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3: Economic activity and objectives
The focus of this
unit is the study of economic activity in Australia and the factors that
affect the achievement of the Australian Government's economic objectives.
Area of Study 2 : Economic objectives and performance in Australia
All governments have
specific economic goals or objectives they wish to achieve, and a wide
range of aggregate demand and aggregate supply factors can affect the
achievement of these objectives. Over time, the objectives will vary in
importance as economic circumstances change. In this area of study, students
will learn about why these economic goals are significant for the economic
wellbeing of the Australian economy and provide an economic `barometer'
which may be used to gauge the performance of the Australian economy.
On completion of this unit the student should be able to describe the
trend, and examine the factors affecting the trend, in the performance
of the Australian economy over the past decade in terms of the Australian
Government's economic objectives.
To achieve this outcome
the student will draw on knowledge and related skills outlined in area
of study 2.
Key knowledgethe meaning and measurement
of the Australian Government's economic objectives:
- price stability
This knowledge includes:
- economic growth
- full employment
- external stability
- efficiency in resource
- equity in personal income distribution;
the criteria for
assessing the performance of the economy in terms of the Australian Government's
and aggregate supply factors affecting the achievement of each economic
the performance of
the economy in terms of the objectives over the past decade;
of, and relationship between, the economic objectives.
Key skills gather relevant
data and information about the Australian Government's economic objectives;
These skills include
the ability to
define key economic
concepts and use them appropriately;
and tables to represent economic data;
patterns, similarities and differences in economic data;
recognise the limitations
of economic data;