How Does Globalization Affect Australian Economy

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Ill be upfront - there is NO way POSSIBLE to remember essays and pre-plan economic essays!!!! These essays can be based around any topic, as each topic have their own extended response sections to them (as opposed to other subjects like legal, where your options will only be extended). Here are some, what you would call 'generic' topics that the extended responses may be on: The Global Economy: - Process and Impact (of Globalisation: Costs and Benefits - Development, Income Distribution, Environmental Sustainability) - The Case Study (Impact of globalisation, strategies for growth and development) - Free Trade and Protetion (NOTE THIS IS LINKED WITH AUSTRALIA'S TRADE POLICIES - TOPIC TWO) (Free trade, advantages and disadvantages, Protection:…show more content…
P.S: Make sure for all policies that you understand their implementation and impact and their current role in the policy mix! They will combine with other topics and issues so be…show more content…
When demand is higher than supply, we have higher prices and inflation. Whereas, if demand was lower than supply, then the price will fall. Keynes theory was demonstrated through the multiplier effect. So go look in your textbook and learn from that under Economic Growth in Topic 3. But if you look at his Demand and Supply curve, you will notice Aggregate Demand does not start from the bottom of the growth (Thats because demand is independent of income - so no matter how much people earn, there will always be a need to spend to make a living, grow a business or invest) Well, be sure to note in your head, that: Topic One: Looks at the world as a whole and reinforces that individual economies have effects on other economies (External Factor) Topic Two: Looks at Australia's place in this global economy and where we stand as an economy (External Factor) Topic Three: Looks at the internal of Australia's economy and the issues involved (Internal Factor) Topic Four: Looks at the Policies and Management of Australia's economy (Internal
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