Economics

Economics

1. Topic 1: The Global Economy

   • International Economic Integration
     • The Global Economy
       • The changes of the global economy have resulted from the process of globalisation. This refers to the development of the world markets in terms of capital, goods, and services that linked to the increasing occurrence of commercial exchanges across national boundaries.+Major organisations such as :-WTO (World Trade Organisation-IMF (the International Monetary Fund)-OECD (the Organisation for Economic Cooperation and Development).- Regional trading blocs: APEC(the Asia-Pacific Economic Cooperation group), EU (the European Union), NAFTA (the North American Free Trade Agreement) 
     • Gross World Product
     • Globalisation
       • trade in goods and services -financial flows -investment and transnational corporations -technology, transport and communication -international division of labour,  migration
     • The International and regional business cycle
   • Case Study
     • China
       • - Policies that have lead to the globalisation of china's economy, history of the chinese economy over the past 40 years etc.
   • Protection
     • Reasons for Protection
       • Infant Industry Argumetn
       • Domestic Employment
       • Dumping defence
     • Methods of protection
       • Tarrifs
       • Subsidies
       • Quotas
       • Local Content rules
   • Trade, Financial flows & foreign direct investment
     • The Basis of free trade
       • Advantages/ disadvantages
     • The role of international organisations
       • WYO, IMF, World Bank, United Nations, ODCD
     • Influence of government economic forums
       • G20, G7/8
     • Trading blocs, monetary unions and free trade agreements
       • advantages and disadvantages of multilateral ( EU, APEC, NAFTA, ASIAN), and bilateral agreements

2. Topic 2: Australia's place in the global economy

   • Australia's trade and financial flows
   • Exchange Rates
   • Free trade and protection