ATAR Notes: Forum
VCE Stuff => VCE Business Studies => VCE Subjects + Help => VCE Economics => Topic started by: LastOfUs on December 11, 2013, 08:41:08 pm
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Stick your hand up if your enrolled for 2014!
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me! :DD
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*hands up* Me too xD Units 1 & 2, gonna be good I think :D
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*hands up* Me too xD Units 1 & 2, gonna be good I think :D
If you'e in year 10 doing 1/2, I'd suggest trying to skip 1/2 and doing the 3/4 in year 10. It is pretty ... boring to say the least.
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If you'e in year 10 doing 1/2, I'd suggest trying to skip 1/2 and doing the 3/4 in year 10. It is pretty ... boring to say the least.
Oh, well thats bad :S But I suppose my school won't let me if I tired >.<
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yea yeaaa :D
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Oh, well thats bad :S But I suppose my school won't let me if I tired >.<
Some schools do let Year 10's undertake a 3/4. I wish I had done one because even if you do poorly you can make up for it by taking another 3/4 in year 12, and if you took another in Year 11 you would only have 4 left in Year 12. If I did that .... it would be so easy!
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I liked 1/2! Mostly because my teacher let us discuss economic news and learn about random things without the pressure of SACs or exams.
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I liked 1/2! Mostly because my teacher let us discuss economic news and learn about random things without the pressure of SACs or exams.
Really? I thought micro economics was as boring as anything to the depth we were learning. The only thing I liked about economics were the research tasks where we researched a corporation or a policy or something and answered a whole lot of questions within a maximum of like 900 words, when instead I would write about 12 pages of size 10 writing after researching for like 10 hours to be congratulated by like all the staff and headmaster (Who once taught eco) on the 'best piece of work' which happened three times, until I got lazy and cbf'd. Despite me getting 100% on all the project/research tasks when it came to exam time, I had absolutely no idea what we had been doing and nobody else really did either. May've been just how it was set out at my school but it sucked massively!
My year 12 teacher for economics seems to be really passionate about the subject but to say the least ... she is somewhat 'out there' and strange, for the better or worse in how you perceive her. She spent like an entire lesson talking about how pornography was a failed market and a lot of the stuff she talks about seems someone wrong but she's probably right. Not to mention how animated she is which is funny and always talks about this website and the countless amount of notes available on it but she just makes me slightly annoyed with the carry on she brings to the class about who her favourite student is and how x, y and z are on the dark side bringing all this negative influence to the class.
But I think she'll be good - her strange cons hopefully will be outweighed by her hopeful pros in which she said she'll be spending most of her holidays making podcasts for economics but I've got a feeling that will never come into a finished product.
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*Sticks hand up*
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Really? I thought micro economics was as boring as anything to the depth we were learning. The only thing I liked about economics were the research tasks where we researched a corporation or a policy or something and answered a whole lot of questions within a maximum of like 900 words, when instead I would write about 12 pages of size 10 writing after researching for like 10 hours to be congratulated by like all the staff and headmaster (Who once taught eco) on the 'best piece of work' which happened three times, until I got lazy and cbf'd. Despite me getting 100% on all the project/research tasks when it came to exam time, I had absolutely no idea what we had been doing and nobody else really did either. May've been just how it was set out at my school but it sucked massively!
My year 12 teacher for economics seems to be really passionate about the subject but to say the least ... she is somewhat 'out there' and strange, for the better or worse in how you perceive her. She spent like an entire lesson talking about how pornography was a failed market and a lot of the stuff she talks about seems someone wrong but she's probably right. Not to mention how animated she is which is funny and always talks about this website and the countless amount of notes available on it but she just makes me slightly annoyed with the carry on she brings to the class about who her favourite student is and how x, y and z are on the dark side bringing all this negative influence to the class.
But I think she'll be good - her strange cons hopefully will be outweighed by her hopeful pros in which she said she'll be spending most of her holidays making podcasts for economics but I've got a feeling that will never come into a finished product.
woaah badass here!
we had breakfasts with bagels, cream cheese and orange juice, and we just read newspapers and had discussions. it was great.
*Sticks hand up*
I didn't know that, awesome :DD
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I'm in year 12, 2014, doing economics!! I found unit 1/2 slightly boring too...but Eco is still by far my favourite subject!!
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I'll be around to answer all of your questions next year!
Some general tips:
If you're really keen to get ahead, I recommend the following:
- Start watching Alan Kohler on ABC News (comes on about 7:15-7:20 on week-nights)
- Keep an eye on Business Spectator
- Read, read, read the textbook. First, read a topic in the textbook, and then, read the corresponding section in the your notes. It doesn't matter if you don't understand the concepts; what's important is that you're exposed to them BEFORE your class begins to discuss them.
- Find a way to start remembering things (for me, it was simply typing things up - it could be writing them down for you)
- Ask me lots of questions when you get to a topic you don't understand!!!! This is probably the most important bit :)
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I'll be around to answer all of your questions next year!
Some general tips:
If you're really keen to get ahead, I recommend the following:
- Start watching Alan Kohler on ABC News (comes on about 7:15-7:20 on week-nights)
- Keep an eye on Business Spectator
- Read, read, read the textbook. First, read a topic in the textbook, and then, read the corresponding section in the your notes. It doesn't matter if you don't understand the concepts; what's important is that you're exposed to them BEFORE your class begins to discuss them.
- Find a way to start remembering things (for me, it was simply typing things up - it could be writing them down for you)
- Ask me lots of questions when you get to a topic you don't understand!!!! This is probably the most important bit :)
Thanks man! Might catch me lingering in your inbox every so often next year :P Will try start doing what you mentioned to get a little ahead. Do you think 'Insiders' or 'Q&A' on the weekends is necessary for eco?
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I too will be lingering around (with as much spare time as being a yr 12 student will allow) answering questions if anyone has next year.
If anyone ever wants to ask me a content specific question I would prefer if you posted here on the forums instead of PM as a forum post allows others to learn and contribute to the answer as opposed to a PM which doesn't...if you post on the forums I would see it. Feel free to PM about more general questions.
A few tips:
Economics is an understanding subject, not a rote learning subject. Of course rote learn definitions and whatnot but when it comes to actually learning the content don't just memorise for example don't rote learn "a larger fiscal deficit is an expansionary budgetary policy as blah blah blah", actually aim to understand why a larger fiscal defect is expansionary-when you are answering questions in SACs/exam the answer shouldn't come from your memory but rather come from your ability to understand the way the different ideas are connected, this would come intuitively if you understand instead of rote learn.
