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International Economics. WEEK 1 12 th February 2013 INTRODUCTION. Course 17832 Advanced Diploma Management. WELCOME. Teacher : Peter Scicluna 0408 418 995 Textbook:. ICE BREAKER!!!. Thought-starter.

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International Economics

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international economics

International Economics


12th February 2013


Course 17832 Advanced Diploma Management


Teacher: Peter Scicluna

0408 418 995


thought starter

What is the closest living relative today, of the TYRANNOSAURUS REX?


Source: USA Today

thought starter1
  • What is this?
    • It was caught in Karachi, Pakistan. 8/2/2012
    • Weighs 7 Tonne, 10- metres long
    • These can grow longer than 12 metres and can weigh up to 20 tonnes
  • It is the biggest living fish alive today.

Whale shark


another q
Another Q
  • What is the largest known animal to have EVER existed?
  • BLUE WHALE (not a fish, a marine mammal)
    • 30 metres
    • 180 tonne +

Lion’s Mane Jellyfish

  • 6 metres long with tentacles over 50m
  • Has been living in Arctic waters for over 650 million years (since BEFORE the dinosaurs)
  • One of the oldest living species in the world.
  • Toilets
  • Exits / Evac
  • Air / Heat
  • Breaks
  • Roll sheet
  • Notes
    • EMAIL
  • Issues?
  • Readings
  • Logins
    • WIFI


Password: danish123

    • Internet

User: cseight.swsld

Pwd: learning105

  • Safety in Sydney
    • TIPS

Write names on folded piece of paper

  • Guidelines
    • RIGHTS
      • Safety
      • Harassment
      • SAGs
      • Late submittal
      • Extensions
      • Sick
      • Resit/resubmit policy
      • Report format / Image & presentation
      • Academic writing
    • Attendance
    • Plagiarism

Student Association


Text books / book shop



    • Courtesy
  • Respect opinions of others
  • Speaking in turn
  • Attendance
    • Contribute
    • Ask Q’s
    • Comment
  • NO Mobile phones
  • NO Food

By the end of this session you will:

  • Understand what is expected of you in this subject
  • Be introduced to the course content
and now at tafe
And now at TAFE!

Mr. Margaritis

the path ahead for you
The path ahead for YOU

A recent study estimates that

Today’s learner will have 10-14 jobs...

by the time they are 38

That’s a new job/role every 1.4 years for YOU

across multiple employers

Easily achievable by any of you seated here today,

In fact most of you should expect to have

excelled in your starting CAREER,

and commenced in a NEW CAREER

by the time you hit your mid 30s.

enough about me
Enough About Me...
  • Name?
  • Answer two (2) of these only:
    • Best day in your life?
    • Something that not many people know about you is…
    • What is the most interesting place you have ever travelled? Why
    • What is your worst injury ever?
    • Favourite TV show?
    • Favourite chocolate bar?
    • Furthest travelled from Sydney?
    • Name a topic you feel very passionate about
more about you
More About You
  • Name (again)
  • Background
    • Prior experience
    • Studies to date
  • What do you hope to get out of this course?
  • What do you want to do when you finish?
what is learning
What is Learning?
  • Learning as a Process:
    • An event when an individual or group of individuals experience a change in, knowledge, skills or attitude
  • Learning as an Outcome:
    • A change in knowledge, skills or attitude experienced by an individual or group
vak visual
VAK - Visual
  • Need to see what is going on
  • Preferred learning methods:
    • Activity sheets, handouts, learner guides, manuals
    • Brochures, charts, graphs & posters
    • Demonstrations
    • Visual displays & diagrams
vak auditory
VAK - Auditory
  • Learn by Listening
  • Preferred learning methods
    • CDs and audio tapes
    • Discussions
    • Explanations, lectures, stores
    • Q&A techniques
vak kinaesthetic
VAK - Kinaesthetic
  • Learn by Doing
  • Preferred learning methods:
    • Discussions
    • Peer support
    • Practical exercises
    • Problem solving & discovery activities
    • Role plays

An overview of

brief timeline of australia with china
Brief Timeline of Australia (with China)



  • Human habitation of Australia commenced over 40,000 years ago, by the indigenous Australians (aboriginals)
  • 1606 discovered by Dutch explorers
  • 1770 claimed by the British
  • 1788 British settlement (penal colony)
  • 1901 Federation
  • Evidence of earliest human in China is 67,000 years ago
    • But hominid fossils date back millions of years
  • Late Ming Dynasty
  • QING Dynasty
  • PutuoZongcheng Temple is completed
  • SikuQuanshu (Imperial collection of Four) encyclopedia is completed
  • Xinchou Treaty / Boxer protocol
overview of the australian political system
Overview of the Australian Political System




House of Representatives





interpret & enforce

Police, Courts, Prisons


give the royal assent

Governor General


overview of the australian political system1
Overview of the Australian Political System



Legislative Council

Legislative Assembly





interpret & enforce

Police, Courts, Prisons


give the royal assent



  • What is Australia’s biggest export?
  • Who is Australia’s biggest customer?
    • What country buys most of our imports?
deadly creatures
Deadly Creatures!

Table activity

As a team:

  • Name each of these creatures
  • Guess which one is the deadliest
    • (causes most deaths in Australia each year)

Saltwater Crocodile


Box Jellyfish

Great White Shark

Blue Ring Octopus

Brown Snake


Box Jellyfish

today s learner

A recent study estimates that

Today’s learner will have 10-14 jobs...

by the time they are 38

That’s a new job/role every 1.4 years

across multiple employers

Most learners will have excelled in their starting CAREER,

and commenced a NEW CAREER

by the time they hit their mid 30s.

