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.
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Take notes on:
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the economic factors that Gittins’ highlights
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his account of economic production.
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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.
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Do you agree with Gittins’ statement that economics is all around us?
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How does an understanding of economics help you?
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Considering the circular flow of income, is production and consumption all there is?
Links
- http://budget.gov.au/past_budgets.htm