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Preliminary Economics (Financial Markets (Regulation of financial markets…

- - - - factors affecting supply – price/cost of factors of production, prices of substitutes and complements, expected future prices, number of suppliers, technology
      - movements along the supply curve and shifts of the supply curve
      - law of supply, individual and market supply, the supply curve
    - - movement to equilibrium
      - effects of changes in supply and/or demand on equilibrium market price and quantity through the use of diagrams
      - market equilibrium – using diagrams
      - effects of changing levels of competition and market power on price and output
    - - ceiling prices, floor prices
      - market failure
        
        merit goods
        
        public goods
        
        externalities
    - - factors affecting demand – price, income, population, tastes, prices of substitutes and complements, expected future prices
      - movements along the demand curve and shifts of the demand curve
      - law of demand, individual and market demand, the demand curve
    - - price elasticity – elastic, inelastic and unit elastic – calculation of elasticity using total outlay method
      - factors affecting elasticity of demand
        
        necessities and luxuries
        
        existence of close substitutes
        
        proportion of income spent on the good
        
        the length of time since a price change
      - significance of price elasticity of demand – market research
    - - elastic supply, inelastic supply
      - factors affecting elasticity of supply (no calculations are required)
  - - - monopolistic competition
      - oligopoly
      - Monopolies
      - monopoly
- - - - wage outcomes for all persons by income groups, occupational groups, age, gender and cultural background
      - trends in the distribution of income from work over time
      - non-wage outcomes for different occupations
      - arguments for and against a more equitable distribution of income from work
    - - part-time work
      - casualisation of work
      - outsourcing
      - unemployment /underemployment
      - contractors
      - sub-contracting
  - - - factors affecting the supply of labour
        
        pay/remuneration
        
        human capital, skills, experience, education/training levels
        
        working conditions
        
        occupational and geographic mobility of labour
        
        participation rate
    - - definition of the workforce
        
        employed
        
        unemployed
      - general characteristics of the Australian workforce
    - - factors affecting demand
        
        output of the firm
        
        productivity of labour
        
        cost of other inputs
      - labour – a derived demand
- - - - climate change
      - pollution
    - - government-owned monopolies
      - privatisation
      - corporatisation and competition
      - the formation of monopolies
    - - disadvantaged groups
      - relative poverty
    - - adverse effects of booms and recessions
      - he business cycle
    - - public goods
      - merit goods
  - - - reallocation of resources
        
        types of taxes: direct and indirect
        
        types of expenses
    - - revenue and expenses
      - types of budgets
        
        balance
        
        deficit
        
        surplus
      - the budget process