Calculations
Maths from the Issues topic.
Topic 3 has some maths
Each of the issues in the Economic Issues topic has an element of measurement in relation to the issue, which often involves some simple mathematics. In turn, this knowledge is commonly examined in applied questions in the multiple choice and short answer elements of the HSC paper. Each of the math elements for the various issues are below, clustered by the relevant issue. In each of the math elements, the pages outline what the maths is, common student errors, and also provides an interactive calculator where you can test your understanding. Enjoy.
Economic growth
- aggregate demand and its components Y = C+I+G+(X-M)
- injections and withdrawals (I+G+X; S+T+M)
- real Gross Domestic Product
- measurement of growth through changes in real Gross Domestic Product
- measurement of simple multiplier: k = 1 / MPS
- application of simple multiplier
- GDP algebra
Unemployment
- measurement of the labour force
- measurement of the participation rate
- measurement of the unemployment rate
- measurement of the underutilisation rate