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10.2 Australia's Place in the Global Economy Full Notes

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All HSC Economics syllabus dot points under 10.2 are covered in detail including balance of payments, exchange rates as well as free trade and protection.

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16 Pages Complete Study Notes 1-2 Years old
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10.2 Australia's Place in the Global Economy Full Notes
Topics this document covers:
Economy Macroeconomics Economics International trade National accounts International finance Current account Balance of payments Economy of Australia Exchange rate Foreign exchange market Government budget balance
This is a Complete Set of Study Notes

Complete Study Notes typically cover at least half a semester’s content or several topics in greater depth. They are typically greater than 20 pages in length and go into more detail when covering topics.

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Topics this document covers:
Economy Macroeconomics Economics International trade National accounts International finance Current account Balance of payments Economy of Australia Exchange rate Foreign exchange market Government budget balance
Sample Text:
TRENDS IN AUSTRALIA’S TRADE PATTERNS - International trade- refers to the exchange of goods and services across national boundaries o Indicates the promotion of globalisation o International trade is characterized by several key features: ➢ Trade in more than one currency ➢ Extra risk due to currency fluctuations ➢ Dominated by TNCs ➢ Affected by changes in world demand, technology and the international business cycle - Australian economy- 12th biggest (mid-ranks amongst MDCs) o Relatively small in comparison to USA, China or Japan’s economies o Demonstrates high level of economic development (2nd highest HDI globally) o Called small, open economy because it only produces 2% of GWP o However, AUS exports and imports (the equivalent) of approx. 1/5th of GDP ➢ While AUS economy doesn’t heavily influence developments in the global economy, wo...
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