Always stay ahead of your class. I cannot emphasise this enough. I always stayed 1 or 2 chapters (using economic fundamentals text where each chapter is ~4-5 key knowledge points) ahead of my class. You will spend much less time studying if you stay ahead as in class you will be furthering your understanding instead of being introduced to the topic like many of the others in your class. This instantly puts you ahead, and without trying to sound pretentious, when it comes down to SAC rankings, you want to be ahead of your class wherever possible. When pre-reading it's a good idea to have a highlighter and pen to annotate your text etc. it would help you learn easier to "interact" (for lack of a better word I can think of) with the text.
For summer holiday homework I don't recommend learning the course any further than U3 AOS1 (unless you're doing 3/4 without 1/2 in which case you should probably go through the whole of unit 3 to familiarise yourself with the economic concepts which were taught in 1/2). Do this in addition to the work your teacher told you to do of course. Nothing is stopping you from learning the whole course before term 1, I just don't suggest you do as you'll probably be wasting your summer.
If you want to write notes use the various key knowledge dot points (found in the economics study design http://www.vcaa.vic.edu.au/Documents/vce/economics/EconomicsSD.pdf) as headings as you will be making notes and irrelevant stuff you don't need to know otherwise. If you won't write notes than still make sure to tick of the dot point headings as you learn to make sure you are learning the right stuff. If in doubt about what you need to know ask your teacher or AN. I recommend you write notes but I know some people don't learn well with notes so your choice as to what you want to do.
You don't need to do a lot of prac SACs/exams in economics, although I did a fair few practice papers and I improved dramatically as a result. Don't do pracs to learn the content, make sure you understand before you begin them. And once you understand then do prac papers until you feel ready (normally when you begin to reach your goal for what marks). I found TSSM and CPAP to be the best commercial papers but don't bother buying any yourself as your teacher should have plenty to give you-if you're school has insufficient prac resources then pressure them into buying more (hopefully your school would have sufficient funds :( ). If you're school really can't get any in and you need them you may have to resort to buying them yourself.
If you aren't up to speed with economics news/events I recommend you learn what's been happening to the economy over the last 4-5 years (since 2009-10) as a fair bit of the course focuses on that. Don't become an expert on economic history but gain a knowledge on the key economic indicators and the factors that have been behind their fluctuations. (e.g. learn about the recovery from the GFC, the resulting inflationary pressures, than the low growth etc. etc. that occurred over the last few years). sam.utute suggested some good sources for this information. Personally I didn't go to any extra effort to keep up with current events as I already read the paper/watched the news daily-I recommend you do that not just for this subject (though you should for this subject) but to broaden your world view :) .
ALWAYS ask any questions you need to ask. There are no stupid questions. If you look at my post history over 2013 you would see I would have asked some pretty basic questions myself. Some areas of this course can be hard to understand and this course really builds on what you learn over the year so you can't afford to miss out on information. Seriously, it's a really bad feeling to be sitting in a SAC and encounter a question on content you didn't fully understand but didn't ask your teacher about (it happened to me and I would have full marked the SAC if it wasn't for that one question)-it's just a silly way to lose marks as it's really avoidable. Ask your teacher or AN (tbh your teacher if they are good is best).
Also around the middle of the year the treasurer would make a budget announcement one night where they outline the the federal budget for that year (the 2014-15 one is next year's). If you are free try to watch that and record it if you can (it should be put up online though). Budgetary policy is a key part of unit 4 and will probably cover a large part of the exam so pay attention. Use the budget speech and the subsequent news papers released the next day (sam.utute suggested the newspaper thing to me at the "theage vce expo thingy" :P ) as a springboard to begin understanding the current budgetary policies. You also need to have an understanding of budgets released over the past 4 years but the budget that you learn in and out should the most recent at the time of the exam (you guys are going to have an interesting budget to do as it is the first full one written by the coalition since the new study design).
Edit: there's an app called "economics tutor" published by R Salla from CPAP which is a must have if you have an iphone. For less than $2 you get hundreds of unique multi choice questions sorted by topic targeted at VCE study design. Seriously there is no reason not to get the app as it is sooooo much cheaper than any other resource.
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Wow, this is much longer than I expected, better head to sleep as I'm going away tomorrow morning. I'll add some more advice as I think of it over the holidays.
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I'm doing it! What's everyone aiming for?
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Also doing it this year, pretty keen to get started in a month or so!
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I'm doing it! What's everyone aiming for?
Wooooo! I'd love a 42. The kids in my economics class are actually 'genius' shown by their year 11 study scores (for their subjects) and year 11 results and they'd all be aiming for at least 45, or at least 1/2 the class. Knowing these kids put a tonne of time in all their subjects with me knowingly going into the subject being aware they WILL score very highly, it's slightly motivating wanting to destroy these kiddos for the first time when I put my foot down so that would be awesome. I doubt I could be #1 in cohort but it would be so satisfying competing and equaling/beating them in the SACS.
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Hi all,
I also completed Economics last year and did reasonably well.
I found that making a set of comprehensive notes before each SAC and learning them really helped me. Economics may involve a fair bit of reading, so it is often a good idea to highlight key points or read other textbooks to gain a more thorough understanding of the subject. Personally, I used Economics Down Under, Fundamentals and the Indigo study guide to help me through my studies.
Like chasej said, Economics - unlike other subjects - does not require a great deal of practice SACs/exams to do well. Before each SAC, I probably did around 1-2 practice ones to make sure I'm able to articulate my responses in a coherent manner. For exams, I did one practice paper (the 2012 VCAA exam) and tackled some difficult questions my friends and Ithought of. Unfortunately, I didn't do any practice papers to time and consequently almost ran out of time in the real exam.
My biggest tip would be to just enjoy the subject. I think Economics is both liberating and revolutionary. Liberating because it forces you to perceive the world in a different light, revolutionary because our futures hinge on the very cornerstone of our economy. Good luck to the class of 2014! :)
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I thought I'd also give some advice. I found Economics to be one of my more enjoyable subjects this year in the sense that it has very obvious real life application, and you are able to appreciate the complexities of economic decision making. I think it's one of the best VCE subjects you can take.
In terms of advice, my main suggestion is that you are aware of the entire study design, and that there are no gaps in your knowledge. I found that I didn't refer to the English or Specialist maths study designs this year, but I was constantly referring to the Economics one.
