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March 29, 2024, 06:34:27 pm

Author Topic: HSC Economics Question Thread  (Read 190102 times)  Share 

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hermansia12

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Re: Economics Question Thread
« Reply #15 on: July 29, 2016, 04:12:51 pm »
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heyaaa Idk if anyone has already asked this, but what are peoples opinions on including graphs within your essays? My teacher said you could but I was wondering if it is really worth the time, and whether or not you will receive the same amount of marks if you just reference the statistics/changes demonstrated?

Thanks!

Hi There :)

It is definately worth your time to put in the graphs when you can (e.g shift in supply and/or demand, NAIRU etc)! This is because it shows a deeper understanding in the concepts whereby you can engage with stimulus and show it visually (Band 6 level up!). Only catch is you must refer to them to make your point stronger. Label everything and call the drawing as "figure 1" or something of the sort so the marker knows that you are referring to it. 

Hope this helps :) :)
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Adriaclya

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Re: Economics Question Thread
« Reply #16 on: July 29, 2016, 05:47:50 pm »
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Hi!
So recently i came across money flow and credit flow in a textbook. What are they exactly?
And also, why is positive cash flow good?
Thanks!!

brontem

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Re: Economics Question Thread
« Reply #17 on: July 30, 2016, 05:40:03 pm »
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Does anyone have any good acronyms/mnemonics/devices etc for remembering information about exchange rates? like what causes it/the effects etc?? I'm planning on avoiding it if its an essay question, but I want a good way of remembering it, just in case  :) :)

jakesilove

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Re: Economics Question Thread
« Reply #18 on: July 30, 2016, 05:53:40 pm »
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Does anyone have any good acronyms/mnemonics/devices etc for remembering information about exchange rates? like what causes it/the effects etc?? I'm planning on avoiding it if its an essay question, but I want a good way of remembering it, just in case  :) :)

Noooo idea (lol economics) but I found a cool info graphic here!
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brontem

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Re: Economics Question Thread
« Reply #19 on: July 30, 2016, 05:56:42 pm »
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Noooo idea (lol economics) but I found a cool info graphic here!

Fantastic! We've now got our own personal researcher! (seriously though that's v helpful thank you  :D :D)

jakesilove

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Re: Economics Question Thread
« Reply #20 on: July 30, 2016, 06:00:01 pm »
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Fantastic! We've now got our own personal researcher! (seriously though that's v helpful thank you  :D :D)

I tried coming up with an mnemonic device using the descriptors, the best I could do was CIGGIS sorry
ATAR: 99.80

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jakesilove

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Re: Economics Question Thread
« Reply #21 on: July 30, 2016, 06:00:15 pm »
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Fantastic! We've now got our own personal researcher! (seriously though that's v helpful thank you  :D :D)

Also, economics lol
ATAR: 99.80

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Studying a combined Advanced Science/Law degree at UNSW

brontem

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Re: Economics Question Thread
« Reply #22 on: July 30, 2016, 06:05:15 pm »
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I tried coming up with an mnemonic device using the descriptors, the best I could do was CIGGIS sorry
That's so laughable I might actually remember it  ::)

Also, economics lol
Fight me hahahahahaah

conic curve

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Re: Economics Question Thread
« Reply #23 on: July 31, 2016, 05:03:55 pm »
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In the prelim topic "markets", what are they referring to? (i.e. are they referring to businesses or stores like K-mart or what)

Try to think of it in the way that I have listed below

isaacdelatorre

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Re: Economics Question Thread
« Reply #24 on: July 31, 2016, 06:03:51 pm »
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In the prelim topic "markets", what are they referring to? (i.e. are they referring to businesses or stores like K-mart or what)

Try to think of it in the way that I have listed below

Hey, from what I remember.
The topic of markets is an introduction into the different kinds of markets. E.g.
Financial Markets - forex and domestic
Product Markets - market for goods and services (so like Kmart and other businesses)
Factor Markets - market for factors of production
Labour Markets - market for human capital

The first few subsections within markets - supply, demand and equilibrium are applicable to all markets in that each market will have a market equilibrium that is influenced by changes in supply and demand.
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Spencerr

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Re: Economics Question Thread
« Reply #25 on: July 31, 2016, 09:22:16 pm »
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The first few subsections within markets - supply, demand and equilibrium are applicable to all markets in that each market will have a market equilibrium that is influenced by changes in supply and demand.

Except the labour market, it's a social institution!
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birdwing341

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Re: Economics Question Thread
« Reply #26 on: July 31, 2016, 09:45:53 pm »
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Hey, from what I remember.
The topic of markets is an introduction into the different kinds of markets. E.g.
Financial Markets - forex and domestic
Product Markets - market for goods and services (so like Kmart and other businesses)
Factor Markets - market for factors of production
Labour Markets - market for human capital

The first few subsections within markets - supply, demand and equilibrium are applicable to all markets in that each market will have a market equilibrium that is influenced by changes in supply and demand.

Just to simplify, a market is basically a place where a certain product/resource can be bought or sold. It doesn't refer to a specific place (like Paddy's markets :P), but to the combination of all buyers and sellers whose demand and supply of such products/resources create an equilibrium price and quantity.

So a financial market trades various financial instruments (such as bonds, debentures etc.), a product market trades goods and services (like isaac said shoes, cars, food etc.), a factor market trades inputs (such as land, capital etc.) and a labour market trades...well...labour. In return for supplying product/resources suppliers receive a monetary payment equal to the equilibrium price :) (and in the case of labour, sometimes extra benefits such as shares).

conic curve

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Re: Economics Question Thread
« Reply #27 on: August 01, 2016, 01:00:41 pm »
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Does anyone here remember how to calculate tax brackets (like in junior financial maths)

I'm having a mind blank at the moment and don't remember how to

Thanks  ;D

uries

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Re: Economics Question Thread
« Reply #28 on: August 02, 2016, 01:04:50 pm »
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Help please !!
Haven't done these since term 1 and I've gone completely blank. : ^ (
Thanks in advance !
RESPEK
: ^ )

brontem

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Re: Economics Question Thread
« Reply #29 on: August 02, 2016, 02:46:26 pm »
+1
Help please !!
Haven't done these since term 1 and I've gone completely blank. : ^ (
Thanks in advance !
For the first one (q18) you need to find the simple multiplier (which will be the same for year 2-3)
The MPC will be change in consumption/change in income
So 40/50 = 0.8
And the multiplier uses the MPS which is 1-MPC so
1-0.8 = 0.2
k = 1/MPS
k(multiplier)= 1/0.2 = 5

calculating the change is always the same
Change in national income = k x change in exports (for this question)
100 = 5 x change in X
100/5 = 20
Change in X = 20

I hope that makes sense :) its a bit of an eyesore (I can write it out if you want) but I have no idea how to do that fancy maths input that everyone else uses sorry