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brenden

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HSC Economics Notes
« on: February 25, 2016, 12:33:33 pm »
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Hey there!

If you're looking for Band 6 HSC Economics notes that are updated to the current syllabus, then you're looking in the right place!

Notes are free to download. All you need is an ATAR Notes account - which is free and super quick to make!

To download, just click on the links below.

HSC Economics: Australia's Place in the Global Economy
HSC Economics: Economic Policies and Management
HSC Economics: Economic Issues
HSC Economics: The Global Economy
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chuckiecheese

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Re: HSC Economics Notes
« Reply #1 on: March 06, 2016, 12:35:51 pm »
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I'm having a lot of trouble with the second topic, the 'Australia's Place in the Global Economy' topic. It actually baffles me.

My teacher has set a few essay questions already, and I am drowning.

These are just two of them:

1. Discuss the reasons for Australia’s persistent current account deficit
2. Discuss the significance of the current account deficit for Australia’s foreign debt

Any help any of you guys could lend would be great!

thebosscollins

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Re: HSC Economics Notes
« Reply #2 on: March 09, 2016, 12:57:56 pm »
+2
I'm having a lot of trouble with the second topic, the 'Australia's Place in the Global Economy' topic. It actually baffles me.

My teacher has set a few essay questions already, and I am drowning.

These are just two of them:

1. Discuss the reasons for Australia’s persistent current account deficit
2. Discuss the significance of the current account deficit for Australia’s foreign debt

Any help any of you guys could lend would be great!

Hey,

Yeah this topic is the hardest in the course apparently.

For the first question you could discuss:

- NPI Deficit
- BOGS Deficit
- Financial Account Surplus.

Basically, more money is invested into Australia by foreigners than what we invest overseas. All the money coming in is recorded as credits on the financial account while when it leaves Australia in various forms (rent, profit, interest, dividends) it is recorded as a debit on the current account. Thus, financial account is in surplus and current account is in deficit.

The BOGS deficit is simple. The value of our imports are higher than the value of our exports. You can talk about how the BOGS deficit goes through cycles and is affected by cyclical factors (e.g. low AUD usullaly = more exports or vice versa.

Overall, this is brief and there are heaps of other things you can talk about like the strucutral and cyclical factors that cause the CAD (e.g savings/investment gap).

For the other question here is an exercerpt from an exemplar my teacher gave me

 
Quote
A persistently high CAD can have both short term and long term impacts and can be interpreted as both positive and negative. The most dangerous potential impact of a CAD is the exposure of the Australian economy to international financial crisis. A number of factors make the Australian economy volatile to international conditions.

Most notable is growth in foreign debt, which demands great servicing costs on interest payments and the principal amount borrowed. Many businesses are borrowing even more funds from overseas to service pre-existing debt, leading to growth in foreign debt in the long term, as seen in our current level of foreign debt of 51% of GDP (Mar 12) growing from 44% in 2003-04. This is very evident today with the European Sovereign Debt Crisis drastically impacting the economies of Portugal, Ireland, Greece and Spain, where continuous fiscal deficits has generated a near-unsustainable level of public debt leading to low-confidence investors demanding higher interest rates, altogether facilitating the need of contractionary fiscal policy to pay off these debts.

However, since 95% of foreign debt in Australia is owed by the private sector, economists believe this may not be as much of a problem. The Pitchford thesis states that foreign debt owed by the private sector should be treated just like any other type of private sector debt, since investments increase the economy’s productive capacity, making it easily serviced. Nevertheless, high levels of foreign debt may diminish investor confidence, leading to lower productivity growth in the long term.

All in all, yes this topic is really hard, we're all struggling but we shall pull through!!! Good luck :)
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likeneverbefore

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Re: HSC Economics Notes
« Reply #3 on: July 04, 2016, 03:21:42 pm »
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Thank you so much for the links!!!

conic curve

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Re: HSC Economics Notes
« Reply #4 on: July 12, 2016, 10:37:56 pm »
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Are there any prelim notes?

Essej

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Re: HSC Economics Notes
« Reply #5 on: July 12, 2016, 11:31:11 pm »
+1
Are there any prelim notes?

