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June 17, 2019, 11:44:08 am

Author Topic: Economics Questions Thread  (Read 77392 times)  Share 

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Seamus Wong

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Re: Economics Questions Thread
« Reply #735 on: June 05, 2019, 07:43:24 pm »
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Jmac02

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Re: Economics Questions Thread
« Reply #736 on: June 12, 2019, 10:00:09 pm »
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Dear fellow 3/4 Economics students,
I'm struggling to find effective ways to study for Economics, as I primarily come from a science-based background. Although I'm averaging roughly 80's for my first two SAC's, I believe I'm putting in more than enough work to achieve scores of 85+, however, I don't really have a specific technique to study. If anyone could tell the ways they study for an Eco SAC, that would be great. Thanks :)

NomotivationF

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Re: Economics Questions Thread
« Reply #737 on: June 13, 2019, 06:56:39 pm »
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Dear fellow 3/4 Economics students,
I'm struggling to find effective ways to study for Economics, as I primarily come from a science-based background. Although I'm averaging roughly 80's for my first two SAC's, I believe I'm putting in more than enough work to achieve scores of 85+, however, I don't really have a specific technique to study. If anyone could tell the ways they study for an Eco SAC, that would be great. Thanks :)

Hey Jmac, I've found in terms of Eco the key to scoring well is to actually understand the concepts that you are learning and applying them to different scenarios. I don't know if you are, but I think wrote learning answers in Eco bounds you for failure as questions can be extremely variable. Basically, understand and consolidate ur concepts and make sure you talk to the teacher about things you don't understand. If you can understand the concepts fo each of the dot point you should realistically be able to score quite well on sacs and eventually the exam.
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

Jmac02

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Re: Economics Questions Thread
« Reply #738 on: June 13, 2019, 10:07:10 pm »
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Hey Jmac, I've found in terms of Eco the key to scoring well is to actually understand the concepts that you are learning and applying them to different scenarios. I don't know if you are, but I think wrote learning answers in Eco bounds you for failure as questions can be extremely variable. Basically, understand and consolidate ur concepts and make sure you talk to the teacher about things you don't understand. If you can understand the concepts fo each of the dot point you should realistically be able to score quite well on sacs and eventually the exam.
Thank you very much NomotivationF, I will take this advice on for my next SAC on Thursday. Wish me luck!

Jmac02

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Re: Economics Questions Thread
« Reply #739 on: June 16, 2019, 08:44:42 pm »
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Hi everyone again,
As my SAC is just days away. I've got two questions about the topic. Firstly, is the reason for the balance of payments equaling out because countries like Australia who run a CAD means they're spending on foreign goods and services or buying loans to fund this. This means countries whom they buy off, run a CAS meaning they have money to spend. As Australia has spent their money to finance expansion (most likely) countries like China who have a CAS, see Australia as an appropriate place to invest in because of the high economic activity, and hence the CAFA increases. As well, why are higher interest rates perceived as a good thing (in terms of the exchange rate)? Thanks, any help is appreciated.

Seamus Wong

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Re: Economics Questions Thread
« Reply #740 on: June 16, 2019, 11:04:20 pm »
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Hi everyone again,
As my SAC is just days away. I've got two questions about the topic. Firstly, is the reason for the balance of payments equaling out because countries like Australia who run a CAD means they're spending on foreign goods and services or buying loans [Not buying loans, we Take out loans or Issue Government Bonds] to fund this Yes, you are right. We spend a lot on foreign goods and pay a lot in interest payments to foreign countries on our foreign debt (which arises due to the savings-investment gap) and thus we have to seek finance from abroad to fund the CAD. This means countries whom they buy off, run a CAS meaning they have money to spend Yes, this is correct. As Australia has spent their money to finance expansion (most likely) countries like China who have a CAS, see Australia as an appropriate place to invest in because of the high economic activitycorrect, and hence the CAFA increases The CAFA doesn't increase; the CAFA SURPLUS increases . As well, why are higher interest rates perceived as a good thing (in terms of the exchange rate) They aren't necessarily a good thing. Higher interest rates could usually be argued to be unfavourable since they encourage capital inflows, causing an appreciation of the dollar and hence reducing the attractiveness of our exports and increasing the attractiveness of foreign imports, which slows the growth in economic activity domestically. However, one could argue that an appreciation of the Australian dollar potentially makes Supply-side conditions more favourable for domestic firms who source the majority of their inputs from abroad, and thus the appreciation of the AUD can help expand our productive capacity.? Thanks, any help is appreciated.

Good job, you seem like you have a relatively good understanding of how the Balance of payments works.
Keep asking questions though. The more you ask, the more prepared you'll be for the SAC.

Jmac02

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Re: Economics Questions Thread
« Reply #741 on: June 16, 2019, 11:41:45 pm »
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Good job, you seem like you have a relatively good understanding of how the Balance of payments works.
Keep asking questions though. The more you ask, the more prepared you'll be for the SAC.

Thank you so much for your help, Seamus. I will definitely do so.