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We have new quarterly and annual inflation data, a bit higher than RBA forecasts at 1% and 3.6% respectively. Given were a few weeks away from both the Federal Budget, the next RBA Monetary Policy decision and the Stage 3 Tax cuts, there is no shortage of material for economic analysis. Regularly watching, reading and listening to economics news is one of the best ways to build capacity in your classrooms. If you've yet to dive in, try helping your students unpack the language, concepts and models that show up in real life. I call them "theory drops" -- phrases like "labour market becoming more competitive", "factors of production," "increasing demand" and many others are direct examples of comprehending, analysis and evaluation in our syllabus. Year 12s should be getting ready to elaborate on the references to interest rate cuts as well.
Here's one for the extra keen. Motley Fool (with the investment angle they usually have) has a really insightful piece mythbusting America's decline in manufacturing sector. It's a great read and example of strong analysis and evaluation of economic data. A classroom idea may be to then compare this with Australia, which also has a much-spoken about decline in manufacturing. Is the case the same in Australia? Is Australian manufacturing stronger than most people think?
Unit 1
1. Draw a price mechanism diagram illustrating a "negative externality" associated with the cigarette market
2. Explain 2 examples of these negative externalities and their economic impacts.
Unit 3
Research and summarise evidence of the following economies and the competitive advantage (Porter's Diamond) they have globally:
A) Australia's coal industry
B) South Korea's car manufacturing
C) French aircrafts
D) Canadian fish
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