Jacaranda Key Concepts In VCE Economics 1 Units 1 & 2 by jacarandaaus

Jacaranda Key Concepts In VCE Economics 1 Units 1 & 2

“c02DecisionMakingInMarkets_PrintPDF” — 2022/5/25 — 13:13 — page 122 — #56

By way of example, figure 2.32 uses a graph to show the volatile changes in the market price of Bitcoin as a cryptocurrency against the A$ up to 2022. FIGURE 2.32 Changes in the price of Bitcoin as a cryptocurrency Bitcoin Australian dollar 54063.5 +294.099695827177 (+0.55%) 100 000 90 000

80 000 70 000

60 000 54 064 50 000

40 000

30 000 20 000 10 000 2019

Jul

2020

Jul

2021

Jul

2022

Jul

Source: Trading Economics, see BTCAUD Bitcoin AustralianDollar — Currency Exchange Rate Live Price Chart (tradingeconomics.com).

Resources

Resourceseses

You might like to start your research into the cryptocurrency market by following the weblinks in the Resources tab.

CO RR EC

Weblinks BYBIT.com Statista Binance Academy, A Complete Guide to Cryptocurrency Trading for Beginners Etoro YouTube: Explain Crypto To COMPLETE Beginners: My Guide!! A Beginner’s Guide To Cryptocurrency | FYI How Cryptocurrency ACTUALLY works Bitcoin: The Future, or World’s Greatest Scam?

CASE STUDY 10: CARBON TRADING MARKETS Nature

As we know, the free operation of the market system normally means that firms will use the cheapest and most profitable production methods available to produce goods and services. Unfortunately, this can result in market failure because without government regulation pollution is usually cheaper than cleaner production, and its costs are passed onto others including future generations. Pollution, including CO2 emissions released into the atmosphere, accelerate global warming and lead to climate change and severe weather events that have highly negative effects on both economic and non-economic living standards. One way to reduce pollution is to get polluters to pay the full cost of their economic activities by putting a price on CO2 emissions. By making pollution more expensive and undermining their profits, this would encourage businesses to develop cleaner products that cause less environmental harm, perhaps allowing Australia to reach its target of zero net emissions by 2050.

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Jacaranda Key Concepts in VCE Economics Units 1 & 2 Twelfth Edition

Jacaranda Key Concepts In VCE Economics 1 Units 1 & 2

Articles inside

8.8 Review

8.7 The responses by economic agents to improve environmental sustainability

8.4 The reasons why environmental sustainability is of importance to Australia and globally

8.3 Measures of the environmental sustainability of economic activity

8.5 The economic factors influencing the extent of environmental sustainability

8.6 Different perspectives about the issue of environmental sustainability

8.2 Definition and general nature of environmental sustainability

8.1 Overview

7.8 Review

7.7 The Australian government’s response to address inequality in the distribution of income and wealth

7.5 Economic factors affecting income and wealth inequality in Australia

7.6 Different perspectives about the distribution of income and wealth

7.4 The reasons why the distribution of income and wealth is an important issue

7.3 Measures of Australia’s distribution of income and wealth

7.2 Definition, nature and direction of income and wealth

7.1 Overview

6.8 Review

6.7 Economic responses and government policies involving international trade

6.6 Different perspectives about the issue of international trade

6.5 The economic factors influencing international trade

6.4 The benefits of international trade for Australia and the global economy

6.3 Measurement of Australia’s international transactions

6.2 Definition, nature and direction of international trade

6.1 Overview

5.8 Review

5.7 The Australian government’s economic responses to address changes in the labour market

5.6 Different perspectives about the changing labour market

5.3 Measures of Australia’s changing labour market

5.5 The economic factors influencing changes in Australia’s labour market

5.2 Definition and nature of the labour market

5.1 Overview

4.16 Review

standards

4.13 The potential costs of economic growth

4.12 The potential benefits of economic growth

4.10 Aggregate supply — its meaning, importance and factors affecting its level and economic activity

4.11 The measurement of economic growth using changes in Gross Domestic Product (GDP

4.8 BACKGROUND KNOWLEDGE: Overview of factors that may affect Australia’s level of economic activity

4.9 Aggregate demand — its meaning, importance and factors affecting its level and economic activity

4.6 Types of economic indicators

4.5 The business cycle

4.4 The five-sector circular flow model

4.3 The meaning of material and non-material living standards

3.5 Review

3.4 The effectiveness of strategies used by businesses to influence consumer behaviour

3.1 Overview

3.3 The effectiveness of strategies used by government to influence consumer behaviour

2.10 Review

2.9 Researching a contemporary Australian or global market

2.8 How changes in relative prices and profits affect Australia’s resource allocation

equilibrium price and quantity

2.3 BACKGROUND KNOWLEDGE: How markets make key economic decisions — the big picture

2.4 The law of demand and movements along the demand curve

2.5 The law of supply and movements along the supply curve

2.2 The nature of perfectly competitive and other types of markets in an economy

2.1 Overview

1.9 Review

1.5 Decision making in different economic systems

1.4 Making economic decisions

1.3 The basic economic problem of relative scarcity

1.8 Governments and their role as economic agents

1.6 Consumers and their behaviour as economic agents

1.1 Overview

1.7 Businesses and their behaviour as economic agents

1.2 What is economics?