Hey Conic Curve!
If you head over to:
https://www.facebook.com/groups/HSC2017DiscussionGroup/
I'll try my best to upload my prelim business and economics notes to this page (sponsored by ATARnotes) within the next week or so  :)
If i don't get around to it/forget (trials are very stressful), feel free to DM me on Atarnotes and i'll do my best to get them to you.
Class of 2016
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English Advanced: 93
Legal Studies: 96
Economics: 93
Business Studies: 92
Studies of Religion (2 Unit): 93

2016 ATAR: 98.75

conic curve

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Re: HSC Economics Notes
« Reply #6 on: July 12, 2016, 11:46:16 pm »
+1
Hey Conic Curve!
If you head over to:
https://www.facebook.com/groups/HSC2017DiscussionGroup/
I'll try my best to upload my prelim business and economics notes to this page (sponsored by ATARnotes) within the next week or so  :)
If i don't get around to it/forget (trials are very stressful), feel free to DM me on Atarnotes and i'll do my best to get them to you.

Thanks so much  ;)

ehatton2016

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Re: HSC Economics Notes
« Reply #7 on: July 14, 2016, 12:23:35 pm »
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Hey guys,

Just a question for people who have done trials or the HSC eco exam, are you better off doing essays first and getting them out of the way or leaving them to last? I always get so flustered towards the end of exams so I don't know if I should try this in trials or not risk it.

THANK YOU!!

brontem

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Re: HSC Economics Notes
« Reply #8 on: July 14, 2016, 12:44:14 pm »
+2
Hey guys,

Just a question for people who have done trials or the HSC eco exam, are you better off doing essays first and getting them out of the way or leaving them to last? I always get so flustered towards the end of exams so I don't know if I should try this in trials or not risk it.

THANK YOU!!

I haven't done trials yet but for eco I usually do the paper in order - I rush through multiple choice (part of the reason why I suck at it) and spend the saved time on the written questions.
If you get flustered you can maybe try writing out a super quick plan around the essay options that you're going to do?? So you don't have to think about it when you get to the question
But the best option would to be trying it out with past papers - see if it works doing them first or in between two sections  ;D ;D
That way you can practice before the exam so you're not doing anything risky in the trial
That's a bit of a vague answer but its all up to preference so practicing different options is the only way to figure it out  :D :D

Essej

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Re: HSC Economics Notes
« Reply #9 on: July 14, 2016, 01:53:43 pm »
+2
Hey guys,

Just a question for people who have done trials or the HSC eco exam, are you better off doing essays first and getting them out of the way or leaving them to last? I always get so flustered towards the end of exams so I don't know if I should try this in trials or not risk it.

THANK YOU!!

Hey ehatton!

Just to add on - multiple choice are often regarded as the toughest part of the economics exam from all the trial papers i have seen, so it may be in your best interest to tackle them first while all your study is fresh in the mind. Personally i do the paper in order as 1. multiple choice is my worst  :P and more importantly 2. knowledge you pick up in MC/SA e.g. a tariff diagram could jog your memory and give you ideas for the essays later in the paper (say you have an essay on protection - use the diagram!!).

Of course like bronte said, its all up to preference - people in my class who struggle with essay writing more than i do tend to do section III/IV first to maximise their marks. Obviously if you struggle more with multiple choice you want to allocate just that bit more time into it (this includes reading time) and this could easily net you 5 free marks that would have been lost if you rushed it at the end. Unfortunately multiple choice marks aren't as free in economics as other subjects - damn bostes  >:( >:( >:(

Hope this helps!!
Class of 2016
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English Advanced: 93
Legal Studies: 96
Economics: 93
Business Studies: 92
Studies of Religion (2 Unit): 93

2016 ATAR: 98.75

ehatton2016

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Re: HSC Economics Notes
« Reply #10 on: July 14, 2016, 07:30:40 pm »
+2
Hey ehatton!

Just to add on - multiple choice are often regarded as the toughest part of the economics exam from all the trial papers i have seen, so it may be in your best interest to tackle them first while all your study is fresh in the mind. Personally i do the paper in order as 1. multiple choice is my worst  :P and more importantly 2. knowledge you pick up in MC/SA e.g. a tariff diagram could jog your memory and give you ideas for the essays later in the paper (say you have an essay on protection - use the diagram!!).

