Economics Topic 4 - Economic Policies and Management

Economic Objectives in Relation To

Price Stability

External Stability

Full Employment

Environmental Sustainability

Economic Growth and Quality of Life

Distribution of Income

Potential Conflicts Among Objectives

Macroeconomic Policies

Rationale for Macroeconomic Policies

Stabilisation and Shifts in Aggregate Demand

Fiscal Policy

Effects of Budgetary Changes on Resource Use, Income Distribution and Economic Activity

Methods of Financing Deficits

Federal Government Budgets and Budget Outcomes

Use of a Surplus

Monetary Policy

Implementation of Monetary Policy by the RBA

Impact of Changes in Interest Rates on Economic Activity and the Exchange Rate

Purpose of Monetary Policy

Microeconomic Policies

Effects of Microeconomic Policies on Individual Product and Factor Markets, Individual Industries and the Economy

Regulation and Deregulation

Rationale for Microeconomic Policies Including Shifts in Aggregate Supply, Efficiency

Competition Policy

Labour Market Policies

Dispute Resolution

Arguments for and Against the use of Centralised, Decentralised and Individualised Methods of Determining Employment Contracts

The National System for Determining

Education, Training and Employment Programs

Role of National and State Systems

Awards

Enterprise Agreements

Minimum Wages

Minimum Employment Standards

Employment Contracts for Higher Income Earners

National and Global Context for Environmental Management

Targets

International Agreements

Market Based Policies

Regulations

Limitations of Economic Policies

Global Influences

Political Constraints

Time Lags

Policy Responses and Their Effects in Dealing with the Economic Objectives

Price Stability

External Stability

Full Employment

Distribution of Income

Economic Growth and Quality of Life

Environmental Sustainability