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market failure means that the equilibrium price and quantity of a g/s is either higher or lower than the social optimum (ie the equilibrium when external costs are taken into account) When there are negative externalities, firms should be supplying less because the externaility is imposing a...

oh just great!....my love for economics will soon be gone. blah. hey minai what course etc do u do? have i seen u around uni before?

hm i do economics/law and I'm not exactly ENJOYING my course at the moment. We're doing microeconomics, which is REALLY boring and lots of maths. but nevertheless, i guess it's pretty interesting. but high school is definitely better

Well all the stuff about medicare reform and stuff last year (even though it had not been passed) and the stuff about changes to fees in unis etc are all examples of microeconomics reform. Basically the govt is trying to let market forces play a bigger role in the economy in certain sectors...

mildly expansionary due to the fiscal surplus decreasing from previous year

well it's one of those questions about the chicken and the egg....i don't really know if i like it because i'm good at it, or i'm good at it because i like it. :S i jsut remembered, i started liking it as soon as i did it in year 11...and have liked it heaps ever since. it was actually a...

fiscal surplus has decreased from the previous financial year.

hehe yeah that sounds about right. :D

Positive- basically talk about how australia's in its 13th consecutive year of strong eco growth and this has been fuelled by greater efficiency and int competitiveness due to structural change and continual micro reforms. (i could go on forever about the factors contributing to our strong...

ian macfarlane all the way! heaps better than alan greenspan. john nash is coool! we're learning about the nash equilibrium in uni now.

This is sort of related to the crowding out effect and the twins deficit argument. Low national savings (national savings = household savings + govt savings and firm sector savings) means that governments are forced to borrow oversea, causing a higher CAD (due to increase foreign debt and...

micro reform is the most significant in reducing unemployment. Eg, labour market reform, structural change etc help to reduce structural unemployment in the economy which is what our major type of une is. Industry reforms have had negative impacts on une in short run, but in the long term...

hahaha....yeah I dunno.....i just realllly realllly like eco. but i'm doing eco/law at uni now...and this semester is microeconomics...and i don't like it too much. it's the lecturers i tell you......and the boring atmosphere of uni.

mmm it's more like i take an interest in eco....so i am able to link everything together

LOL.....man....i'm a girl dammit.

transmission mechanisms are like all the factors that affect the economy in the circular flow such as savings, investment, production etc etc. in recent years, fiscal policy plays a lesser role in the govt's policy mix. Basically fiscal policy nowadays merely act as an adjunct to monetary...

the decrease in a budget surplus from the previous financial year means that the fiscal stance is mildly expansionary. injections are greater than leakages and thus expands the circular flow via the transmission mechanisms (use the eco terminology!!!!!) and the multiplier effect. Thus it...

Microeconomic reforms are structural changes to specific sectors of the economy to raise dynamic, technical and allocative efficiency. Basically it aims to resolve the structural problems within our economy that allows it to achieve higher rate of eco growth without threatening inflation...

mm i do but they're hand written......so i dunno how i can put them online without having to type it all out....

wat the.....