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Yr 12 Economics - Economic Policies and Management Notes

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The government utilises macroeconomic and microeconomic policies to target long term economic growth which can lead to the achievement of rising living standards and economic prosperity for Australian residents over time. The 3 main objectives of government economic policy are: 1. Economic growth which is sustainable in terms of increasing the level of goods and services produced and delivering rising real incomes, whilst minimising inflationary pressures and the CAD as a percentage of GDP. 2. Internal balance which refers to the achievement of full employment of labour and resources and price stability where the inflation rate is near to zero. 3. External balance which involves financing import expenditure with export income, stability of the exchange rate and the levels of net foreign liabilities and net foreign debt as percentages of GDP.

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11 Pages Partial Study Notes > 2 Years old
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Yr 12 Economics - Economic Policies and Management Notes
Topics this document covers:
Fiscal policy Public finance Macroeconomics Keynesian economics Political economy Deficit spending Crowding out Monetary policy Economic policy Inflation Unemployment Recession
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:
Fiscal policy Public finance Macroeconomics Keynesian economics Political economy Deficit spending Crowding out Monetary policy Economic policy Inflation Unemployment Recession
Sample Text:
The 3 main objectives of government economic policy are: 1. Economic growth which is sustainable in terms of increasing the level of goods and services produced and delivering rising real incomes, whilst minimising inflationary pressures and the CAD as a percentage of GDP. 2. Internal balance which refers to the achievement of full employment of labour and resources and price stability where the inflation rate is near to zero. 3. External balance which involves financing import expenditure with export income, stability of the exchange rate and the levels of net foreign liabilities and net foreign debt as percentages of GDP. Economic growth and quality of life Economic growth involves an increase in the vo...
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