Economics Questions Thread

[Kuchiki]

Am I correct or is there a way company tax affects AD?

Remember that AD = C + I + G + X - M, where I represents private investment spending by companies. As the ability and willingness of companies to invest would be affected by the company tax rate, it would be classified as an AD factor, in the same way that the personal income tax rate is also an AD factor because it affects private consumption spending.

[chasej]

Remember that AD = C + I + G + X - M, where I represents private investment spending by companies. As the ability and willingness of companies to invest would be affected by the company tax rate, it would be classified as an AD factor, in the same way that the personal income tax rate is also an AD factor because it affects private consumption spending.

Wouldn't an increase in production costs have the same effect as the company tax rise? Making them all AD factors in that case.

[abcdqdxD]

Well my take on it is that both company tax and production costs can be a supply factor but production cost is more clear cut, so I went for C when I did that paper.

Remember if in doubt, select the "best" answer

[sam.utute]

Grrr..... I really don't like this paper at all. IMO, you guys shouldn't even bother with it - too many errors.

Wouldn't an increase in production costs have the same effect as the company tax rise? Making them all AD factors in that case.

A and C can both be classed as supply factors. This question is extremely poorly worded.

I cry a little inside when I see questions like this.

[TenaTe]

Hey guys, just wondering from anyone who's done Economics before, is the time allocation for the exam tight?

[abcdqdxD]

Is M3 and Broadmoney in the study design?

Cheers

[Politics]

Hey Guys, just a couple of questions i thought i would ask here before making a new thread!

I am picking up Economics 3/4 without doing 1/2, i spoke to a couple of people in my Year level / outside mates
and they said it should be fine, for preparation i am going to use MrWood.com.au and go through Unit 1/2/3/4,
is there anything else that you recommend i should go through the summer holidays?

Secondly, i am buying AN Study Guides for all my subjects, however there is not one for Economics,
i am searching for some eco books. Would anyone with experience be able to point me in the direction of
a decent book?

Any responses would be much appreciated, cheers!

[abcdqdxD]

Hey Guys, just a couple of questions i thought i would ask here before making a new thread!

I am picking up Economics 3/4 without doing 1/2, i spoke to a couple of people in my Year level / outside mates
and they said it should be fine, for preparation i am going to use MrWood.com.au and go through Unit 1/2/3/4,
is there anything else that you recommend i should go through the summer holidays?

Secondly, i am buying AN Study Guides for all my subjects, however there is not one for Economics,
i am searching for some eco books. Would anyone with experience be able to point me in the direction of
a decent book?

Any responses would be much appreciated, cheers!

Mr. Wood is actually shutting down in a month's time. Try the indigo study guide for economics. http://www.indigopublishing.com.au/book-economics-study-guide.htm

[Politics]

Mr. Wood is actually shutting down in a month's time. Try the indigo study guide for economics. http://www.indigopublishing.com.au/book-economics-study-guide.htm

Thanks for the indigo resource, and yeah a few of my classmates told me that it is shutting down, so i'm am in the process of copying all the theory from all four units into word document(s), its going to take a while ahah!

[chasej]

Hey Guys, just a couple of questions i thought i would ask here before making a new thread!

I am picking up Economics 3/4 without doing 1/2, i spoke to a couple of people in my Year level / outside mates
and they said it should be fine, for preparation i am going to use MrWood.com.au and go through Unit 1/2/3/4,
is there anything else that you recommend i should go through the summer holidays?

Secondly, i am buying AN Study Guides for all my subjects, however there is not one for Economics,
i am searching for some eco books. Would anyone with experience be able to point me in the direction of
a decent book?

Any responses would be much appreciated, cheers!

Hey. In regards to preparation. I don't think you really need to learn units 1/2 if you are going to pre-learn unit 3 as unit 3 covers any units 1/2 knowledge you need and goes a bit further than 1/2 also. Learning unit 3 alone in the summer would probably mean you would know more than those who completed 1/2.

