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Topic 2 - Australia's place in the global economy
Economics
4 Pages • Topic Notes • Year Uploaded: 2023
Australia's Trade and Financial Flows: Understanding Australia's trade relationships, primary trading partners, and the composition of exports and imports. Direction of trade Composition of trade Nature and patterns of trade Exchange Rates: Definition and the types of exchange rates (fixed, floating, managed) Factors affecting the level and movement of the Australian dollar Impact of exchange rate fluctuations on the Australian economy Terms of Trade: Definition and understanding of the terms of trade Factors that can cause a change in the terms of trade Implications of changes in the terms of trade for Australia Net Foreign Debt and Net Overseas Liabilities: Understanding the nature and causes of Australia's net foreign debt The consequences of net foreign debt for the Australian economy Australia's International Economic Relationships: Bilateral and regional trade agreements Australia's involvement in international organizations such as the World Trade Organization (WTO), International Monetary Fund (IMF), and the Asia-Pacific Economic Cooperation (APEC) Effects of Protectionist Policies: Tariffs, subsidies, and quotas Impact of protectionist measures on the Australian economy and global economic relations Effects of Globalisation: The influence of transnational corporations (TNCs) Impact of international organizations on Australian economic policy Influence of globalisation on economic growth, development, and quality of life in Australia Impact of Changes in the Global Economy: Opportunities and challenges for the Australian economy due to shifts in the global economic landscape
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