Topic 3: Economic Issues
4 dot points across 1 inquiry question. Click any dot point for a focused answer with worked past exam questions where available.
What are the major economic issues for the Australian economy and how are they measured?
- Examine the issue of distribution of income and wealth in Australia including the measurement of inequality, the Lorenz curve and the Gini coefficient, dimensions and trends in inequality, and the economic and social impacts of inequality
A focused HSC Economics Topic 3 answer on inequality. Distinguishes income from wealth, draws and reads the Lorenz curve, defines the Gini coefficient, identifies the sources of inequality in Australia, and analyses recent ABS Survey of Income and Housing trends.
7 min answer → - Examine the economic issue of economic growth including the measurement of economic growth, sources of economic growth, the role of aggregate demand and aggregate supply, and the effects of economic growth in Australia
A focused HSC Economics Topic 3 answer on economic growth. Defines real GDP and trend growth, explains sources of growth, draws the AD/AS framework, identifies the four phases of the business cycle, and reviews Australia's growth performance with recent ABS National Accounts data.
8 min answer → - Examine the economic issue of inflation including the measurement of inflation, the difference between headline and underlying inflation, the causes of inflation, and the effects of inflation in Australia
A focused HSC Economics Topic 3 answer on inflation. Defines CPI, headline vs underlying (trimmed mean) inflation, distinguishes demand-pull from cost-push and imported inflation, and analyses the 2022-2024 inflation episode with current ABS and RBA data.
8 min answer → - Examine the economic issue of unemployment including the measurement of unemployment, types of unemployment, the causes of unemployment, the non-accelerating inflation rate of unemployment (NAIRU), and the consequences of unemployment
A focused HSC Economics Topic 3 answer on unemployment. Defines the unemployment rate and participation rate, identifies the eight types of unemployment, explains the NAIRU, and analyses the consequences of unemployment with recent ABS Labour Force data.
8 min answer →