Overall, I don't think that the course is that long. I found that once I finished it and started exam preparation, there were many similarities between sections of the course. I would especially recommend studying concepts in depth, and extending yourself beyond the study design. Examiners definitely enjoy high level analysis + exploring all parts of the question. That being said, avoid making your answers convoluted. Being able to concisely express economic concepts and reduce waffle is a very good skill in this subject.
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Is it important to use lots of current examples in answers to questions in 3/4 Eco? I did do this in 1/2 but just want to clarify if this will help achieve high marks in 3/4.
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Is it important to use lots of current examples in answers to questions in 3/4 Eco? I did do this in 1/2 but just want to clarify if this will help achieve high marks in 3/4.
yes
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Is it important to use lots of current examples in answers to questions in 3/4 Eco? I did do this in 1/2 but just want to clarify if this will help achieve high marks in 3/4.
If you look at the 2013 Exam, it required you to understand and explain the major economic events of the past year (two-speed economy, mining etc.).
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Do you think it's necessary to go to the Economics Summer School programs? (Either TSSM or TSFX). I'm rather confident in eco, and these lectures are pretty expensive. Are they worth it?
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Do you think it's necessary to go to the Economics Summer School programs? (Either TSSM or TSFX). I'm rather confident in eco, and these lectures are pretty expensive. Are they worth it?
No. Are you confident in your future ability in economics or have you already established a bearing around the 3/4 course? If you've already got a grasp of the 3/4, I'm rather jealous of your commitment.
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Do you think it's necessary to go to the Economics Summer School programs? (Either TSSM or TSFX). I'm rather confident in eco, and these lectures are pretty expensive. Are they worth it?
If you're confident and feel that you're ok with the content than there's really no reason to go.
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Just to put in my two cents worth, I'm always around if anyone needs an inbox etc.
Just to allay your fears in terms of it being boring, I think you'll find firstly that 3/4 has much greater depth compared with 1/2. Secondly, once you master (key word being master), I think you'll find that there's no real end to how you can apply your knowledge to the real world, and that I think is what is truly fascinating about the subject! So something to look forward to :) And good luck everyone!
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What work are you all planning to do in the holidays for eco? (How far into the course?)
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What work are you all planning to do in the holidays for eco? (How far into the course?)
My school was really slack and gave us no holiday homework (ikr) but I still did alright.
I don't think it's that important to learn ahead in the early stages. What I found was most of Unit 3 was a repeat of Units 1/2 and I was able to accelerate a bit relative to my class even without doing extra work. So if you did 1/2, you should learn most of unit 3 a lot quicker.
And as dantan suggested, knowing the content and mastering the content are two different beasts. To actually know everything inside out takes a huge amount of time, not just reading the textbook and doing a few questions/practice SACs.
The best thing you could do in the holidays is to read over half of Unit 3 which you should already be familiar with. This should freshen up the fundamental concepts and leave you in good stead for the rest of the year.
Regarding the earlier question about TSFX, I would heavily recommend against it. In my experience, Eco lectures are terrible and most of the work can be done at home by yourself.
If anyone has any eco-related questions, feel free to chuck me a PM :)
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In terms of actual coursework I think you should be doing over the holidays if you have time:
Spend some time mastering basic micro and basic macro. I say master because these two conceptual areas form the basis of basically the rest of the course. It is honestly paramount that you know all this stuff inside out so when it comes to building on top of it (i.e. more complicated concepts, current events, scenario/real world applications etc.) it's much easier. I generally don't like to let my students progress too much beyond those two areas until they've mastered it; it's really that important! :)
Otherwise, familiarizing yourself with the current economic climate and getting some rest/having some fun would be the other things I'd be doing :P
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In terms of actual coursework I think you should be doing over the holidays if you have time:
Spend some time mastering basic micro and basic macro. I say master because these two conceptual areas form the basis of basically the rest of the course. It is honestly paramount that you know all this stuff inside out so when it comes to building on top of it (i.e. more complicated concepts, current events, scenario/real world applications etc.) it's much easier. I generally don't like to let my students progress too much beyond those two areas until they've mastered it; it's really that important! :)
Otherwise, familiarizing yourself with the current economic climate and getting some rest/having some fun would be the other things I'd be doing :P
Hmm interesting. I found that by mastering Micro first, Macro came to me a lot easier
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I'm considering starting economics study tomorrow. I wanted to study psychology but won't have the text book until I go back to school so I think I may go through economics and just read it. FFS.
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Hey everyone :)
I am taking 3/4 Eco this year w/out 1/2 Economics.
Do you guys think it would be worth it to look through the 1/2 Eco textbook or is the 3/4 stuff not conceptually difficult?
Like abc, my school did not specifically set any homework apart from reading the news and staying up-to-date with the Australian economy. As I did not do 1/2 and I am merely doing Eco for the experience (not aiming for a 50/45+ or anything), do you recommend reading ahead and making some notes? If I was to spend a short amount of time (say 5 hours) on preparing for Eco, which topic should I look at? (ie. Which is the most challenging, or most fundamental/basic?)
Also, how aware should we be of economic news? Do we need to be able to relate it to the theory taught or at this stage would that be too advanced for me? Is merely knowing event X happened and the brief reasons behind it sufficient?
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Hmm interesting. I found that by mastering Micro first, Macro came to me a lot easier
Yeah I think you're probably right with that. I just meant to convey that those are the two conceptual areas you should be covering, but you're right that doing micro first would be very much advisable.
Hey everyone :)
I am taking 3/4 Eco this year w/out 1/2 Economics.
Do you guys think it would be worth it to look through the 1/2 Eco textbook or is the 3/4 stuff not conceptually difficult?
Like abc, my school did not specifically set any homework apart from reading the news and staying up-to-date with the Australian economy. As I did not do 1/2 and I am merely doing Eco for the experience (not aiming for a 50/45+ or anything), do you recommend reading ahead and making some notes? If I was to spend a short amount of time (say 5 hours) on preparing for Eco, which topic should I look at? (ie. Which is the most challenging, or most fundamental/basic?)
Also, how aware should we be of economic news? Do we need to be able to relate it to the theory taught or at this stage would that be too advanced for me? Is merely knowing event X happened and the brief reasons behind it sufficient?
I would start with microeconomics as abc suggested, which is the first area of study in unit 3. The textbooks usually give good explanations for most of the concepts for that area and if you're struggling you can always ask around here.
