Didn't get a response for my previous post.. probably because it was too rant-like
I will re-ask it in a calmer tone.
In questions like "Explain two factors affecting Aggregate Demand"
If I say Factor 1 is Consumer Sentiment and a second is a second is disposable income
Do I need to define Aggregate Demand, Consumer Sentiment and Disposable Income?
A second question I have is: do we need to know in detail the Genuine Progress Indicator (GPI) .. my book uses it as an example for an alternative to GDP.. Do I need to know GPI in detail?
Thanks
For the first question, yes you would have to define all three. Don't just start each response off with definitions, that would be boring. but to accurately explain the answer to questions, you certainly would have to define those three key concepts. I've said it many times, economics is primarily a conceptual understanding based subject, like you certainly wouldn't get any marks just by blurting out definitions, but you do need to do some rote learning to properly answer questions. Basically, definitions alone won't earn you marks, but definitions are required to reach the standard required to get full marks. You could probably get an A or low A+ without definitions, but to bring you to the next level, you have to concisely define the key concepts in each response.
I don't think I have my old prac SACs to provide examples anymore as I gave them to my teacher to use for this year's class but I could try and ask if I could upload some exemplars if enough want.
For the second question, yes you have to know the alternatives to GDP in detail, a couple of years ago many students got stumped on a 4-marker (iirc) simply because they skimmed over alternatives and didn't learn enough detail. There are two in the textbook but generally the only ever ask you to answer questions about one of the two in exams (they give you the choice), so you're probably safe learning one in detail (define, know what it is/how it is calculated, compare in detail to GDP) and the other superficially (just define, know what it is, explain briefly).
Relevant study guide key knowledge point:
• limitations of GDP and alternative measures of living standards, including Genuine Progress
Indicator (GPI) and Measuring Australia’s Progress (MAP);
The word including means you have to know both.