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Economics Notes Unit 3

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These notes include: - free trade - protection - balance of payments - foreign investment - terms of trade - exchange rate - globalisation

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50 Pages Complete Study Notes < 1 Year old
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Topics this document covers:
Economy International trade Tariff Protectionism Free trade Export Comparative advantage Economics Supply and demand Value-added tax Dumping Subsidy
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 International trade Tariff Protectionism Free trade Export Comparative advantage Economics Supply and demand Value-added tax Dumping Subsidy
Sample Text:
economy: • Australian economy relies on the international sector for the sale and purchase of goods and services and funds for investment • historically Australia has been an exporter of primary commodities (minerals and agriculture), and an importer of manufactured goods • Australia is a medium sized open economy in terms of their population and total GDP (12th largest economy) • an open economy refers to the willingness to trade where the movement of goods, services and capital is generally unrestricted • in recent times, protectionist policies have been reduced to historically low levels • trade is important because it can expand a nations consumption possibility by providing access to other countries production through imports • exporting increases domestic production, importing increases domestic consumption • a country gains when it exports goods it can pro...
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