petroleum, retailing.
· list and describe the conditions which must be satisfied for a perfect market to exist.
· distinguish between technical efficiency and economic efficiency
· explain why a large number of small firms in certain
· describe the most important features of monopolistic competition
· account for the importance of product differentiation in monopolistic competition
· list examples of monopolistic competition in Australia
· describe the most important features of oligopoly
· explain why interdependence is a distinguishing feature of oligopolies
· describe the most important features of monopoly
· explain why it is difficult for other firms to enter the monopolists' market
· use demand curves to demonstrate that a monopolist may set price or the quantity sold, but not both
· define and give examples of natural monopolies
· recognise that monopolies may cause a misallocation of resources
define the term ‘restrictive trade practice’
· explain why the Federal Government attempts to prevent restrictive trade practices
· outline the aims of the Trade Practices Act
· distinguish between horizontal and vertical restrictive trade practices describe the terms ‘collusion’, ‘price agreements’, ‘market sharing’, ‘collusive bidding’ and ‘collusive tendering’ describe the term ‘resale price maintenance’, ‘exclusive dealing’ and ‘tying contract’ distinguish between a merger and a takeover and define the term ‘subsidiary’ define and give examples of ‘monopolisation’, ‘discriminatory dealing’ and ‘collective boycott’ investigate a recent takeover/merger in Australia. Analyse the reasons for the takeover/merger and identify possible effects on that market.
Economics of Labour
· discuss the economic significance of wages
· describe the process of collective bargaining and compare it to a free market determination of wage
· identify the major sources of industrial conflict and appraise the issues in at least one dispute.
· define the term wages
· explain the relationship between wages and profits
· outline the principles of wage determination in a free market
· outline the principles of wage determination by collective bargaining
· describe the procedures by which wage rises are determined using the following methods: workplace agreements, enterprise bargaining agreements, awards set by the Industrial Relations Commission and National Wage Cases
· analyse the respective roles of trade unions, employer groups and governments in wage determination
· evaluate the significance of the concept of the maintenance of real wages and of economic capacity to pay in the determination of national wages policy.
· define the term ‘productivity’
· assess the importance of productivity in determining wages
· discuss possible links between wage levels and youth unemployment
· review the average wages for women in Australia, compare them to the average wages for men and discuss reasons for the differences which occur
· identify current or recent cases of industrial conflict
· list ways in which industrial conflict may be demonstrated
· outline the major sources of industrial conflict
· analyse trends in the level of industrial disputes in recent years
· describe the role of the Industrial Relations Commission in settling industrial disputes in Australia
· discuss the meaning of poverty and examine causes of poverty in Australia
· outline the implications of poverty for current and future government spending
· evaluate arguments for and against government funding of a social security system
· appraise the roles of the public and private sectors in the provision of health care
· describe the economic significance of education for the individual and for the economy
· discuss the role of government in the provision of education.
· outline alternative ways of measuring poverty
· examine current statistics and predict future trends for the extent and nature of the problem of poverty in Australia.
· examine the current level of government expenditure for the relief of poverty
· predict likely future trends in expenditure for the relief of poverty
· discuss the implications of current and likely future levels of expenditure for the relief of poverty.
· define the meaning of the term ‘social security’
· list and comment on some examples of social security payments (such as old age pensions, invalid pensions, unemployment benefits, single parent’s benefit, war veterans' pension)
· examine statistics for current levels of government expenditure on social security
· assess the likely impact of an ageing population on future social security expenditure
evaluate arguments for and against government funding of a social security system.
· outline the role of Federal and State governments in the funding of health care
· explain the role of private enterprise in the provision of health care
· discuss the issues involved in a reappraisal of the roles of the public and private sectors in the provision of health care.
· describe the benefits of education to the individual
· explain the concept of investment in human capital
· investigate recent trends in education and training, and relate these to the need for a more productive workforce. explain, and investigate the issues involved in, the funding of government
· examine the significance of the growth of private education providers in Australian education and training.
