The distribution of income globally refers to how income and wealth is spread unevenly across the global economy. This is measured through income but also quality of life indicators such as the Human Development Index (HDI) which considers GNI per capita, educational attainment and life expectancy at birth. Watch the videos to find out more about the distribution of income and wealth, and income and quality of life indicators in HSC Economics:
Economics
Topic One: The Global Economy
- The Global Economy
- Gross World Product
- Globalisation Drivers
- International and Regional Business Cycles
- The Basis of Free Trade: Advantages and Disadvantages
- International Organisations: WTO, IMF and World Bank
- International Organisations: United Nations and OECD
- International Organisations: Difference between World Bank and IMF
- Influence of Government Economic Forums: G20, G7/8
- Reasons for Protection
- Methods of Protection: Tariffs
- Methods of Protection: Subsidies
- Methods of Protection: Quotas, Local Content Rules and Export Incentives
- Economic Development
- Distribution of Income and Wealth and Income and Quality of Life Indicators
- Developing Economies, Emerging Economies, and Advanced Economies
- Reasons for Differences Between Nations
- Effects of Globalisation
- Environmental Sustainability of Globaliastion
- Case Study of Globalisation, and Evaluation of Strategies used to Promote Economic Growth and Development: China
Topic Two: Australia's Place in the Global Economy
- Trends in Australia's Trade Pattern
- Trends in Financial Flows: Debt and Equity
- Balance of Payments: Structure of the Current Account
- Balance of Payments: Structure of the Capital and Financial Account
- Links between key Balance of Payments Categories
- Trends in the Size and Composition of Australia’s Balance of Payments
- Effects of these Trends on Australia’s Balance of Payments: causes of the CAD
- Effects of these Trends on Australia’s Balance of Payments: effects of the CAD
- What is the Exchange Rates and the TWI?
- Terms of Trade
- Factors Affecting the Demand for and Supply of Australian Dollars
- Exchange Rate Appreciation/Depreciation
- Fixed, Flexible and Managed Exchange Rates
- The Influence of the Reserve Bank of Australia on Exchange Rates
- The Effects of Fluctuations in Exchange Rates on the Australian Economy
- Australia’s Policies Regarding Free Trade and Protection
- Australia’s Multilateral and Bilateral Free Trade Agreements
- Implications of Australia’s Free Trade Policies for Individuals, Firms and Governments
- Implications for Australia of Protectionist Policies of Other Countries and Trading Blocs
Topic Four: Economic Policies and Management
- Federal Government Budgets and Budget Outcomes
- Effects of Budgetary Changes on Resource Use, Income Distribution and Economic Activity
- Methods of Financing Deficits and Use of a Surplus
- Purpose of Monetary Policy
- Implementation of Monetary Policy
- Impact of Changes in Interest Rates on Economic Activity and the Exchange Rate
- Rationale for Microeconomic Policies and their effect on Product and Factor markets, Industries and the Economy
- Minimum Employment Standards, Minimum wages, Awards, Enterprise Agreements and Employment Contracts for High Income Earners"
- Dispute Resolution
- Arguments for and against the use of Centralised, Decentralised and Individualised Methods of Determining Employment Contracts
- Education, Training and Employment Programs
- Limitations of Economic Policies
- National and Global Context for Environmental Management: Regulations, Market-based Policies, Targets and International Agreements
Topic Three: Economic Issues
- Aggregate Demand and its Components Y=C+I+G+X-M
- Injections and Withdrawals (I+G+X; S+T+M)
- Simple Multiplier: k=1/(1-MPC)
- Measurement of Growth through Changes in Real Gross Domestic Product
- Sources and Effects of Economic Growth in Australia
- Increases in Aggregate Supply: Improvements in Efficiency and Technology
- Trends in Business Cycle
- Measurement of unemployment: Labour force, Participation rate, Unemployment Rate
- Types and Causes: Cyclical, structural, frictional, seasonal, underemployment, hidden, long term
- Non-accelerating inflation rate of unemployment (NAIRU)
- Effects of Unemployment: Economic and Social Costs
- Measurement of Inflation: Headline and Underlying
- Inflation Trends
- Causes of Inflation: Demand, Cost, Imported and Inflationary expectations
- Inflation: Positive and Negative effects
- External Stability
- Trends in External Stability
- Causes of high CAD and Positive and Negative Effects
- Measurement of Distribution of Income and Wealth: Lorenz Curve and Gini Coefficient
- Taxation, Transfer Payments, and Other Assistance
- Sources of Income as a Percentage of Household Income and Sources of Wealth
- Economic and Social Costs and Benefits of Inequality
- Ecologically Sustainable Development
- Private and Social Costs and Benefits: Externalities and Market Failure
- Public and Private Goods: Free Riders
- Environmental Issues: Preservation, Pollution, Depletion