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Yr 12 Economics - Economic Policies and Management Notes
Economics
1 Found helpful • 11 Pages • Topic Notes • Year: Pre-2021
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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