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HSC Economics Notes - Topic 3

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Full extensive notes on the HSC Economics Topic 3 organised by syllabus dot points.

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16 Pages Partial Study Notes < 1 Year old
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HSC Economics Notes - Topic 3
Topics this document covers:
Economy Macroeconomics Economics Inflation Stagflation NAIRU Unemployment Indexation Deflation Demand-pull inflation Fiscal policy Monetary policy
This is a Partial Set of Study Notes

Partial Study Notes typically cover only single topics of a unit of study or do not cover multiple topics in significant detail. They are generally less than 20 pages in length.

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Topics this document covers:
Economy Macroeconomics Economics Inflation Stagflation NAIRU Unemployment Indexation Deflation Demand-pull inflation Fiscal policy Monetary policy
Sample Text:
It is measured by the annual rate of change in real GDP • Aim for economic growth o No sudden fluctuations o Increases in real GDP o Stable prices/low unemployment o Excess capacity (supply) o A growth rate which does not detriment our external stability therefore there is no increase in the CAD • Aggregate demand is the sum of consumption by households, investment expenditure, government expenditure and exports less imports. AD = C+I+G+(X- M) • Aggregate supply is the total level of income in the economy over a given period of time. Part of the national income is collected by the government through taxation and the rest is either spent on consumption or saved. Y = C+S+T • Influences on consumption o Consumer expectations – about future inflation, real inco...
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