Economics · Stage 6

Topic 2: Australia's Place in the Global Economy

Exchange rates, the balance of payments and foreign investment — the channels through which the world economy reaches Australia.

Dot points
6
Module
2 of 4
Course
Economics
01What this module asks of you

The 6 syllabus dot points in Topic 2: Australia's Place in the Global Economy

These are the statements the Economics syllabus makes about Topic 2: Australia's Place in the Global Economy. Dux records each one against the questions you answer, so you can see which of them you have actually been tested on and which have never been asked.

  1. 01

    Exchange Rates

    Fixed, floating and managed rates, and the transmission from an exchange rate movement to import prices, inflation and output.

  2. 02

    Australia and the Global Economy

    Australia's trade composition, direction and terms of trade, and how commodity dependence shapes the business cycle.

  3. 03

    Balance of Payments

    The current account and capital and financial account, and why they must balance by construction rather than by adjustment.

  4. 04

    Foreign Investment and Debt

    Foreign direct and portfolio investment, net foreign liabilities, and the difference between a debt problem and a liability level.

  5. 05

    Exchange Rate Policy and Intervention

    Dirty floats, reserve management and the limits of sterilised intervention.

  6. 06

    Structural Change and Industry Policy

    The shift in Australia's output and employment mix, and the case for and against industry assistance.

02How it is examined

What a Topic 2: Australia's Place in the Global Economy question asks you to do

HSC Economics - Trial Paper Shape is 100 marks in 180 minutes. Questions on Topic 2: Australia's Place in the Global Economy are not one shape repeated: the command word decides what the marker is looking for, and the mark value decides how much of it. These are the ones Economics uses.

analyse4–6analyse4–6assess4–6assess4–6calculate4–6calculate1classify1distinguish1evaluate8–10explain4–6identify1interpret1predict1

Dux writes practice for this module in exactly these shapes, so the drill is the same task the paper sets — not a general knowledge quiz with the module name on it.

03Where this module sits

Topic 2: Australia's Place in the Global Economy in the Economics course

Topic 2: Australia's Place in the Global Economy is module 2 of 4 in Economics. Students routinely lose marks because a question spans two modules, so the neighbouring modules are worth reading next to this one.

Find the Topic 2: Australia's Place in the Global Economy dot points you have never been asked

Dux diagnoses Economics dot point by dot point, then writes questions in the shape this course marks. Written answers come back marked against the bands.