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Class notes Economics and Business (introduction)
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An introduction to economics covering the basics needed before ATAR yr11 and 12 or content for year 10.
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MACROECONOMICSTHE POLITCAL SPECTRUM
Political Spectrum & Economy is complex and interrelated
operating in a capitalist society, determines the basis of the economic system withing that
country. For example, UK, US, Hong Kong and Canada
economy characterised by private ownership of assets and the free market. Businesses
decide the price income and distribution of goods.
Operating in a socialist society = greater government intervention and less Laissez-faire
mindset. Govt aims to allocate resources and wealth more equally.
Laissez-faire meaning “allow to do” the practice of government intervention in an economy.
No society = completely left/right wing most countries operate in a mixed market
economy (e.g Australia) which incorporates socialism with capitalism and/or communism.
Govt plays large role in trade and defense
Market is driven by motivation and self-interest but govt can safe guard markets.
Spectrum of Political Ideologies
Communism
Classless
Common Ownership
Lack of motivation to fill important aspects of society.
e.g A Janitor gets paid the same a doctor - why would someone study to be a doctor then?
Socialism
public ownership of essential services
e.g., Emergency services,
Lack of incentives and slow economic growth. (However more motivation than communism)
Social Democracy
mixed market economy
strong welfare
e.g. Centrelink and jobseeker during the pandemic (in Australia
progressive tax
FDR
Liberalism
Limited government intervention
Lots of individual rights
Example: America
Private Property Rights, capitalism etc.
Laissez-faire
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