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HSC Economics Economic Issues Notes

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This is a concise yet comprehensive overview of the 'Economic Issue' section of HSC Economics. Key points are highlighted and an abundance of useful statistics are provided.

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21 Pages Complete Study Notes > 2 Years old
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Topics this document covers:
Economy Economics Inflation Unemployment Demand Macroeconomic policy NAIRU Macroeconomics Demand-pull inflation Labour economics Underemployment Aggregate demand
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 Economics Inflation Unemployment Demand Macroeconomic policy NAIRU Macroeconomics Demand-pull inflation Labour economics Underemployment Aggregate demand
Sample Text:
Real GDP refers to the total value of all goods and services adjusted for inflation. Aggregate Demand and its Components Aggregate demand refers to the total demand for goods and services in the economy. • C = consumption -> total expenditure on goods and services. • I = investment -> total expenditure by firms to improve its production capacity. • G = government spending less taxation. • X = money made from exports. • M = money lost from imports. The consumption function, developed by John Maynard Keynes, is: • Y = income. • C = total consumption expenditure. • C 0 = autonomous consumption (necessary consumption). • c = marginal propensity to consume (MPC) -> The savings function is: • S = total savings. • s = marginal propensity to save -> Injections and Withdrawals In the five sector model, e...
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