At this stage, I would suggest just being familiar with what's going on. I wouldn't worry so much about relating theory yet. You need to eventually know things like what sort of events are happening, as well as the general economic climate (is growth in general slow? etc.), the budget. Though, for now I think keeping an eye on the news would be a good start :)
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I'm starting economics today! I'm going to more or less read the book and try and understand it then make notes in a concise manner without convolution. Could you pls tell me if this is OK and it will be fine?
e.g. I'm learning the first area of study and I'm starting with relative scarcity and there is all this information about the government and businesses and it just goes on and on. I'm not really sure what to write so I basically wrote ...
Relative Scarcity: Resources are finite and needs/wants are infinite in which below it I have the 'C E L L' acronym, the four resource available that are limited; is this basically an OK definition that covers all of AOS1 or do I need to write a definition like this, taking from Chase.
''Relative scarcity (main economic problem)=unlimited wants (infinite/unlimited) vs. limited amount of resources to produce supply (finite/limited).=need for a method of making economic decisions=the market based system (demand supply businesses consumers) and the centrally planned (non-market system) [MARX].''
Thanks! I really don't know what basis I should be making notes as I don't really understand any of that ^^
EDIT: I have written this - please tell me if this is good enough or if I'm missing something. I'm trying to keep myself from being verbose so I can memorise things easier and actually understand without ROTE learning.
''Relative Scarcity: Imbalance of wants which are infinite and resources which are finite = nations cannot produce all goods/services they want = limits of domestic output -> Most important wants are satisfied whilst the least important are abandoned. [main economic problem].
What will we produce?
How will we produce?
For whom should we produce?
Resources: The ‘inputs’ into goods and services.
Capital: Any physical item used to make goods and services.
Entrepreneurship: An individual’s skill to combine resources to produce goods and services.
Labour: Mental and physical effort from humans in the production process.
Land: Any natural occurring resource. ''
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I'm starting economics today! I'm going to more or less read the book and try and understand it then make notes in a concise manner without convolution. Could you pls tell me if this is OK and it will be fine?
e.g. I'm learning the first area of study and I'm starting with relative scarcity and there is all this information about the government and businesses and it just goes on and on. I'm not really sure what to write so I basically wrote ...
Relative Scarcity: Resources are finite and needs/wants are infinite in which below it I have the 'C E L L' acronym, the four resource available that are limited; is this basically an OK definition that covers all of AOS1 or do I need to write a definition like this, taking from Chase.
''Relative scarcity (main economic problem)=unlimited wants (infinite/unlimited) vs. limited amount of resources to produce supply (finite/limited).=need for a method of making economic decisions=the market based system (demand supply businesses consumers) and the centrally planned (non-market system) [MARX].''
Thanks! I really don't know what basis I should be making notes as I don't really understand any of that ^^
EDIT: I have written this - please tell me if this is good enough or if I'm missing something. I'm trying to keep myself from being verbose so I can memorise things easier and actually understand without ROTE learning.
''Relative Scarcity: Imbalance of wants which are infinite and resources which are finite = nations cannot produce all goods/services they want = limits of domestic output -> Most important wants are satisfied whilst the least important are abandoned. [main economic problem].
What will we produce?
How will we produce?
For whom should we produce?
Resources: The ‘inputs’ into goods and services.
Capital: Any physical item used to make goods and services.
Entrepreneurship: An individual’s skill to combine resources to produce goods and services.
Labour: Mental and physical effort from humans in the production process.
Land: Any natural occurring resource. ''
Hmm I can see what you're trying to do in combining a whole lot of the AOS, forming links etc. and that's really good. But as to a concise definition of what relative scarcity is, I don't think you've quite hit the nail on the head yet because you're combining too many things into it. If the exam asked you to define 'relative scarcity' you certainly wouldn't need to write that much. But it's all definitely there, just needs some rewording.
As to a succinct definition, I would say: Relative scarcity is the basic economic problem entailing the disparity between infinite wants and needs and finite resources (you could add the types in brackets if you wanted). As such, choices must be made about how we allocate resources between competing interests.
Or something to that end. You're absolutely right in that as a result of relative scarcity, we need to have a method of economic decision making, answer the three economic questions etc. but that's not relative scarcity per se! I hope that helps :)
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Also be wary that textbooks often have irrelevant information not in the study design
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Thanks guys.
It kind of sucks because I have two sets of notes from ATARnotes that I'm using to base my own notes on and what to learn as my text book is about 400 pages full of size 8 black and white writing with the occasional highlighted word with no definitions but examples of everything. It also really kind of sucks because with the study design it doesn't really highlight how in-depth you need to go and the text book doesn't give any aid. So I may often drop in here with updates of my notes to make sure I have everything :P
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Resources: The ‘inputs’ into goods and services.
Capital: Any physical item used to make goods and services.
Entrepreneurship: An individual’s skill to combine resources to produce goods and services.
Labour: Mental and physical effort from humans in the production process.
Land: Any natural occurring resource. ''
are these the definitions that vcaa wants us to use?
so resources = like refined steel but land = iron ore? and capital would be the mining equipment??
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are these the definitions that vcaa wants us to use?
so resources = like refined steel but land = iron ore? and capital would be the mining equipment??
Resources are any of the 'CELL' components - They are all resources.
Yeah I think Land = Iron ore, gold, natural spring water etc.
Capital = Yeah mining equipment. It is basically an already produced good/service that is used in the production process so anything that aids in the production process. If a company was milking cows, do you think capital could be humans or do you think they have to be inanimate?
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VCAA will never ask you to define resources lol.
Capital is just anything man-made that assists in the production process e.g. parking lots, machinery
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Thanks guys.
It kind of sucks because I have two sets of notes from ATARnotes that I'm using to base my own notes on and what to learn as my text book is about 400 pages full of size 8 black and white writing with the occasional highlighted word with no definitions but examples of everything. It also really kind of sucks because with the study design it doesn't really highlight how in-depth you need to go and the text book doesn't give any aid. So I may often drop in here with updates of my notes to make sure I have everything :P
Is it the CPAP text? IIRC there's a glossary at the back of the book which has a definition of every highlighted word.
If you ever have a question about or have a problem with my notes (e.g. Can't understand what I'm trying to say) feel free to PM for clarification. I know sometimes I can sound convulted haha.
To clarify the thing I wrote about scarcity wasn't really a definition but rather just some dot points to help me understand at the time-I used the CPAP textbook definition of scarcity.
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@chasej
Just had a look at your notes, they were really comprehensive. I was trying to rate it 5/5 but misclicked 4/5 LOL. Now I can't change it :(
I see that you credited me.. but I don't remember writing them :P Must've been a long time ago. Anyway I would recommend any keen Eco students to have a look at chasej's notes :)
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Yeah I can't say much for the CPAP book, but I know the Morris textbook (Down under) has a lot of unnecessary digressions that you don't really need to know. Worth reading for background knowledge though, as is always helpful in eco.
