ECONOMIC CHANGE

You will need:

Key Terms:
  • Producers
  • Consumers
  • Employees
  • Employers
  • Interdependence

Tasks:
  1. Read through the 'Our economy' hand out. [attached above]
  2. For each key player write a brief outline of their role in the Australian economy. 
  3. Complete the 'Key players in our economy' worksheet [attached to the right]
our_economy_worksheet-_key_players_in_our_economy.docx
File Size: 19 kb
File Type: docx
Download File

The business cycle (economic cycle)

You will need:

Key Terms:
  • Total Output
  • Gross Domestic Product
  • Investment
  • Economic growth
  • recession

Tasks: As we go through the powerpoint take notes on the Business cycle. Things to complete definitely copy into books ;
  • The diagram (slide 1), Contraction and Expansion notes (slide 12) 
  1. Complete slide  7-11 by identifying whether the changes to total output, consumer spending, inflation, wage rates, interest rates and unemployment rise or decrease under each aspect of the economic cycle. 
  2. (you can type this) Look at the graph (Australia GDP -->) 
           A) Copy the image and label all the relevant features of the                    economic  cycle. (once for each feature is fine)
           B)Describe FOUR observations you can make about                                  Australia's economy from 1985 to 2015. (5 marks) 
                      - You need to refer to specific examples from the                                    graph with your knowledge of what it means for                                  consumers. 
                      - Submit your answer into the google form below for                            marking

HOMEWORK- Due Tuesday 28th April
10_commerce-_our_economy-the_business_cycle.pptx
File Size: 337 kb
File Type: pptx
Download File
Picture
Australia's GDP annual growth rate (1985-2015)
australia_gdp.jpg
File Size: 47 kb
File Type: jpg
Download File
(click  for MARKS TO YOUR RESPONSES)

INTEREST RATES

You will need:

Key Terms:
  • Interest Rate
  • Fixed
  • Variable
  • Term
  • Comparison Rate

Tasks: 
  • As we go through the powerpoint take notes on Interest Rates by answering the following questions;
  1. Why are interest rates regarded as acting in two basic ways?
  2. In what ways do interest rates vary?
  3. How are interest rates determined?
  4. Explain the effects of a rise in interest rates on the following:
    - a young couple borrowing money to buy a home 
    - a retired couple investing their money 
    - a business wanting to borrow to expand 
    - a person on a fixed rate of interest
    - a person on a variable rate of interest 
  5. Why do you think it is important for the government to regulate economic activity?
  6. How are monetary policy and fiscal policy different?

  • Complete the cloze passage (attached right) by reading pages 298-299 in textbook. (hyperlinked above)

HOMEWORK- Revise for Friday (both Law in Action and Our Economy)
Interest Rates clozepassage
File Size: 300 kb
File Type: pdf
Download File

EXCHANGE RATES

ARTICLE top_exports.pdf
File Size: 94 kb
File Type: pdf
Download File
ACTIVITY 2
  1. Read the article above on surprising top exports.
  2. Compare the exchange rate of the nation mentioned to the AUD and make a judgement about whether you think Australia should purchase imports from that nation. 
  3. Record your decisions in a table like the one below. 
You will need:
  • Concepts in Commerce - pp 292-293
  • Exercise books

Key Terms:
  • foreign exchange
  • depreciation
  • appreciation

Tasks: 
  • As we go through the powerpoint take notes on Exchange Rates Powerpoint URL:
  • URL: http://peardeck.com/join 
  • Student CODE: SMWGP
Spin the Globe 
  1. Use the "SPIN GLOBE" tool at the bottom of this page
  2. Once you have randomly selected a country complete the following;
  • What is the name of the Country and the Capital city?
  • What is the currency is for that nation? 
  • What would the current exchange rate be between you and your 
  •  Use the Google Currency Converter to assist you.
  • Find out how much you could exchange for the following amounts and record them in your book in point form. 
    • $100 AU
    • $200 AU
    • $1000 AU
    • $4000 AU
Exchange with others 
    • Pick a partner and find out what the result is when you exchange your chosen currency with theirs. 
    • Record your exchange.