Of course like bronte said, its all up to preference - people in my class who struggle with essay writing more than i do tend to do section III/IV first to maximise their marks. Obviously if you struggle more with multiple choice you want to allocate just that bit more time into it (this includes reading time) and this could easily net you 5 free marks that would have been lost if you rushed it at the end. Unfortunately multiple choice marks aren't as free in economics as other subjects - damn bostes  >:( >:( >:(

Hope this helps!!


Thank you!! I totally agree, multiple choice are the worst! The wording is shocking and my teacher always has to exclude one question from our marks because it was poorly written.

sudodds

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Re: HSC Economics Notes
« Reply #11 on: July 15, 2016, 10:10:19 pm »
+3

Thank you!! I totally agree, multiple choice are the worst! The wording is shocking and my teacher always has to exclude one question from our marks because it was poorly written.

I don't know if anyone has posted this already, but if you want more practice with multiple choice, I'd suggest having a look at this website: http://mcq.bostes.nsw.edu.au/course/higher-school-certificate/economics/
It's created by BOSTES, and uses a catalogue of all past HSC multiple choice questions between 2001-2009 to create a multiple choice quiz for you to complete :) I've been finding it very useful to just every couple of days, do a few quizzes, because in exams I've found that they often recycle questions, or at least create very similar ones. In my half yearly there were 3 multiple choice questions that I would not have got right if I hadn't done these quizzes, got them wrong and then seen the answer haha.
Good luck!
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birdwing341

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Re: HSC Economics Notes
« Reply #12 on: July 18, 2016, 11:28:16 am »
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Hey guys,

Just a question for people who have done trials or the HSC eco exam, are you better off doing essays first and getting them out of the way or leaving them to last? I always get so flustered towards the end of exams so I don't know if I should try this in trials or not risk it.

THANK YOU!!

A bit late on the comment sorry, but thought I'd give my two cents, having done my trial exam.

Multiple choice are generally quite hard, Short answers should be easier, and essays are long and require a lot of detail. So my advice would be to write a plan for both the essays first, because that way you have an idea of where you want to go with them, and as you go through multis and shorts you might find some information you want to add to your plan. (If you don't write up a plan I would seriously suggest you get into the habit of doing that, because it helps structure your essay appropriately).

Then I'd just do the paper in order, multis, shorts and essays like that (doing the easier essay first because I can get it over with and spend more time on the last one). But I should also add that when attempting to maximise your marks, I don't think you should spend the time on your essays like Essej suggested (sorry haha) unless your confident in your other sections. Here's why:
1. Essays are marked not according to quantity but quality. Therefore, if you have extra time and you're spending it writing MORE, then your marks are probably not going to increase, maybe it can push a 14 to a 15 or a 15 to a 16, but past that, the way you get marks is by including diagrams, statistics, trends etc.
2. Multiple choice are marked out of one so, like Essej said, if you spend more time on these you can be gaining extra marks instead of losing simple questiosn that you could have otherwise got correct.
3. Short answers are marked more according to the amount of content relevant to the question than the style or expression. That means if you have extra time, you can be spending it improving more than one of your short answer questions, e.g. bumping a 2/4 to a 3/4 and moving a 3/5 to 4/5. This means that in the same time that you MIGHT improve your essay mark, you can be definitely improving your short answer marks, and often by a lot more.

Of course if you're confident with your responses during the exam then by all means spend time on essays, but it's probably more beneficial to do it in shorts :) They're often neglected!!

Hope that helped and sorry if it offended anyone!

Essej

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Re: HSC Economics Notes
« Reply #13 on: July 18, 2016, 11:46:52 am »
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A bit late on the comment sorry, but thought I'd give my two cents, having done my trial exam.

Multiple choice are generally quite hard, Short answers should be easier, and essays are long and require a lot of detail. So my advice would be to write a plan for both the essays first, because that way you have an idea of where you want to go with them, and as you go through multis and shorts you might find some information you want to add to your plan. (If you don't write up a plan I would seriously suggest you get into the habit of doing that, because it helps structure your essay appropriately).