· distinguish between sole trader, partnership, private company and public company
· recognise the important role of firms and production in the Australian economy
· identify the factors of production and the returns accruing to each factor
· discuss the factors which determine a firm's decision on what to produce
· describe the short run cost structure of the firm
· describe the long run cost structure of the firm
· discuss the factors which determine a firm's decision on which resources to use
· describe the impact of new technology on firms
· evaluate whether specialisation is appropriate or inappropriate in particular situations
· describe the relationship between the firms’ sector and other sectors in the economy
· recognise the important role of firms in the Australian economy in employment of productive resources and the production of goods and services
· define ‘sole trader’, ‘partnership’, ‘private company’ and ‘public company’
· examine the concept of liability as it applies to various types of firms.
· explain the concept of derived demand
· define and give examples of the factors of production – ‘land’, ‘labour’, ‘capital’, ‘enterprise’
· discuss how the factors of production are utilised by the firm
· identify sources of ideas for products (invention, innovation, duplication)
· discuss the role and importance of research and development
· explain the constraints (e.g. costs, availability of resources, levels of technology, government policies, market size) on producer decisions
· discuss the importance of market research in decisions pertaining to what to produce.
· define the terms ‘short run’ and ‘long run’
· recognise that the capacity of the firm's plant is fixed in the short run, though the output may be varied by employing smaller or larger amounts of variable factors of production
· define ‘the law of diminishing returns’ and use an example to illustrate this law
· define the terms ‘fixed costs’, ‘variable costs’, ‘total cost’, and ‘average (per unit) costs’, and use tables and graphs to illustrate
· recognise that beyond a certain level of output variable costs rise by increasing amounts for each additional unit of output
· define the terms ‘marginal product’ and ‘marginal cost’ and use a table to illustrate marginal cost
· explain why the shape of the marginal cost curve is a reflection of and follows from the law of diminishing returns.
· define and discuss the term ‘economies of scale’
· define and discuss the term ‘diseconomies of scale’
· relate the shape of the long run average cost curve to economies of scale and diseconomies of scale.
· explain the significance of opportunity cost in deciding which resources to use in production
· distinguish between productivity and output
· account for the effect that different rates of productivity among factors causes producers to vary rates of employment, such as capital replacement of labour.
· define ‘specialisation’· define ‘price takers’, ‘price makers’, ‘cost-plus pricing’ and ‘mark-up pricing’
describe the nature of controls on prices e.g. government policies and legislation, industry agreements, actions of professional bodies, marketing boards, prices charged by other firms, price elasticity of demand.
· show and explain the impact of new technology on production possibility curves
provide reasons for adopting new technologies.
· examine and appreciate the factors that affect the marketing of farm products
· recognise the nature and scope of government involvement in agriculture
· through a case study, research and appraise the production and marketing of a selected farm product.
· explain the impact of the natural environment and biological processes on farm production decisions and output
· classify the main farm inputs into land, labour, capital and enterprise
· demonstrate, using specific examples, how farmers may vary the ratios of the factors of production to produce a given output
· describe the influences on a farmer's choice of factor mix
· demonstrate, using specific examples, how farmers may produce alternative products with similar resources
· explain the law of diminishing returns as it applies to the agricultural producer
· describe the factors which influence farmers' decision of what to produce
· explain why a timelag exists between making the decision to produce and the marketing of the product
· evaluate the impact of timelags on farm decision-making
· compare the capital/labour ratio on Australian farms to that of non-farm businesses
· appraise the role of family labour on Australian farms.
distinguish between producers who are price takers and price makers
· explain to what extent the market for farm products approximates the perfect market model
· list and explain the factors affecting the supply of farm products
· list and explain the factors affecting the demand for farm products
· explain the impact of elasticities of demand and supply on fluctuations of farm commodity prices
· use supply and demand curves to illustrate the instability of farm commodity prices
· use statistical data to determine the main production costs of farm enterprises
· evaluate the options farmers have to minimise the impact of cost increases
· explain the term ‘cost price squeeze’ as it relates to Australian farm businesses
· evaluate the effect of the cost price squeeze in terms of its impact on the size of operation for Australian farms and changes in farming techniques.