Today‘s Learner
vocational education and training sector vet vet
Vocational Education and Training Sector (VET)职业教育和培训部 (VET)
vocational education and training sector vet vet1
Vocational Education and Training Sector (VET)职业教育和培训部 (VET)
vocational education and training sector vet vet2
Vocational Education and Training Sector (VET)职业教育和培训部 (VET)
international economics1

International Economics

Lesson 1



Make a short, 1 minute, verbal presentation (you can stay in your seat for this) and answer the following questions:

  • What is what is your name?
  • Why did you come to Australia? (all of the reasons)
  • How do you think Australia will be different from your home in Denmark?
  • What do you hope to get out of your time here?
  • Are you fearful of anything in your trip? (you don’t need to answer this if you don’t want to)
  • What will you miss most about home during your stay?
  • What do you plan to do after leaving your current school? (e.g. University, work, travel, world domination etc.)

You have 5 minutes to prepare

the course of course
The course, of course!
  • You are required to undertake some reading and/or homework every week.
  • 3 types of assessment:
    • A short quiz every week (except week 1 and week 5)
    • A mid-term test (week 5)
    • A research report on international trade comparing Denmark, Australia and one of Denmark’s major trading partners (due week 9)
  • Results for the assessments will be available the following week.
  • Make sure you bring your course outline, your textbook and notes from previous weeks with you to each class
what is trade
What is trade?
  • Trade might be defined as the buying and selling, or exchange, of goods, services or commodities between 2 or more interested parties.
  • Trade can be domestic (within a country), OR international (between countries).
  • International trade is the focus for your course in Australia
exports and imports
Exports and Imports
  • What are exports?
  • What are imports?
  • What is “balance of trade” otherwise known as?
some definitions for trade
Some definitions for trade
  • Imports – the goods and services one country brings in (i.e. buys) from another country or countries
  • Exports – the goods and services one country sends out (i.e. sells) from another country or countries
  • Imports and exports are usually measured in value – DKK, USD, AUD etc. Comparative figures worldwide are often measured in USD (in the EU it is, of course, the Euro)
  • The difference in value between imports and exports is a countries “balance of trade” or “net exports” (NX). We will discuss this later in the course when we look at the concept of “balance of payments”)
how does trade relate to other economic principles
How does trade relate to other economic principles?
  • Trade is a fundamental part of economics.
  • Economics is (as you know) about the study of “how…resources are allocated to fulfil(l) the infinite needs of consumers” (Blink and Dorton, 2011, p.3)
  • The way we get the resources and end product to consumers is by trading, both domestically and internationally.
specifically some of the key concepts you need to apply are
Specifically some of the key concepts you need to apply are:
  • Scarcity
  • The economic problem
  • Opportunity cost
  • Production possibilities (and the curve)
  • Supply and Demand (of course!)
  • Consumption
  • Investment
  • Fiscal policy (Government)
  • Unemployment/employment
  • Inflation/prices
  • Markets
  • The business/economic cycle
  •  Productivity (especially labour)
  • Labour and capital intensivity
  • GDP
  • Economic growth
  • Globalisation
  • Economies of scale
  • Price discrimination
  • Market leakages and injections
why trade then
Why trade then?
  • Lower prices
  • Greater choices (consumption and investment)
  • Better resource allocation or ability to access resources not available in the country
  • Specialisation and economies of scale
  • Increased competition
  • More efficient allocation of resources
  • Source of foreign exchange

Blink and Dorton 2011:260-261

it is time to participate in some free voluntary trade
It is time to participate in some free, voluntary trade!
  • You are a country. Come up with a name for yourself!
  • Decide what you focus will be as a country i.e. your trade in stock. Minerals, IP, IT/IS, consumer goods, labour, manufacturing steel components or auto parts.
  • You will each select 3 x “goods” to trade with selected countries ( I will select the countries you will trade with)
  • There will be 2 rounds of trade. I will explain each round to you before each round starts.
  • We will have a discussion at the end of each round.
it is time to participate in some free voluntary trade1
It is time to participate in some free, voluntary trade!
  • At the end of the 2 rounds you will decide:
    • What you will consume domestically (i.e. keep for yourself)
    • What you continue to trade with other countries (i.e. swap with someone else)
    • What you decide to grant as foreign aid to poorer countries (what you give away because you feel sorry for your poor friends who were left with worthless “goods”)
and now for some research
And now for some research!
  • In order to truly understand trade, you need to start looking at what countries actually do in their trading and who they trade with. Research and answer the following questions:
    • Which countries are the top 5 trading partners for Denmark for imports AND exports of goods (do both)?
    • What was the approximate value (in DKK) of all exports and imports undertaken by Denmark on a monthly basis for January to November 2011? What is the approximate proportion of this that the EU represents?
    • What are the top 5 import and export sub groups? (don’t use SITC groups but the sub-groups e.g. “meat and meat production”)
  • Please undertake your research in English from Statistics Denmark at
homework for next week
Homework for next week
  • Finish your internet research if you haven't already done so
  • Read chapter 21 of Blink and Dorton (2011)
  • Do “Student workpoint “ 21.1(p. 261)
  • You won’t be handing these in but we will review the homework every week.
thank you
Thank You!
  • Coming weeks
    • Ch 21 – Why Do Countries Trade?