Topic 1: The Global Economy
4 dot points across 1 inquiry question. Click any dot point for a focused answer with worked past exam questions where available.
How does the global economy operate and what are its key features?
- Investigate the international and regional business cycles including the causes and features of synchronisation, the influence of trade, investment, finance and technology, transport and communication, government economic policies, and global influences on regional and country-specific cycles
A focused HSC Economics Topic 1 answer on the international business cycle. Defines synchronisation, explains the trade, financial, technology and policy channels of transmission, and analyses the 2008 GFC and 2020 COVID-19 recession as case studies in synchronised global downturns.
7 min answer → - Examine global financial flows including the size and pattern of capital flows, the role of the IMF, World Bank and United Nations, and the consequences of financial liberalisation for individual economies
A focused HSC Economics Topic 1 answer on financial flows. Covers the size and composition of cross-border capital flows, the role of the IMF, World Bank and UN, and the consequences (positive and negative) of financial liberalisation for individual economies.
7 min answer → - Examine the features and trends of the international economy including the global economy and globalisation, gross world product, trade in goods and services, financial flows, investment and transnational corporations, technology, transport and communication, and the international and regional business cycles
A focused HSC Economics Topic 1 answer on globalisation and the international economy. Defines globalisation across trade, finance, investment, technology and labour. Covers gross world product, the role of transnational corporations, and the international business cycle, with current data.
7 min answer → - Investigate the basis of free trade and its advantages and disadvantages including the theory of comparative advantage, the role of the World Trade Organisation, and the effects of trading blocs, free trade agreements and protection
A focused HSC Economics Topic 1 answer on trade. Covers the theory of comparative advantage with a numerical worked example, the gains from trade, the role of the WTO and free trade agreements, and the four types of protection (tariffs, subsidies, quotas, local content rules) with diagrams.
8 min answer →