IBEconomics

Main component of Australia's GDP growth was export of natural resources. Due to unstable international economy, foreign companies manufacture less good, so less Australia's resources will be demanded. Thus GDP growth slows down.

AD-AS curves can be used 

Since China is Australia's biggest exporter, stagnation of Chinese economy will reduce the export, thus AD

Low consumer and business confidence, which may reduce consumption and investment 

accommodative stance = looser monetary policies

House is most people's biggest asset. The decrease in its price will reduce people's disposable income, thus consumption and AD 

Terrible for everyone: --> no job = no income --> less spending Terrible for government: --> decrease on government revenue --> government has to spend more money on unemployment benefits --> government is receiving less money and spending more money --> budget deficit

Negative economic growth can cause recession

Government policy that focuses on taxes and government spending to improve the economy

Decrease in GDP due to decrease in consumer spending

Decrease in government spending

ad valorem

the deflation decreased consumption and investments because people will wait for the price to decrease then buy it at a higher price

x will increase because it decreased drastically last year

decrease in supply of electricity. So electric companies are increasing the price of electricity

China controls everything

If Carbon becomes more expensive, this reduces the number of firms which still can afford the price and therefore leads to reducing the amount of Carbon. 

Recession, the business cycle suggested by Keynes can be introduced with a digram and explanation. 

A diagram representing the impact of minimum price should be drawn and explained. Consumer burden needs to be explained as well. 

This can be explained to support why when an economy is in recession, it has a similar impact as minimum price has. In addition, this also has a negative affect on the government who has the benefit of minimum price since then they are able to collect the money. Therefore this reduces the intention of the government to set a minimum price since they would have less benefit when the economy is in a recession. 

Increase in FoP

Inward shift in supply 

Negative Production Externality - tax Market failure 

Increase in price, tax put on consumer 

decrease in demand

substitute goods

negative consumption externalities  (benefit-cost curve) 

movement on the demand function

loss = bad 

increase in unemployment

the drop in price will shift the equilibrium downward, and since it is the supply side, the quantity would increase since the supply curve would shift to the right according to the price increase.