Also, do be careful with your definition of land resources. It has the important distinction of being untouched/unaltered by human hands. So a pine plantation doesn't count as a land resource whereas an old growth forest does :)
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My Indigo Study Guide arrived today and just from a quick flick through the pages I can say it looks fantastic! Way less convoluted and verbose making it fantastic. Although it still holds over 200 pages worth of study material so YR12 is going to be a struggle without like an hour of study per day for each subject :P
100% starting study tomorrow or I will ... smash my PS4.
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Hey guys, just a quick plug for myself :D I achieved a study score of 47 last year and am offering Economics tuition for $25/hour. My own notes will also be provided - PM me if interested!
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Hey guys, just a quick plug for myself :D I achieved a study score of 47 last year and am offering Economics tuition for $25/hour. My own notes will also be provided - PM me if interested!
while i didnt get tutored by him (as we're in the same year level), the discussions we had about economics were invaluable and provided me with a sound understanding of the subject. highly recommend him as a tutor. also he's very friendly.
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The beginning (early in AOS1 lol) of economics seems really easy to grasp. I'm just writing a whole lot of information down on my computer and getting a fair understanding of what each concept or idea is about without full on memorising information. If the rest of the content is like that, just 'learning' something that you can spit out in your own words instead of being forced to memorise, I'll love it!
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The beginning (early in AOS1 lol) of economics seems really easy to grasp. I'm just writing a whole lot of information down on my computer and getting a fair understanding of what each concept or idea is about without full on memorising information. If the rest of the content is like that, just 'learning' something that you can spit out in your own words instead of being forced to memorise, I'll love it!
This is exactly how i feel, i really love it aswell!
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To a fairly large extent, the rest of the content is pretty similar in nature so that's great to hear you're enjoying it! Make sure you learn it well though, because application is where eco does often get quite difficult.
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The beginning (early in AOS1 lol) of economics seems really easy to grasp. I'm just writing a whole lot of information down on my computer and getting a fair understanding of what each concept or idea is about without full on memorising information. If the rest of the content is like that, just 'learning' something that you can spit out in your own words instead of being forced to memorise, I'll love it!
This is pretty much why I loved economics. Really unique subject as it finds an intersection with business and social sciences.
As dan tan said though it seems straightforward until the application type questions where you can't simply spit out an answer but rather must find the links between the different topics etc.
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I just started going over law of demand / law of supply and I hate how both my books don't have distinct but convoluted (love using this word since learning it lol) ideas of what it is so it is hard to know I have it all kind of.
P.S. That is great Dantan and ChaseJ. When you are talking about application, is that essentially just forming an answer over multiple area of studies or?
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P.S. That is great Dantan and ChaseJ. When you are talking about application, is that essentially just forming an answer over multiple area of studies or?
Application in economics is moreso learning real life policies and how these policies can help to achieve/effect economic goals and other factors such as the budget balance.
Basically linking theory to real life. Some concepts appear in a couple AOS's so they don't really "form answers over multiple AOS's" but rather the same concepts overlap meaning in practice you would essentially be linking topics which may appear in different AOS's. (that may have been confusing?? :/ )
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Application in economics is moreso learning real life policies and how these policies can help to achieve/effect economic goals and other factors such as the budget balance.
Basically linking theory to real life. Some concepts appear in a couple AOS's so they don't really "form answers over multiple AOS's" but rather the same concepts overlap meaning in practice you would essentially be linking topics which may appear in different AOS's. (that may have been confusing?? :/ )
Completely understand and thanks. That is what I meant by the 'form answers over multiple area of studies.'
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Yeah pretty much what has been said. A lot to do with taking situations in real life, and being able to some extent 'hyper-analyse' (for want of a better term) with the theory you have learnt from multiple areas.
So for example, with the the downturn in mining demand, production, capacity etc. You could look at it on a large macro level and determine what sort of impact it is having on the Australian economy. Or you could look at it in terms of AOS1 which you are doing now, and work out why, perhaps there is a downturn (e.g. lower overseas economic activity). That's a very loose/generic example but you get the idea! :)
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When explaining the law of demand, are you meant to do it one of these ways or both ways? They're essentially the same thing but I'm looking for the better way of wording it.
The law of demand states that a good with high levels of quantity will be demanded at a lower price whilst a good with lower levels of quantity will be demanded at a higher price.
The law of demand states that a good that decreases in price will have increased demand whilst a good that increases in price will have lower levels of demand.
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When explaining the law of demand, are you meant to do it one of these ways or both ways? They're essentially the same thing but I'm looking for the better way of wording it.
The law of demand states that a good with high levels of quantity will be demanded at a lower price whilst a good with lower levels of quantity will be demanded at a higher price.
The law of demand states that a good that decreases in price will have increased demand whilst a good that increases in price will have lower levels of demand.
The law of demand operates under the assumption that price and quantity demanded have an inverse relationship. As the price of a particular good/service increases, demand for the good/service is expected to decrease and vice versa.
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The law of demand operates under the assumption that price and quantity demanded have an inverse relationship. As the price of a particular good/service increases, demand for the good/service is expected to decrease and vice versa.
If only I could make awesome definitions like this from what the book spits out at me :P
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Yeah sometimes the textbooks don't have the best/most accessible definitions so I often make my own :P
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You'll get there with the definitions in the end. You sorta have to continuously improve them as you go along, gain more understanding etc. But working on a decent set of well written and concise definitions is super important! So I would start with those early and just edit and improve them as you go along! It's a great base to have for exams :) So definitely don't just take/copy the book ones because they really aren't A+ material per se.
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Thank you for that guys.
This may be a bit much to ask but I've been making some notes and I've found it is quite inevitable at this stage to more or less rip definitions or examples from the text book to actually make sense to myself but I really am struggling with forming my own concise definitions at this stage. Will this come naturally with participating in the course or? Like aforementioned with the bit much thing, do you think one of you could possibly look over my first little bit of notes, tell me if I've set it up well for economics and where I can improve on things? If not all G.
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Thank you for that guys.
This may be a bit much to ask but I've been making some notes and I've found it is quite inevitable at this stage to more or less rip definitions or examples from the text book to actually make sense to myself but I really am struggling with forming my own concise definitions at this stage. Will this come naturally with participating in the course or? Like aforementioned with the bit much thing, do you think one of you could possibly look over my first little bit of notes, tell me if I've set it up well for economics and where I can improve on things? If not all G.