Then I'd just do the paper in order, multis, shorts and essays like that (doing the easier essay first because I can get it over with and spend more time on the last one). But I should also add that when attempting to maximise your marks, I don't think you should spend the time on your essays like Essej suggested (sorry haha) unless your confident in your other sections. Here's why:
1. Essays are marked not according to quantity but quality. Therefore, if you have extra time and you're spending it writing MORE, then your marks are probably not going to increase, maybe it can push a 14 to a 15 or a 15 to a 16, but past that, the way you get marks is by including diagrams, statistics, trends etc.
2. Multiple choice are marked out of one so, like Essej said, if you spend more time on these you can be gaining extra marks instead of losing simple questiosn that you could have otherwise got correct.
3. Short answers are marked more according to the amount of content relevant to the question than the style or expression. That means if you have extra time, you can be spending it improving more than one of your short answer questions, e.g. bumping a 2/4 to a 3/4 and moving a 3/5 to 4/5. This means that in the same time that you MIGHT improve your essay mark, you can be definitely improving your short answer marks, and often by a lot more.

Of course if you're confident with your responses during the exam then by all means spend time on essays, but it's probably more beneficial to do it in shorts :) They're often neglected!!

Hope that helped and sorry if it offended anyone!

Hi there !

I think you misunderstood my comment - i personally do the paper in order (OCD) and spend significant time on multiple choice in economics because they are very tricky & just terrible, really. I'm not sure about making a plan at the start however for your essays - it's up to the individual how they use their reading time; either get a headstart on MC or plan out essays, really up to you. However I think it's important to look at the essay questions during reading time and select which one you want to do - your mind is an amazing tool and as you work through the paper your subconscious will piece together information about material you encounter in MC/SA - by the time you're making a proper plan your mind will be warmed up (or tired enough :P) to make a solid plan!

My suggestion in regards to extended responses is that doing them first for some individuals who stress out majorly upon seeing an extended response question may benefit them the most because they can regurgitate content most successfully at the beginning of the exam, whilst notes are most fresh in the mind. This does not mean putting more time into extended responses, but is about maximising marks - short answers and MC can be done at any stage of the paper (with appropriate time management) - the analytical thinking required to sustain a logical extended response is of a much higher level than these questions.

Hope this helps clear up any confusion!
« Last Edit: July 18, 2016, 12:29:53 pm by Essej »
Class of 2016
------------------------
English Advanced: 93
Legal Studies: 96
Economics: 93
Business Studies: 92
Studies of Religion (2 Unit): 93

2016 ATAR: 98.75

birdwing341

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Re: HSC Economics Notes
« Reply #14 on: July 18, 2016, 11:55:24 am »
+1
Hi there !

I think you misunderstood my comment - i personally do the paper in order (OCD) and spend significant time on multiple choice in economics because they are very tricky & just terrible, really. I'm not sure about making a plan at the start however for your essays - its up to the individual how they use their reading time; either get a headstart on MC or plan out essays, really up to you. However I think it's important to look at the essay questions during reading time and select which one you want to do - your mind is an amazing tool and as you work through the paper your subconscious will piece together information about material you encounter in MC/SA - by the time you're making a proper plan your mind will be warmed up (or tired enough :P) to make a solid plan!

My suggestion in regards to extended responses is that doing them first for some individuals who stress out majorly upon seeing an extended response question may the benefit because they can regurgitate content most successfully at the beginning of the exam, whilst notes are most fresh in the mind. This does not mean putting more time into extended responses, but is about maximising marks - short answers and MC can be done at any stage of the paper (with appropriate time management) - the analytical thinking required to sustain a logical extended response is of a much higher level than these questions.

Hope this helps clear up and confusion!

Yeah I felt like my comment might have come across the wrong way, sorry about that!!

And you're right, I completely misread the first sentence, whoops! Thanks for clearing that up as well. I guess I'm just trying to present a different way of doing the paper (and one that works for me), because different people's minds work in very different ways. I wasn't trying to discredit your way of doing the paper or other people's and I get it's totally up to preference! But I want everyone to do the best they can and hope that everyone can take aspects of each method and use them for themselves :)

(I think we were also talking about different types of maximising marks - again absolutely my bad) Sorry for the confusion!!