2. Relevance of economics

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2. Relevance of economics

Viewing guide

Review the last Australian budget overview1.

As a class, discuss the key areas of this budget. Identify which of these have had the greatest impact on you personally. Explain your decision.

  • Take notes on:

    • the economic factors that Gittins’ highlights

    • his account of economic production.

  • Gittins states that ‘Economics is the study of the ordinary business of life that all of us are engaged in’. Explain what this means to you.

  • Do you agree with Gittins’ statement that economics is all around us?

  • How does an understanding of economics help you?

  • Considering the circular flow of income, is production and consumption all there is?

Links

  1. http://budget.gov.au/past_budgets.htm

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