I think conceptually you seem to understand pretty decently. I'm guessing you're using the Morris text? In which case that book provides a lot of unnecessary details, so be aware of that.
Definition wise, the two most obvious ones to me that need a bit of work are:
Opportunity Cost - is defined as benefit foregone when a decision is made to allocate resources into the next best alternative. (This seems sort of clearer to me, than just stating 'when a decision is made.')
Efficient allocation of resources: occurs when scarce resources are allocated in a way which best maximises society's satisfaction of needs and wants. (it isn't necessary to bracket/refer to the four types in such a definition).
I think with a lot of what you've written, you have very good explanations, but not necessarily great definitions (i.e. not concise enough, a bit convoluted etc.). I wouldn't worry too much about this yet. Early days and you'll definitely get a better intuitive sense as you move along a bit. So the key is to keep updating and tweaking :)
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I think conceptually you seem to understand pretty decently. I'm guessing you're using the Morris text? In which case that book provides a lot of unnecessary details, so be aware of that.
Definition wise, the two most obvious ones to me that need a bit of work are:
Opportunity Cost - is defined as benefit foregone when a decision is made to allocate resources into the next best alternative. (This seems sort of clearer to me, than just stating 'when a decision is made.')
Efficient allocation of resources: occurs when scarce resources are allocated in a way which best maximises society's satisfaction of needs and wants. (it isn't necessary to bracket/refer to the four types in such a definition).
I think with a lot of what you've written, you have very good explanations, but not necessarily great definitions (i.e. not concise enough, a bit convoluted etc.). I wouldn't worry too much about this yet. Early days and you'll definitely get a better intuitive sense as you move along a bit. So the key is to keep updating and tweaking :)
Yeah bud I hope you're right. I have my first SAC a few days into the second week so I'm trying to understand things but yeah, if I were explaining some of these things in an answer it would be CONVOLUTED; this seems to be ATARnotes word of the week LOL. Thank you for those definitions, I'll replace mine with those. I'm not really sure how I'll be tweaking stuff throughout the year as I'm sure when I pass this topic I won't go over it again in detail until exam preparation .. should I be reviewing each area of study every few weeks after completing it to keep it fresh in my mind, or does that not work?
Not sure what the Morris text is. I have economic fundamentals in Australia which I'm never going to touch and the 2014 study guide for economics indigo.
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should I be reviewing each area of study every few weeks after completing it to keep it fresh in my mind, or does that not work?
Yeah depends how dedicated you are. I probably had to spend about 1-2 weeks to relearn the entire Unit 3 during exam period.
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Not sure what the Morris text is. I have economic fundamentals in Australia which I'm never going to touch and the 2014 study guide for economics indigo.
Ah I see, the way you'd structured your notes seemed similar to Morris to me. Though from what I understand, Eco Fundamentals is quite helpful!
As to the definitions, you'll find that a lot of them will start popping back up further down the track. E.g. efficient allocation of resources pops up in pretty much every single area of study, as do a lot of definitions. This is the beauty of the course, you'll start to find that everything will start linking across areas quite significantly, which is why in economics conceptual based learning is way more important than rote learning things :)
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Yeah bud I hope you're right. I have my first SAC a few days into the second week so I'm trying to understand things but yeah, if I were explaining some of these things in an answer it would be CONVOLUTED; this seems to be ATARnotes word of the week LOL. Thank you for those definitions, I'll replace mine with those. I'm not really sure how I'll be tweaking stuff throughout the year as I'm sure when I pass this topic I won't go over it again in detail until exam preparation .. should I be reviewing each area of study every few weeks after completing it to keep it fresh in my mind, or does that not work?
Not sure what the Morris text is. I have economic fundamentals in Australia which I'm never going to touch and the 2014 study guide for economics indigo.
I liked the layout / content of those notes alot, is there any chance that you can provide us with update notes as you finish topics / aos's?
Also, LastofUs, i cannot seem to respond to your PM unfortunately, it comes up with an error - http://gyazo.com/6971b59e93e0d67b3a38e5f53eccafbb.png
So if you could PM back your Skype, and i will add you for sure! (as it sounds like a good idea)
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I liked the layout / content of those notes alot, is there any chance that you can provide us with update notes as you finish topics / aos's?
Also, LastofUs, i cannot seem to respond to your PM unfortunately, it comes up with an error - http://gyazo.com/6971b59e93e0d67b3a38e5f53eccafbb.png
So if you could PM back your Skype, and i will add you for sure! (as it sounds like a good idea)
Lastofus has been banned iirc
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I just have a few questions that I'm probably looking at in a weird way but if you could please help me out I'd appreciate it.
1) When the demand the supply grow larger for a product, why does the price go up on a graph? I thought in theory that if you have increased demand and supply to meet a new equilibrium, the price will drop.
e.g. With the picture below, the quantity demanded goes from 100 to 150 so the supply goes up. With this increase demand, why does the price go up? Even though I don't believe it in my head, in theory, if a product experiences increased demand and it can meet that demand, the price will go down and vice versa?
(http://www.tutor2u.net/economics/gcse/images/demand_supply_demand_increasenotprice.gif)
2) I'm doing some homework and I've experienced a few questions that I find weird.
e.g. Which of the following would be most likely to cause a shift from S1 to S2? (It also has a basic graph that shows that supply goes left (increase) from S1 to S2).
a) a decrease in taxes paid by the industry
b) a removal of government subsides to that industry
c) a reduction in transport and freight charges
d) a decrease in the cost of raw materials
I personally chose D but couldn't it really be any of those?
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I just have a few questions that I'm probably looking at in a weird way but if you could please help me out I'd appreciate it.
1) When the demand the supply grow larger for a product, why does the price go up on a graph? I thought in theory that if you have increased demand and supply to meet a new equilibrium, the price will drop.
e.g. With the picture below, the quantity demanded goes from 100 to 150 so the supply goes up. With this increase demand, why does the price go up? Even though I don't believe it in my head, in theory, if a product experiences increased demand and it can meet that demand, the price will go down and vice versa?
(http://www.tutor2u.net/economics/gcse/images/demand_supply_demand_increasenotprice.gif)
2) I'm doing some homework and I've experienced a few questions that I find weird.
e.g. Which of the following would be most likely to cause a shift from S1 to S2? (It also has a basic graph that shows that supply goes left (increase) from S1 to S2).
a) a decrease in taxes paid by the industry
b) a removal of government subsides to that industry
c) a reduction in transport and freight charges
d) a decrease in the cost of raw materials
I personally chose D but couldn't it really be any of those?