Unit 4 content isn't more than slightly touched on in 1/2 so I don't think it's imperative for you to learn u4 over summer unless you want to really get ahead. Personally I didn't do any preparation over the summer mainly due to the fact my textbook didn't arrive until like 3 weeks into term 1 (was so annoying).

In regards to study guides I found the CPAP VCE economics study guides to be helpful. In fact my marks improved from low-90% to high-90% after I started using the study guide to help me-probably mainly due to the fact the study guide provided me with some structured revision. If your class uses the CPAP published textbook than the study study guide may be of less use however I used the study guide and textbook and found they both complemented each other well.

Also another thing, which is often overlooked in preparation is to make sure you keep up with recent economic events/developments. There was a question that asked about a specific economic event (two speed economy) on the exam the other day-so it's pretty important.

I also think I have an archive of all the mrwood website content for unit 3/4 somewhere if you want.

I found the indigo study guide to be a bit vague to be honest and didn't use it much despite it being a prescribed text by my school. My advice is not to buy to many study guides etc. I bought a fair few books throughout the year and only ended up fully utilising about a third of them tbh

[Politics]

Hey. In regards to preparation. I don't think you really need to learn units 1/2 if you are going to pre-learn unit 3 as unit 3 covers any units 1/2 knowledge you need and goes a bit further than 1/2 also. Learning unit 3 alone in the summer would probably mean you would know more than those who completed 1/2.

Unit 4 content isn't more than slightly touched on in 1/2 so I don't think it's imperative for you to learn u4 over summer unless you want to really get ahead. Personally I didn't do any preparation over the summer mainly due to the fact my textbook didn't arrive until like 3 weeks into term 1 (was so annoying).

In regards to study guides I found the CPAP VCE economics study guides to be helpful. In fact my marks improved from low-90% to high-90% after I started using the study guide to help me-probably mainly due to the fact the study guide provided me with some structured revision. If your class uses the CPAP published textbook than the study study guide may be of less use however I used the study guide and textbook and found they both complemented each other well.

Also another thing, which is often overlooked in preparation is to make sure you keep up with recent economic events/developments. There was a question that asked about a specific economic event (two speed economy) on the exam the other day-so it's pretty important.

I also think I have an archive of all the mrwood website content for unit 3/4 somewhere if you want.

I found the indigo study guide to be a bit vague to be honest and didn't use it much despite it being a prescribed text by my school. My advice is not to buy to many study guides etc. I bought a fair few books throughout the year and only ended up fully utilising about a third of them tbh

Thanks for all that, and yeah i just spent the whole night 'downloading' Mr.Wood so it wouldn't take me ages copy/paste. I will have a look into CPAP VCE Economics Guide, cheers!

[abcdqdxD]

IMO the cpap study guide is overloaded with unnecessary jargon and too much info. Indeed Indigo isn't as sophisticated as CPAP - it aims to provide a general overview and build up a firm understanding of concepts.

Because you haven't done 1/2 Eco, I think it will be a smoother transition if you used the Indigo study guide as a starting point over the holidays. Once you build up your conceptual knowledge, then you may want to get the CPAP guide.

[sam.utute]

Mr Wood is shutting down!?! Say what?! What's going to happen to his website? AHHHHHHHHH!!!

[chasej]

IMO the cpap study guide is overloaded with unnecessary jargon and too much info. Indeed Indigo isn't as sophisticated as CPAP - it aims to provide a general overview and build up a firm understanding of concepts.

Because you haven't done 1/2 Eco, I think it will be a smoother transition if you used the Indigo study guide as a starting point over the holidays. Once you build up your conceptual knowledge, then you may want to get the CPAP guide.

You have a point. I suppose which books are better are just a matter of personal preference really.

[Politics]

Just wondering for those who have finished 1-4, I have gone through Unit 1 completely, and am just wondering if it is worth going through all of Unit 2? Or going straight to Unit 3, in other words it is worth / relevant for me to learn Unit 2 content for 3/4?