Economics 2014

[abcdqdxD]

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

Hmm interesting. I found that by mastering Micro first, Macro came to me a lot easier

[LastOfUs]

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.

[M_BONG]

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?

[dantan]

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

[LastOfUs]

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. ''

[dantan]

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

[abcdqdxD]

Also be wary that textbooks often have irrelevant information not in the study design

[LastOfUs]

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

[spectroscopy]

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??

[LastOfUs]

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?

[abcdqdxD]

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

[chasej]

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

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.

[abcdqdxD]

@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 Must've been a long time ago. Anyway I would recommend any keen Eco students to have a look at chasej's notes

[dantan]

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

[LastOfUs]

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

100% starting study tomorrow or I will ... smash my PS4.