Research Essay (Extended Response)
Context
HSC Topic Four: Economic Policies and Management. During the study students have engaged on the aim and operation of economic policies in the Australian economy. Students are to use current and historical Australian fiscal and monetary policies to complete an extended response in essay format.
Outcomes assessed
H1 demonstrates understanding of economic terms, concepts and relationships
H2 analyses the economic role of individuals, firms, institutions and governments
H5 discusses policy options for dealing with problems and issues in contemporary and hypothetical contexts
H6 analyses the impact of economic policies in theoretical and contemporary Australian contexts
H7 evaluates the consequences of contemporary economic problems and issues on individuals, firms and governments
H8 applies appropriate terminology, concepts and theories in contemporary and hypothetical economic contexts
H9 selects and organises information from a variety of sources for relevance and reliability
H10 communicates economic information, ideas and issues in appropriate forms
H12 works independently and in groups to achieve appropriate goals in set timelines
Instructions
• You must answer the following question in an essay format using economic diagrams, statistics and historical and current macroeconomic policies.
Evaluate the current impact of fiscal and monetary policies on the economic growth, full employment and the distribution of income in the Australian economy.
● There is a strict word length of 1500 words (+/- 10%). Once the word limit is reached, no further reading/ marking will occur.
● Submission is via the CANVAS assignments page under “HSC Task 3 - Extended Response “.
● The submission will be screened through Turnitin with a maximum similarity score of 20%.
● All diagrams must be created (hand drawn or software) and not sourced externally.
● Submission file is PDF format only.
● Use of Arial size 12 font only. The extended response task will be based on the following HSC syllabus sections: Fiscal policy
● Federal Government budgets and budget outcomes
● effects of budgetary changes on resource use, income distribution and economic activity
● methods of financing deficits
● use of a surplus Monetary policy
● purpose of monetary policy
● implementation of monetary policy by the Reserve Bank of Australia
● impact of changes in interest rates on economic activity and the exchange rate Limitations of economic policies
● time lags
● global influences
● political constraints Policy responses and their effectsin dealing with the economic issues
● economic growth and quality of life
● full employment
● price stability
● external stability
● distribution of income
● environmental sustainability
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