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May 25, 2019, 03:34:38 am

Author Topic: feedback on my definitions for the goals  (Read 140 times)  Share 

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IThinkIFailed

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feedback on my definitions for the goals
« on: March 28, 2019, 09:43:03 am »
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Goal of Strong and Sustainable economic growth:
This goal refers to the fastest rate of increase in production of goods and services in an economy so as to cause employment growth, while minimising inflationary, external and environmental pressures. Currently, this is assumed to be between 3-3.5%.

Some areas Iím not sure about in this definition: Should I use the word assume? I canít think of any other word to use.

Goal of Full employment: This goal refers to the level of unemployment achieved when the strong and sustainable economic growth objective is achieved (i.e 3-3.5%) and cyclical unemployment (caused by deficiencies in aggregate demand) is minimised.

Some areas Iím not sure about: Should I say cyclical unemployment is minimised or non existent?
Also, should I include something about NAIRU or inflationary pressures or natural rate of unemployment?
Biology [30+]      Economics [25+]

IDefinitelyFailed

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Re: feedback on my definitions for the goals
« Reply #1 on: March 30, 2019, 08:35:43 pm »
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Mr Averyís gonna REEEEEE, if you say cyclical unemployment is eradicated. Technically, thereís always some form of every unemployment, so itís best to say minimised.

Source: I got a 29 in Economics and am quite confident in my abilities.

PM me if anyone is looking for tutoring.
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NomotivationF

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Re: feedback on my definitions for the goals
« Reply #2 on: March 30, 2019, 08:53:30 pm »
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Goal of Strong and Sustainable economic growth:
This goal refers to the fastest rate of increase in production of goods and services in an economy so as to cause employment growth, while minimising inflationary, external and environmental pressures. Currently, this is assumed to be between 3-3.5%.

Some areas Iím not sure about in this definition: Should I use the word assume? I canít think of any other word to use.

Goal of Full employment: This goal refers to the level of unemployment achieved when the strong and sustainable economic growth objective is achieved (i.e 3-3.5%) and cyclical unemployment (caused by deficiencies in aggregate demand) is minimised.

Some areas Iím not sure about: Should I say cyclical unemployment is minimised or non existent?
Also, should I include something about NAIRU or inflationary pressures or natural rate of unemployment?

Hey, at the moment i've only covered strong and sustainable economic growth and the goal of low inflation. For strong and sustainable growth, I would say the following;

The governmentís goal for strong and sustainable economic growth is to achieve the highest increase in the level of national production possible, consistent with strong employment growth, but without running into unacceptable inflationary, external or environmental pressures.
A growth rate of between 3-3.5% per annum is considered sustainable in Australiaís current economic climate.

If you want to add to this and if there's a question asking you to be more specific, you could say the following;

Strong economic growth is more specifically aiming to increase the overall material living standards in Australia, whereas sustainable economic growth is ensuring that other government goals (low inflation and full employment) are met simultaneously, while also ensuring resources are not overused in order to maintain inter-temporal efficiency.
My journey through VCE

2018 - Accounting [42], Further Maths [44]
2019 (Aims)- English [~37], Economics [~40], Psychology [~45], Maths methods [25+]
2020-2024 (Hopefully) - Bachelor of Commerce/Science @Monash

IThinkIFailed

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Re: feedback on my definitions for the goals
« Reply #3 on: March 31, 2019, 01:09:29 pm »
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Hey, at the moment i've only covered strong and sustainable economic growth and the goal of low inflation. For strong and sustainable growth, I would say the following;

The governmentís goal for strong and sustainable economic growth is to achieve the highest increase in the level of national production possible, consistent with strong employment growth, but without running into unacceptable inflationary, external or environmental pressures.
A growth rate of between 3-3.5% per annum is considered sustainable in Australiaís current economic climate.

If you want to add to this and if there's a question asking you to be more specific, you could say the following;

Strong economic growth is more specifically aiming to increase the overall material living standards in Australia, whereas sustainable economic growth is ensuring that other government goals (low inflation and full employment) are met simultaneously, while also ensuring resources are not overused in order to maintain inter-temporal efficiency.
Thanks for the help, I think your definition for economic growth is better than mine.
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NomotivationF

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Re: feedback on my definitions for the goals
« Reply #4 on: March 31, 2019, 03:04:14 pm »
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Thanks for the help, I think your definition for economic growth is better than mine.

No problem. If you need help for eco feel free to pm me, but ill be browsing the threat pretty often anyway
My journey through VCE

2018 - Accounting [42], Further Maths [44]
2019 (Aims)- English [~37], Economics [~40], Psychology [~45], Maths methods [25+]
2020-2024 (Hopefully) - Bachelor of Commerce/Science @Monash