To answer your question for question 1, imagine if you were a supplier of umbrellas. You had two options supply 100 for the price of .40 pens or 150 for the price of .50 pens, knowing they all will be sold out. Obviously if they are able to make more and sell all of them for the higher price that will be the best decision.
Q2 I'm not too sure about that one, but I think it may be a, c or d. I may be wrong.
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I just have a few questions that I'm probably looking at in a weird way but if you could please help me out I'd appreciate it.
1) When the demand the supply grow larger for a product, why does the price go up on a graph? I thought in theory that if you have increased demand and supply to meet a new equilibrium, the price will drop.
e.g. With the picture below, the quantity demanded goes from 100 to 150 so the supply goes up. With this increase demand, why does the price go up? Even though I don't believe it in my head, in theory, if a product experiences increased demand and it can meet that demand, the price will go down and vice versa?
(http://www.tutor2u.net/economics/gcse/images/demand_supply_demand_increasenotprice.gif)
2) I'm doing some homework and I've experienced a few questions that I find weird.
e.g. Which of the following would be most likely to cause a shift from S1 to S2? (It also has a basic graph that shows that supply goes left (increase) from S1 to S2).
a) a decrease in taxes paid by the industry
b) a removal of government subsides to that industry
c) a reduction in transport and freight charges
d) a decrease in the cost of raw materials
I personally chose D but couldn't it really be any of those?
Answer to q.2 is b. as the supply curve moves left when supply conditions deteriorate and when subsidies are removed, business costs increase, profit margins fall. Thus suppliers will be less willing to supply and supply curve decreases (goes left). It's important to remember that supply going left is actually a DECREASE in supply, a shift to the right is an increase.
I could explain to you why the diagram works like that but it's pretty hard to explain it online so I suggest you ask your teacher! :)
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I just have a few questions that I'm probably looking at in a weird way but if you could please help me out I'd appreciate it.
1) When the demand the supply grow larger for a product, why does the price go up on a graph? I thought in theory that if you have increased demand and supply to meet a new equilibrium, the price will drop.
e.g. With the picture below, the quantity demanded goes from 100 to 150 so the supply goes up. With this increase demand, why does the price go up? Even though I don't believe it in my head, in theory, if a product experiences increased demand and it can meet that demand, the price will go down and vice versa?
(http://www.tutor2u.net/economics/gcse/images/demand_supply_demand_increasenotprice.gif)
Remember that a shift of the demand curve is different from a movement along the demand curve. Movement along the demand curve means that, ceteris paribus, demand increases with a decrease in price. However, a shift in the demand curve is an exception of ceteris paribus - e.g. future expected value of the good increases, increases/decreases in disposable income, etc. In the illustration, there is a increase shift of the demand curve. One possible reason is that people expect the good to become more valuable, or their disposable income increases, such that the equilibrium is at a higher demand and higher price level.
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Q1: Imagine you're at the grocery and there's one apple left in the store. You were about to pick it up but someone else snatched it first. You two argue who should have the apple, and you're willing to outbid eachother to have the last piece of fruit. Demand for the apple of (two consumers) is greater than the supply (one apple) in the market. When demand exceeds supply, prices go up as consumers bid up prices for a the benefit of consuming a good or service. That's the law of demand.
Now, when prices increase due to additional demand, this sends 'price signals' through the market mechanism and alerts suppliers apples are highly desired by consumers (consumer sovereignty). More suppliers enter the market for apples, while existing suppliers may increase their production capacity. In essence, consumer demand dictates what is produced. But due to the lag effect of expanding supply, in the short run demand for a good/service can be expected to push prices upwards if the increase in demand exceeds the increase in additional supply.
Q2: It would be B. For these type of questions, try to spot the odd one out. A, C and D all have positive effects on the supply-side market while B is unfavourable for producers.
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I'm a little confused when reading graphs and if you could please help me out I would appreciate it.
When looking at a graph are you meant to read it in terms of the 'law of demand' or the 'law of supply' or do they both apply to all graphs, or not at all? That may be a tad confusing but I'm a little confused as to why when there is an increase in demand and the price goes up (law of supply I think), yet the law of demand is about how when there is an increase in demand the price of the product will go down per unit. If someone could please explain it to me I'd be greatful (graph is hopefully below if I did it correctly).
(http://gyazo.com/14ba7c75fbb457fbdbb250113e398aed)
Link didn't work so I'm trying again - if it doesn't I'll attach as a download.
(http://s28.postimg.org/x2dma6q0d/graph1.png)
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the law of demand is about how when there is an increase in demand the price of the product will go down per unit. If someone could please explain it to me I'd be greatful (graph is hopefully below if I did it correctly).
The law of demand states that an increase in demand will result in an increase in price and vice versa.
As to why an increase in demand leads to an increase in price:
Q1: Imagine you're at the grocery and there's one apple left in the store. You were about to pick it up but someone else snatched it first. You two argue who should have the apple, and you're willing to outbid eachother to have the last piece of fruit. Demand for the apple of (two consumers) is greater than the supply (one apple) in the market. When demand exceeds supply, prices go up as consumers bid up prices for a the benefit of consuming a good or service. That's the law of demand.
Now, when prices increase due to additional demand, this sends 'price signals' through the market mechanism and alerts suppliers apples are highly desired by consumers (consumer sovereignty). More suppliers enter the market for apples, while existing suppliers may increase their production capacity. In essence, consumer demand dictates what is produced. But due to the lag effect of expanding supply, in the short run demand for a good/service can be expected to push prices upwards if the increase in demand exceeds the increase in additional supply.
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I'm a little confused when reading graphs and if you could please help me out I would appreciate it.
When looking at a graph are you meant to read it in terms of the 'law of demand' or the 'law of supply' or do they both apply to all graphs, or not at all? That may be a tad confusing but I'm a little confused as to why when there is an increase in demand and the price goes up (law of supply I think), yet the law of demand is about how when there is an increase in demand the price of the product will go down per unit. If someone could please explain it to me I'd be greatful (graph is hopefully below if I did it correctly).
(http://gyazo.com/14ba7c75fbb457fbdbb250113e398aed)
Link didn't work so I'm trying again - if it doesn't I'll attach as a download.
(http://s28.postimg.org/x2dma6q0d/graph1.png)
edit: I made a mistake in this post please disregard this explanation and read posts on next page for corrections
The law of demand refers to price changes affecting quantity demanded. An increase or decrease in demand occurs as a result of the supply curve shifting which changes equilibrium price or price in the market changing.
