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Email: admin@economicstutor.com.au romeosalla@economicstutor.com.au
Course notes quick navigation
1 Introductory concepts 2 Market mechanism 3 Elasticities 4 Market structures 5 Market failures 6 Macro economic activity/eco growth 7 Inflation 8 Employment & unemployment 9 External Stability 10 Income distribution 11.Factors affecting economy 12 Fiscal/Budgetary policy 13 Monetary Policy 14 Aggregate Supply Policies 15 The Policy Mix
Romeo Salla completed Honours and Masters degrees in Commerce (Economics major) at the University of Melbourne before moving to Canberra to work as an Economist with the Commonwealth Department of Treasury. After a few years he was promoted within the federal bureaucracy to the position of Senior Economist with the Industry Commission (now Productivity Commission). Since 1996 he was employed as a Senior Teacher and Head of Faculty at large private schools in Melbourne for 18 years, most recently teaching VCE and IB Economics at Geelong Grammar School. He has held positions of responsibility with the Victorian Curriculum and Assessment Authority (VCAA) as an examination assessor since 1996 and was the long standing Economics editor on the VCTA website (ComNET). Mr Salla is also the creator of the popular smartphone app ‘economicstutor’, has contributed to various publications and regularly presents to economics teachers and students on behalf of both CPAP and the VCTA. Romeo is the author of the CPAP Study Guide to VCE Economics, co-author of Monumental Humanities 3 (Cambridge), and co-author of the VCE Economics texts ‘Economic Fundamentals in Australia’ and ‘Economics: from the ground up’. He is also the writer of CPAP Economics assessment tasks and the practice examinations.
What is economics? |
Relative scarcity |
Opportunity cost |
Production possibility curve |
Efficiency |
Basic economic questions |
Allocative efficiency |
Technical efficiency |
Intertemporal efficiency |
Dynamic efficiency |
Markets versus planning |
What is a market? |
Demand for goods and services |
Supply of goods and services |
Equilibrium |
Shifts of demand |
Shifts of supply |
Convergence to equilibrium |
Factors influencing decision making |
Excess supply |
Excess demand |
Consumer decisions |
Producer decisions |
Government decisions |
Decisions of other groups |
Price elasticity of demand |
Price elasticity of supply |
Perfect competition |
Monopolistic competition |
Oligopoly |
Monopoly |
Market structure and efficiency |
Monopoly vs monopsony power |
Public goods |
Merit goods |
De-merit goods |
Externalities |
Abuse of market power |
Aysmmetric information |
Externalities in production |
Externalities in consumption |
Macroeconomic activity |
Aggregate demand and supply |
Five sector model of economy |
Measurement of economic activity |
Non-market activity |
The business cycle |
Goal of strong and sustainable economic growth |
AD and AS diagrams |
Measuring economic growth |
Economically sustainable development |
Trade-off betwen economic growth and sustainability |
Alternative measures of living standards |
Why inflation is bad |
Why the RBA targets 2-3% |
Measurement of inflation |
Deflation versus disinflation |
Inflationary expectations |
Headline vs underlying |
The Phillips Curve |
Benefits vs costs of full employment |
Measurement of unemployment |
Hidden unemployment |
Underemployment & underutilisation rate |
Unemployment and participation rates |
Is the CAD a problem? |
The exchange rate |
International investment position |
Free trade vs protection |
Problems with protection |
The 'equity goal' |
Measurement of income distribution |
Absolute vs relative poverty |
Equity vs efficiency trade-off |
Costs and benefits of inequality |
Lorenz curve |
Gini-coefficient |
Henderson Poverty Line |
Cash vs underlying outcomes |
Fiscal outcome |
Medium term fiscal strategy |
BP and economic growth |
BP and low inflation |
BP and full employment |
BP and external stability |
BP and the distribution of income |
Budgetary policy and living standards |
Goals of monetary policy |
Implementing monetary policy |
Monetary policy stance |
The transmission mechanism |
Monetary policy and economic goals |
Monetary policy strengths/weaknesses |
RBA charter |
Role of the underlying inflation |
Monetary policy tightening |
Monetary policy loosening |
How other interest rates change |
Pre-emptive decision making |
'Open mouth operations' |
Exchange rate intervention |
Expansionary monetary policy |
Monetary policy neutrality |
Restrictive monetary policy |
MP to achieve low inflation |
MP to stimulate growth and jobs |
Productivity vs efficiency |
Productivity and international competitiveness |
Labour Market Reform |
Trade Liberalisation |
MRPs and internal stability |
MRPs and external stability |
MRPs and equity in the distribution of income |
MRPs and living standards |
The benefit of a flexible labour market |
immigration policy & the three Ps |
Immigration and labour markets |
Immigration and Aggregate Supply |
Immigration and the government's economic goals |
Immigration and living standards |
EMAs and section 457 visas |
Emissions Trading Scheme |
Carbon tax |
ETS vs carbon tax |
Direct action |
Strong and sustainable growth |
Low inflation |
Full employment |
External stability |
Equity in the distribution of income |
Living standards |
MC Introductory concepts |
SA Introductory concepts |
Miscellaneous |
MC market mechanism |
SA market mechanism 1 |
Miscellaneous |
SA market mechanism 2 |
SA market mechanism 3 |
MC elasticities |
SA elasticities |
Miscellaneous |
MC market structures |
SA market structures |
Miscellaneous |
SA market structures 2 |
MC market failures |
SA market failures 1 |
Miscellaneous |
SA market failures 2 |
MC macro activity/eco growth |
SA macro activity/eco growth1 |
Miscellaneous |
SA macro activity/eco growth2 |
SA macro activity/eco growth3 |
MC low inflation |
SA low inflation1 |
Miscellaneous |
SA low inflation2 |
MC full employment |
SA full employment1 |
Miscellaneous |
SA full employment2 |
MC external stability |
SA external stability1 |
Miscellaneous |
SA external stability2 |
SA external stability3 |
MC equity in distribution of income |
SA equity in distribution of income1 |
Miscellaneous |
SA equity in distribution of income2 |
SA equity in distribution of income3 |
Miscellaneous |
MC fiscal/budgetary policy |
SA fiscal/budgetary policy 1 |
Miscellaneous |
SA fiscal/budgetary policy 2 |
SA fiscal/budgetary policy 3 |
SA fiscal/budgetary policy 4 |
SA fiscal/budgetary policy 5 |
MC monetary policy |
SA monetary policy 1 |
Miscellaneous |
SA monetary policy 2 |
SA monetary policy 3 |
MC Aggregate supply policies |
SA Aggregate supply policies 1 |
Miscellaneous |
SA Aggregate supply policies 2 |
SA Aggregate supply policies 3 |
SA Aggregate supply policies 4 |
SA Aggregate supply policies 5 |
MC Policy mix |
SA Policy mix |
Miscellaneous |
MC course revision |
SA course revision 1 |
Miscellaneous |
SA course revision 2 |
Contemporary activities 2016 A |
Contemporary activities 2016 B |
Contemporary activities 2015 A |
Contemporary activities 2015 B |
Videos |
Diagrams used in activities |
Google community eco teachers |
Misc videos |
Misc videos |
The Checkout season 1 |
The Checkout season 2 |
The Checkout miscellaneous |
The Corporation |
EconPop |
Freakonomics |
PPC1 |
PPC2 |
PPC3 |