What’s happening to consumer spending now?

Year 10, 11 and 12 students would all benefit from reading and interpreting the latest graph/chart of consumer spending from illion, in partnership with economists at AlphaBeta. Tab 1 shows the initial decline in consumer spending and then the impact of the policy measures that have increased spending. Tab 2 shows the wide variation between spending categories. Andrew Charlton from AlphaBeta was recently interviewed on ABC TV about the impact of Victoria's Stage 4 lockdown on the flow of goods, services and tourists across state borders; and the further damage to confidence. This would be good viewing for Year 12 students when looking at economic activity and economic policy strategies.

Help your students understand two key economic ideas

Here are two more videos that the RBA has recently added to their website. Gross Domestic Product Gigi Lovicu explains the concept of GDP. He covers the three main measures of GDP and what is not included in GDP. The section on what’s not included would be useful when Year 10 students are looking at measures of economic activity and wellbeing. The section about the three main measures and how they are used is interesting and probably best presented to Year 11 students in the macro economics unit in Semester 2. The Labour Market and Unemployment Gigi explains the meaning of the labour market and the groups that it is divided into. He also explains three of the main types of unemployment befor

Help your students interpret graphs

The RBA has recently added more videos to their website. The following pair by Gian-piero (Gigi) Lovicu would be excellent to use in Year 10 Economics and Business when students start to look at graphs (also known as charts) that represent economic data for inflation, unemployment and economic growth. Reading and Interpreting Charts Gigi talks about the components of charts that are created from economic data and the things to consider when interpreting them. Part 1 Part 2

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