When the actual demand curve moves demand is not increasing or decreasing, but rather the entire demand curve is shifting to the right or left, meaning at any given price level, demand would be different. Essentially the shift in the demand curve has nothing to do with the law of demand in terms of price affecting demand, but is rather to do with some sort of change in buyer behaviour which has caused levels of demand at every single price point to change.
Remember: A shift is not a decrease or increase, but rather a sign of changing market conditions meaning at any given price level, levels of demand/supply (whichever line is effected) would be different.
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@chasej I think you've mixed up increase/decrease with expansion/contraction and as such I don't think your explanation is quite correct.
@007
Firstly, we need to get straight a few things in terms of your post.
1. The law of demand describes the inverse relationship between price and quantity demanded. Think about this in terms of yourself. If you're a book lover for example, if books cost $50 each, you might only buy 1. Whereas if books cost 50c each, you might be inclined to buy yourself 20? Now note, the quantity you've demanded has changed inversely with price. These are termed expansions/contractions in demand. These are movements along the curve instead of increases and decreases.
2. The law of supply is the exact opposite as before, being mindful that again, that we are dealing with expansions and contractions (movements along the curve).
Now, to address your graphic, what we're actually dealing with here is an increase/decrease in demand, rather than an expansion and contraction. So what's happened is there has been an increase in the demand for coffee, meaning that the curve has actually moved toward the right. This means that at each and every price, people are more willing or able to buy coffee than they were previously.
If we now extrapolate the previous price of $3, onto the new demand curve (D2) we note there is a significant shortage of coffee. Now as a result of this, suppliers will note that because there is a high level of demand, they can charge more for coffee. Now as per the law of supply as price goes up, there will be an expansion along the supply curve from E1 to E2.
I really apologise if that is confusing/hard to understand. It's sort of easier to explain in person, but read it carefully and try to make the distinctions between movements along the curve and actual shifts in the curve. Your post makes it apparent to me that you haven't quite got the law of demand down pat yet. So once you make your distinctions between different types of movements properly, everything should hopefully become clearer!
Again, I hope this actually helps rather than confuses you more, but feel free to keep asking if you don't understand :)
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@chasej I think you've mixed up increase/decrease with expansion/contraction and as such I don't think your explanation is quite correct.
You're right. Sorry, my fault. Been a while haha.
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Assume that there was a free and competitive international
market for oil. With reference to demand and supply (market theory), suggest two important reasons that would explain why the price of
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Assume that there was a free and competitive international
market for oil. With reference to demand and supply (market theory), suggest two important reasons that would explain why the price of oil generally trended upwards between 2004 and late 2012.
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I just began my first VCE subject this year in Year 10 doing Units 1/2 Economics.
We just spent an entire period playing Monopoly, did anyone else do this? It's been a pretty casual class so far, thought it'd be a lot more harder and boring.
Hope to keep up with some of you if I have any questions!
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HI :)
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I just began my first VCE subject this year in Year 10 doing Units 1/2 Economics.
We just spent an entire period playing Monopoly, did anyone else do this? It's been a pretty casual class so far, thought it'd be a lot more harder and boring.
Hope to keep up with some of you if I have any questions!
Whilst I never remember having the pleasure of playing Monopoly, you have to remember you're less than a month into the introductory units of 1/2. So of course it's not going to be too difficult yet, it's more just about introducing you to a new way of thinking at this stage I believe :)
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Could somebody please critique this answer and tell me what I'm missing?
In relation to how Australia's price mechanism will allocate resources (5 marks)
1. Firmss will originally allocate resources to what they assume will be the most profitable product (consider relative scarcity)
2. Consumers will respond with price signals (e.g. dollar votes) which represents the demand of a product, representing those products which are highly sought after compared to those who are not - thus, consumer sovereignty dominates the market.
3. Firms react to price signals and thus change relative prices between particular goods or services in order to create a new equilibrium point between supply and demand
4. Firms will identify which products have a high relative profit, and therefore reallocate their resources to these products to increase profit maximisation
Thanks
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Could somebody please critique this answer and tell me what I'm missing?
In relation to how Australia's price mechanism will allocate resources (5 marks)
1. Firmss will originally allocate resources to what they assume will be the most profitable product (consider relative scarcity)
2. Consumers will respond with price signals (e.g. dollar votes) which represents the demand of a product, representing those products which are highly sought after compared to those who are not - thus, consumer sovereignty dominates the market.
3. Firms react to price signals and thus change relative prices between particular goods or services in order to create a new equilibrium point between supply and demand
4. Firms will identify which products have a high relative profit, and therefore reallocate their resources to these products to increase profit maximisation
Thanks
Please avoid double-posting
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I'm so glad. I had an economics SAC last week and I literally knew nothing and it was unfortunate because economics was the class I had with the strongest cohort per se and I really wanted to beat them. I legitimately didn't know a single thing apart from basic concepts and decided on the morning of the SAC I would just read the first 100 pages of the worst economics book ever and attempt to 'just pass.'
Somehow I managed to get second highest mark in the cohort and I'm not smart by any stretch of the imagination which is probably obvious leaving it last minute. It was a really hard SAC and she said the average will be around 60% and I got 90%. I'm so pleased. I dropped two marks on a multiple choice (They were 2 marks each cause I think they are more difficult) and 2 marks cause I didn't know how to draw a graph. After doing the SAC I thought I wouldn't even pass and then to receive 90% I was starstruck
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Does anyone have any practice sacs or previous years sacs for u3 AOS1?
cheers
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Does anyone have any practice sacs or previous years sacs for u3 AOS1?
cheers
i'd also be interested if anyone has any of these
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My book has massive sections on factors affecting Aggregate demand and supply, and i'm a bit insistent on learning the amount of information included on those sections when the study design doesn't specifically mention anything about the factors affecting Aggregate demand and supply, considering that it specifically states it for all the goals. Does anyone know if it relates? Or is it just extra information to aid?
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My book has massive sections on factors affecting Aggregate demand and supply, and i'm a bit insistent on learning the amount of information included on those sections when the study design doesn't specifically mention anything about the factors affecting Aggregate demand and supply, considering that it specifically states it for all the goals. Does anyone know if it relates? Or is it just extra information to aid?
You don't need to learn every single factor. I'd learn 3 supply and demand factors really well for each goal, and have a brief idea about the rest.
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I'm doing VCE Economics Unit 3/4!
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How is everyone studying? Just prac exams?
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Doing both practice exams and going over notes.
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Literally nothing couldn't care if i failed economics