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Your study of this topic will help you to explain the way in which Australia relates to the rest of the world through trade.  You will learn about why countries choose to trade, the way in which we can maximise our standard of living through trade, and also about the different products that we trade with other countries.

Following this, you will spend some time learning about the way in which Australia’s external stability is measured.  This is one of the key components of Unit 2, so make sure that you take the time to learn all of the relevant terms now.  Students tend to find this area of the course challenging, but you should know that the definitions and skills that you learn here will be further developed when you study this topic again in Unit 3.  If you are strategic about your study, you will take the time to learn these things properly now.

The links to the left will take you through the two halves of this first topic.  You should note that this area of study is a substantial one, and while you are studying it your teacher will certainly want to look more closely at what is happening in the news at the moment.  Is the dollar appreciating or depreciating today?  Why is that happening?  And is that a good thing or a bad thing?  This site can certainly help you with the second and third questions, but the answer to the first question will change on a daily basis.