Jacaranda Key Concepts in VCE Economics 1 Units 1 and 2 11E LearnON and Print Image

Jacaranda Key Concepts in VCE Economics 1 Units 1 and 2 11E LearnON and Print

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ISBN: 9780730373445
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Jacaranda Key Concepts in VCE Economics 1 Units 1 & 2, 11th Edition learnON & Print

This combined print and digital title provides 100% coverage of the VCE Study Design for Economics. The textbook comes with a complimentary activation code for learnON, the powerful digital learning platform making learning personalised and visible for both students and teachers.

The latest editions of Jacaranda’s Key Concepts in VCE Economics series include these key features:

  • Now available in print with digital and digital-only formats
  • Explicitly structured to the VCE Economics Study Design (2017-2021), with content aligned to the key knowledge and key skills
  • Provides insights into the modern Australian economy by exploring issues of interest in Economics through a wide range of relevant business examples and topical case studies
  • Links are built into the terminology used throughout the text, directing students to an extensive Economics dictionary
  • Tailored exercise sets at the end of every subtopic, providing students the opportunity to test their knowledge, apply their understanding in economic exercises and practice past VCAA exam questions
  • In learnON, students receive immediate responses and access to exemplary responses
  • Detail topic reviews, providing students with opportunities for revision with key concept summaries, key terms and an extensive range of questions and an offline printable studyON booklets with past VCE questions
  • Comprehensive teacher support in both titles, including; work programs, teaching advice, practice tests and SACs complete with exemplary responses and marking rubics
  • learnON provides teachers with visibility into student progress and performance, allowing you to customise lessons, tests and assessments

For teachers, learnON includes additional teacher resources such as quarantined questions and answers, curriculum grids and work programs.


About this resource vii

Acknowledgements ix

Unit 1 The Behaviour of Consumers and Businesses 1

Area of Study 1 Thinking Like an Economist

1 Thinking like an economist 3

1.1 Overview 3

1.2 Background Knowledge Definition and nature of economics 5

1.3 The basic economic problem of relative scarcity 8

1.4 Making economic decisions 14

1.5 The two sector circular flow model of the economy 23

1.6 Consumer behaviour 26

1.7 Business behaviour 33

1.8 Review 41

Area of Study 2 Decision Making in Markets

2 Decision making in markets 56

2.1 Overview 56

2.2 The nature of perfectly competitive and other types of markets in an economy 57

2.3 Background Knowledge How markets make key economic decisions — the big picture 65

2.4 The law of demand and movements along the demand curve 68

2.5 The law of supply and movements along the supply curve 72

2.6 Determining the market equilibrium price and equilibrium quantity 74

2.7 The effects of non-price factors on demand and supply — shifting the D–S curves and changing the equilibrium 77

2.8 How changes in relative market prices and profits can affect Australia’s resource allocation 88

2.9 Researching Australian and global markets 97

2.10 Review 116

Unit 2 Contemporary Economic Issues 131

Area of Study 1 Economic Growth, Long-Term Economic Prosperity and Environmental Sustainability

3 Economic growth, long-term economic prosperity and environmental sustainability 133

3.1 Overview 133

3.2 The nature and meaning of trade-offs in economics 134

3.3 The meaning of economic growth 136

3.4 The measurement of economic growth using real GDP and real GDP per capita 139

3.5 The economic benefits of economic growth 147

3.6 Background Knowledge The business cycle and recent changes in Australia’s rate of economic growth 153

3.7 Overview of factors that may affect Australia’s rate of economic growth 159

3.8 Aggregate supply factors that can affect Australia’s rate of economic growth 161

3.9 Aggregate demand factors that can affect Australia’s rate of economic growth 16 9

3.10 Government economic policy responses designed to influence the rate of economic growth 182

3.11 The meaning of both long-term economic prosperity and environmental sustainability 190

3.12 Economic and environmental costs of economic growth 193

3.13 Trade-offs and compatibility between economic growth and environmental sustainability 203

3.14 Alternative economic indicators of living standards 206

3.15 The effect of policy response to address environmental effects of economic growth 213

3.16 Review 219

Area of Study 2 Economic Efficiency and Equity

4 Economic efficiency and equity as contemporary economic issues 239

4.1 Overview 239

4.2 The nature of income and wealth 241

4.3 Measures of income inequality and poverty 245

4.4 Causes of income inequality and poverty in Australia 256

4.5 Causes of income inequality and poverty in another nation — Nigeria 264

4.6 The effect of poverty on material and non-material living standards 268

4.7 Background Knowledge The difference between equity in the distribution of income and equality in the distribution of income 271

4.8 The meaning of economic efficiency and the benefits of achieving allocative and technical efficiency 274

4.9 The economic and social costs and benefits of achieving equity in the distribution of income 276

4.10 Compatibility and conflict between the goals of equity in income distribution and efficiency in resource allocation 280

4.11 The role of markets in achieving equity in the distribution of income and efficiency in resource allocation 282

4.12 The effect of government budgetary policy decisions on the achievement of equity in income distribution 284

4.13 Review 297

Area of Study 3 Global Economic Issues

5 Free trade versus protectionism 319

5.1 Overview 319

5.2 The nature and importance of international trade for Australia and the global economy 321

5.3 Different government perspectives involving the issues of free trade and trade protectionism 328

5.4 Policy actions taken by governments involving international trade 339

5.5 Actions taken by governments and business following the adoption of trade liberalisation 347

5.6 Review 352

6 Globalisation 361

6.1 Overview 361

6.2 Economic reasons enabling the acceleration of economic globalisation 362

6.3 Economic reasons for the growth and extent of global business 369

6.4 The economic reasons for globalisation’s importance for Australia’s economy 375

6.5 The effects of globalisation on China’s economy and living standards 387

6.6 International responses to globalisation and their effects 398

6.7 Review 400

7 The challenges faced by developing nations in reducing poverty 412

7.1 Overview 412

7.2 Definition of development and its measurement 414

7.3 The factors limiting development and causing poverty in low-income countries 422

7.4 Actions by governments in low-income countries to help promote development and improve people’s wellbeing 437

7.5 Actions taken through the United Nations to promote development, reduce poverty and improve the wellbeing of people in low-income countries 444

7.6 Actions by high-income nations to promote development, reduce poverty and improve the wellbeing of those in low-income countries 449

7.7 Review 459

Multiple choice answers 472

Economics dictionary 474

Index 536