Query

[Deleted User]

When asked to give an impact on a goal (economic growth, unemployment, etc) or living standards and the question is worth 2 marks, are we expected to give the short-term or long-term impacts or both?

[lnaa19]

Better safe than sorry, I always do both.

[sam.utute]

Better safe than sorry, I always do both.

Agreed. I always do short-term/long-term when discussing supply policies (they tend to have adverse short term impacts).
Also helps with the structure of your answer.

[Nima2703]

in relation to cad im confused with credits and debits...is credits money leaving the country and debits money coming in? so credits would be imports and debits would be exports? but i think it's the other way round so im confused

[morantz]

in relation to cad im confused with credits and debits...is credits money leaving the country and debits money coming in? so credits would be imports and debits would be exports? but i think it's the other way round so im confused

This is opposite to the term familiar in Accounting. Whilst in accounting debit implies and inflow of assets, in econimics it's the same thing as debt, so and outflow of assets. Therefore, credit would be the inflow of money or assets rather the than and outflow when dealt with in accounting.

[Nima2703]

in relation to cad im confused with credits and debits...is credits money leaving the country and debits money coming in? so credits would be imports and debits would be exports? but i think it's the other way round so im confused

This is opposite to the term familiar in Accounting. Whilst in accounting debit implies and inflow of assets, in econimics it's the same thing as debt, so and outflow of assets. Therefore, credit would be the inflow of money or assets rather the than and outflow when dealt with in accounting.

yeah i always remember that exports are credits so credits are money coming in and debits are money leaving the country thanks

[sam.utute]

in relation to cad im confused with credits and debits...is credits money leaving the country and debits money coming in? so credits would be imports and debits would be exports? but i think it's the other way round so im confused

I remembered it this way: If you have credit on your phone, that's a good thing. So money coming into Australia is a credit. Just think of your phone, and you'll have your answer

[Saur11]

For accounting students, you can think of the current account as a profit and loss statement and the capital account as a balance sheet. So revenue items are credits and expense items are debits, always found that a good way to remember it.

[Nima2703]

haha okay thanks guys