List of economics graphs you need to know for HSC (1 Viewer)

[sy37]

Hi guys, can someone post the list up of the HSC economics graphs you need to know for the HSC course? Like quotas, tariffs, J-curve.. etc...

 

[swagmeister]

here is a list but not the actual diagrams, anything in bold is not really required but can help to supe up your responses

Topic 1/2
-Overall world supply diagram
-Tariff
-Quota
-Subsidy
-Exchange rate diagram (float + fixed, including shifts in D and S)
-J-curve diagram


Topic 3/4
-Keynesian Cross Model (also called income-expenditure model)
-AD/AS Model (shows growth, unemployment, inflation - the main macro diagram)
-AD/AS Model with SRAS and LRAS, showing output gap
-Phillips curve
-Friedman-Phelps Expectations Augmented Phillips Curve (great for NAIRU plus any question mentioning employment or inflation)
-Lorenz Curve
-Market failure
-Cash rate (in relation to inflation + monetary policy, remember that supply is perfectly inelastic in this model so it is a vertical line)

think I've got them all (at least from my memory), but someone will probably be able to come up with another one

inb4 mreditor and ekman

 

[Ekman]

here is a list but not the actual diagrams, anything in bold is not really required but can help to supe up your responses

Topic 1/2
-Overall world supply diagram
-Tariff
-Quota
-Subsidy
-Exchange rate diagram (float + fixed, including shifts in D and S)
-J-curve diagram


Topic 3/4
-Keynesian Cross Model (also called income-expenditure model)
-AD/AS Model (shows growth, unemployment, inflation - the main macro diagram)
-AD/AS Model with SRAS and LRAS, showing output gap
-Phillips curve
-Friedman-Phelps Expectations Augmented Phillips Curve (great for NAIRU plus any question mentioning employment or inflation)
-Lorenz Curve
-Market failure
-Cash rate (in relation to inflation + monetary policy, remember that supply is perfectly inelastic in this model so it is a vertical line)

think I've got them all (at least from my memory), but someone will probably be able to come up with another one

inb4 mreditor and ekman

Just to add 2 more, the business cycle (Booms and recessions) and the PPF graphs (in regards to the environmental sustainability chapter about use of resources)

 

[swagmeister]

Just to add 2 more, the business cycle (Booms and recessions) and the PPF graphs (in regards to the environmental sustainability chapter about use of resources)

Thought about the business cycle, that would be a wavy line though and I thought it is advised not to do those and just do stuff with rulers (e.g. How we don't draw the AS and AD model or Phillips curve in a non-linear way)

PPF definitely a good idea, even for topic 1

 

[Ekman]

Thought about the business cycle, that would be a wavy line though and I thought it is advised not to do those and just do stuff with rulers (e.g. How we don't draw the AS and AD model or Phillips curve in a non-linear way)

PPF definitely a good idea, even for topic 1

Refer to page 173 in the Dixon if you have it, because it uses the business cycle to describe the changes and volatility of economic growth. I used it as a buildup for economic growth in my latest essay task and I wasn't penalised for it.

 

[swagmeister]

Refer to page 173 in the Dixon if you have it, because it uses the business cycle to describe the changes and volatility of economic growth. I used it as a buildup for economic growth in my latest essay task and I wasn't penalised for it.

Yeah sounds good
Just I'd be a bit worried about if it looked messy, if only we could bring in a curve drawing template lol

 

[Tsonga]

What's the graph called that illustrates the change in income levels over an individual's lifetime? I remember it being in the y11 textbook.

 

[RecklessRick]

What's the graph called that illustrates the change in income levels over an individual's lifetime? I remember it being in the y11 textbook.

Just sounds like the graph of the life cycle hypothesis, don't know if there's a proper name for it. That reminds me of all those graphs like LRAC etc, but barely any of the prelim graphs are at all relevant. I can't think where you would use the life cycle graph in HSC unless you were arguing that we should focus tax cuts on the working aged population because they tend to dissave. Maybe at a real stretch you could use it for inequality between age groups? Can't even remember what we used it for in prelim though.

 

[Tsonga]

Yeah, was thinking about whipping it out for inequality between age groups haha. I think it would look decent, backed up with some numbers for the age groups. Thanks anyway.

 

[mreditor16]

inb4 mreditor and ekman

Surprise!

What I will say about using graphs in economics assessments is

a) Only draw it if its directly relevant to what you're talking about in your response - you don't get kudos just because you included it for the LOLs. Make sure the graph is appropriate for what you're talking about

b) If you do end up including a graph in your response, you MUST directly refer to the graph in your response. The markers are looking to see how you actually utilise/integrate the graph into your response. An example of referring to the graph would be " As depicted in the graph drawn above, a shift of the supply curve to the right from S1 S1 to S2 S2 .... "