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HSC Economics Question Thread
Spencerr:
--- Quote from: isaacdelatorre on July 31, 2016, 06:03:51 pm ---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.
--- End quote ---
Except the labour market, it's a social institution!
birdwing341:
--- Quote from: isaacdelatorre on July 31, 2016, 06:03:51 pm ---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.
--- End quote ---
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:
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:
Help please !!
Haven't done these since term 1 and I've gone completely blank. : ^ (
Thanks in advance !
brontem:
--- Quote from: uries on August 02, 2016, 01:04:50 pm ---Help please !!
Haven't done these since term 1 and I've gone completely blank. : ^ (
Thanks in advance !
--- End quote ---
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
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