· use graphs to illustrate the effect of government intervention on prices and output
· propose possible implications for world commodity markets of intervention in agriculture by some governments
· assess the arguments for and against government intervention in agriculture.
On completion of this subject students should be able to:
· define ‘externalities’ and outline the effect of economic activity upon the environment
· evaluate the economic consequences of environmental pollution
· explain the depletion of natural resources as an economic cost to the community
· examine and justify the role of governments in the provision of public goods
· explain the reasons for, and nature of, various groups who show concern over environmental issues
· recognise, through a case study, that in any environmental issue various points of view are represented.
· define ‘externalities’ differentiate between positive and negative externalities relate social costs and benefits to negative and positive externalities.identify various types of pollution explain the increase in environmental pollution
· relate environmental pollution to the environment as a free good
· explain the effect of population growth upon the environment
· describe the optimum level of pollution
· analyse the effects of pollution control on the economy.
· classify resources as renewable and non-renewable
· appreciate the fixed nature of non-renewable resources
· explain why the rate of depletion of natural resources is increasing
· explain resource depletion in relation to the concept of opportunity cost
· research the life expectancy of various resources and analyse the effect of their exhaustion. define ‘private goods’ ‘public goods’
· explain the difficulty the market economy has in an allocation of resources (i.e. social costs and benefits not included in pricing)
· give examples of public goods and explain reasons for their existence
· analyse the problems of the government in the provision of public goods
· evaluate the rationale for and effect of the various controls governments can impose to nullify negative externalities.
· understand fundamental economic concepts associated with economic growth and development
· develop an appreciation of the importance of ASEAN economies for the Australian economy
· gain knowledge of specific features of certain ASEAN economies to allow for comparisons to be made with the Australian economy.
· explain the meaning of terms ‘economic growth’ and ‘economic development’
· construct an economic profile of at least three ASEAN countries
· identify causes of economic growth and development and possible barriers to growth in these countries (including environmental considerations)
· discuss the significance of economic growth and development in ASEAN for the Australian economy.
· rate of growth of GDP
· main exports
· key industries by output and employment
· interest rates (where available)
· exchange rate movements in the past five years
· inflation rate
· unemployment rate
· proportion of workforce in Primary, Secondary and Tertiary industries
· average weekly wages (local currency)
· average number of hours worked
· ratio of national savings to GDP
· proportion of population receiving secondary and tertiary education
· ratio of doctors and hospital beds to population
· other indicators of welfare such as infant mortality, age profile of population and life expectancy
· environmental considerations (including any legislation on environmental protection).
· identify ‘problems and opportunities’ encountered by importers and exporters in trade between Australia and ASEAN and discuss their significance for the economies concerned. ASEAN economy with the situation in Australia e.g. role of government in planning growth and development, taxation systems, pattern of employment, savings programs etc.
· interpretation of GDP/head data to compare living standards between two or more countries in this region
· an examination of the operations of specific business enterprises in the region e.g. Asian firms in Australia, Australian firms in Asia (e.g. Campbells/Arnotts, BHP), or operations within their own country
· an analysis of one or more features hindering or promoting growth and development of countries in this region
· an examination of environmental issues concerning the development of countries in this region
· a description and analysis of some of the problems associated with trading in this region (e.g. need for knowledge of customs and cultural differences, protectionist policies, exchange rate movements, local health and safety standards etc.)
· an examination of one or more specific trading opportunities for Australian firms in ASEAN countries (e.g. education, medical services, computing etc).
understand the nature of the production process in the minerals and energy sector
· identify a range of private and social costs and benefits which result from minerals and energy production
· analyse the operation of the market for mineral and energy products, and the reasons for and extent of government involvement in the sector.