HSC Economics. The smart way to prepare for your HSC.

Globalisation and Australia’s Place in the Global Economy including Balance of Payments

This course will revise the key components of HSC Economics Topic 1 – The Global Economy, introduce the key themes of HSC Economics Topic 2 – Australia’s Place in the Global Economy, and investigate some of the pitfalls associated with answering examination questions in Economics. Specific attention will be given to the characteristics of globalisation and the economic implications for economies around the world of this continual process of globalisation and change. This course will also cover the role played by Australia in the globalised economy, with particular reference made to the Balance of Payments.

This course is part of a three-part series covering key areas from within this subject’s syllabus. Other courses include [HSC Economics Preparation (Part 2)](/course/HEC2) and [HSC Economics Preparation (Part 3)](/course/HEC3). Students do not need to attend all three parts in order to benefit. The series is supplemented by the [HSC Economics Exam Preparation Course](/course/HEXE) to prepare students' for end of year exams.

Outcomes

By the end of this course, you should be able to:

• examine the impact of the globalisation process on economic growth and the quality of life, levels of unemployment, rates of inflation and external stability
• assess the potential impact on the environment of continuing world economic development
• investigate the global distribution of wealth and investigate the consequences of an unequal distribution of global wealth
• discuss the effects of protectionist policies on the global economy
• analyse statistics on trade and financial flows to determine the nature and extent of global interdependence
• assess the impact on the global economy of international organisations and contemporary trading bloc agreements
• assess the impact of development strategies used in a range of contemporary and hypothetical situations
• synthesise information from a variety of sources to evaluate the impact of the global economy on the Australian economy
• examine the impact of changes in the global economy on Australia’s economic performance
• analyse the relationship between international competitiveness and structural change in the Australian economy
• explain the relationship between the current account balance, net foreign debt and net foreign liabilities
• calculate and interpret the effects of changes in Australia’s terms of trade index.

Content

• H1 Understanding of economic terms, concepts and relationships with respect to: economic growth and the quality of life, levels of unemployment, rates of inflation and external stability; global distribution of wealth; protectionist policies on the global economy; international organisations and contemporary trading bloc agreements.
• H2 Economic role of individuals, firms, institutions and governments with respect to: impact on environment of continuing world economic development; consequences of an unequal distribution of global wealth; protectionist policies on the global economy; changes in the global economy on Australia’s economic performance.
• H3 Role of markets within the global economy with regards to: distribution of global wealth; protectionist policies; international competitiveness and structural change in the Australian economy.
• H4 The impact of global markets on the Australian and global economies with respect to: economic growth and the quality of life, levels of unemployment, rates of inflation and external stability.
• H5 Policy options for dealing with problems and issues in contemporary and hypothetical contexts with regards to: Environment; distribution of wealth; protectionist policies.
• H6 The impact of economic policies in theoretical and contemporary Australian contexts with regards to: protectionist policies on the global economy; international organisations and contemporary trading bloc agreements; development strategies used in a range of contemporary and hypothetical situations.
• H7 Consequences of contemporary economic problems and issues on individuals, firms and governments with regards to Environment; global distribution of wealth; protectionist policies.
• H8 Appropriate terminology, concepts and theories in contemporary and hypothetical economic contexts with regards to: the impact of development strategies used in a range of contemporary and hypothetical situations.
• H9 Information from a variety of sources for relevance and reliability with regards to: analysing statistics on trade and financial flows to determine the nature and extent of global interdependence.
• H10 Economic information, ideas and issues in appropriate forms with regards to: examining the impact of changes in the global economy on Australia’s economic performance.
• H11 Mathematical concepts in economic contexts with regards to: calculating and interpreting the effects of changes in Australia’s terms of trade index.

(Aligned to NESA Syllabus Reference Points)

Intended audience

HSC Economics students

Delivery style

In order to cater for students' different learning styles, this course will have a blend of lecturer instruction via PowerPoint, short answer practice, multiple choice analysis, essay planning, sample HSC question practice and feedback, extended discussion of issues and implications, and analysis of past student responses. Lessons will incorporate both group and individual student participation.

Materials

A course booklet covering syllabus content plus a Q&A booklet (provided electronically using Dropbox).

1. 1. Bring your own device

You are required to bring your own device. Please ensure it is fully charged as access to power is limited. Please note that the University does not carry any responsibility for your lost, stolen, or damaged devices whilst on the University premises.

Getting Through Your HSC: A Practical Guide

While you progress through this journey and also the conclusion of your schooling life, we know you’ll have a lot on your mind – exams, future study, careers – but remember, while keeping focused on these bigger goals and aspirations, it’s also important not to forget your own health and well-being.

For tips on staying motivated and keeping focused, dealing with anxiety, keeping healthy, relaxation, pre-study exercise and more, read our article Getting Through Your HSC: A Practical Guide.