Reference no: EM132515486 , Length: 1500 Words

HC1072 Economics and International Trade - Holmes Institute

Assessment - Economic Analysis of the Australian Market

To complete this assessment, students are required to:

Learning outcome 1. Develop a broad understanding of the principles of macro and microeconomics in an economy.

Learning outcome 2. Analyse economic environment nationally and internationally and its influence on business and national economic performance.

Learning outcome 3. Critically analyse government's fiscal and monetary policy and their influences on the economy and business in general.

Learning outcome 4. Comprehend how economies benefit from international trade.

Learning outcome 5. Synthesize theoretical and practical knowledge of economics for application in work-life situations.

Assignment Tasks

The assignment Part is a written analysis of any published article regarding the Australian Market (newspaper, magazine or website) from 01 Jan 2020 and onwards. Your Part is not to research and provide data. You are instead ask to analyse an event using your knowledge of economic principles.

You will be required to apply the economic concepts you have learned in class to interpret events reported in your article.

Part 1: Choose your article. The first come, first served rule will apply. No two persons can use the same article for the assignment.

a) HC1072 Individual Assignment by Name, Student ID
b) Article Name/Title
c) Date Published and Author/Writer
A response will be sent. It will indicate, APPROVED or NOT APPROVED. Do not start your work unless you have the email response.

Part 2: Ensure that a full printed copy of your article is saved as part of the Appendix of your paper. Deductions will be applied if the printed copy is not provided.

Part 3: Microeconomic Analysis (Part 1) - for submission on Week
In this part of your assessment, you will analyse the event reported in your chosen article based on microeconomic concepts learned in class. Ensure that you have the full print out of the article in the Appendix of your paper.

Part 4: Individual Video Presentation (Part 2) - for submission on Week
In this part of your assessment, you will summarise in a video, all your findings from your analysis. This applies for both microeconomics and macroeconomics. You can still finalise your written paper afterwards but here you will verbally report your findings. Your video should be for a minimum of 8 minutes and maximum 15 min. You will be required to show your face in some part of the video. Please state your full name and student ID clearly at the start of the video. Voice over is allowed with powerpoint slides. But remember, we will match your voice and photo for identity checks.

Part 5: Macroeconomic Analysis (Part 3) - for submission on Week
This is your final paper and should include both Microeconomic (Part 1) and Macroeconomic Analysis (Part 2) and the full print out of the article in your appendix.

Assignment Structure

Event/Product/Company Description (2 marks, up to 250 words)
a) Elaborate on the event being reported in your chosen article. Why did you choose to analyse this event?
b) What are the products and services being sold? What is the significance to the Australian Economy of the product/service?
c) Who are the parties involved? Identify who is the supplier and who is the consumer
in the event.

Microeconomic Analysis (Part 1)

Demand and Supply (up to 600 words)
In this part of your paper, you are required to discuss the Demand and Supply interactions.
a) What are the Determinants of Market Demand for your chosen event? How do these determinants affect Total Demand?
b) What are the Determinants of Market Supply for your chosen event? How do these determinants affect Total Supply?
c) Who has power in the market? Analyse any shortage or surplus situation, if applicable.
d) Characterize the elasticity of the product being analysed. Who bears the cost of any price increase?

Industry Description and Market Structure Analysis ( up to 500 words)
a) Characterize the size of the industry and the level of competition.
b) Identify the Market Structure in the industry. Discuss how market structure influences the prices in the industry.
c) Identify the regulator/s of the industry. Comment on the extent of the regulator's power to ensure compliance within the industry.
d) Are there any industry groups that help regulate behaviour aside from regulators?

Externalities ( up to 250 words)
a) Aside from the initial buyer and seller that you have identified, are there any 3rd parties affected by the economic event?
b) Describe the impact to the 3rd party. Is it negative or positive?
c) What other actions or behaviour is triggered by the impact to the 3rd party? What solutions are applied for the externalities you have identified?

Macroeconomic Analysis (Part 2)
GDP and Unemployment (up to 500 words)
a) How much is the overall GDP contribution of the industry for the event reported in your article? Which part of the GDP does the event affect (C, I, G or NX)? Explain the expected effects on GDP (whether increase or decrease).
b) Will the event increase or decrease unemployment? Discuss the impact on the economy.

Fiscal Policy (up to 250 words)
a) Describe the action taken.
b) Is the policy expansionary or contractionary?

Monetary Policy ( up to 250 words)
a) Describe the action taken.
b) Is the policy easy or tight?

Attachment:- Economics and International Trade.rar