Requirements for the report: 1. Select an economy from a list that will be presented in Workshop 3. 2. Describe the current situation and recent performance of that economy and compare this...

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Assessment Name: Analysis and evaluation of economic behaviour and policy


Requirements for the report: 1. Select an economy from a list that will be presented in Workshop 3. 2. Describe the current situation and recent performance of that economy and compare this performance with that of the paired economy. Areas covered should include the level and growth rate of total and per capita GDP, the relative importance of major sectors of production (agriculture & mining, industry and services), the allocation of labour among sectors and the levels of labour productivity in these sectors, the rate of unemployment, the rate of inflation, the trade balance and the distribution of income. (200 words, 3 marks). 3. Identify two major economic problems and allocate these between the two team members. Each student will explain their problem and present possible solutions to it. (500 words, 6 marks) 4. Write a conclusion, focusing on the overall state of the economy, the magnitude of the problems facing it and the prospects for these being solved (100 words). Requirements for the portfolio: 1. Work on questions and exercises in class as requested. The focus is on expressing an attitude toward the specified activities that is positive and supportive of the efforts of other students. 2. Collect one double-sided worksheet at the beginning of class or when you enter the classroom. Write down your answers to questions and workings/solutions to problems as they occur in the classroom sessions. 3. Hand your worksheet to the lecturer at the end of class or when you leave the classroom if you cannot stay for the whole session. Economics for Management / BUS1004/ACC103 Assessment Type: Group report Assessment Number: A3 Assessment Name: Analysis and evaluation of economic behaviour and policy Unit Learning Outcomes Assessed: LO1. Illustrate the workings of market economies and identify the reasons for and impacts of government intervention in economic activities. LO2. Discuss the differing goals and interests of individuals, businesses and governmental organisations. and identify how these affect decision-making. LO3. Analyse the structure of the real and financial economies and their implications for individuals, businesses and government organisations. LO4. Identify the effects that macroeconomic variables and policies have on organisations. Due Date and Time: Friday 28 September, 17:00 Weighting: 20% Assessment Description. Part 1: Group report (2 students) on (1) the state of a selected economy; (2.1) a major economic problem and possible solutions to this problem, (2.2) a second major economic problem and possible solutions to this second problem; and (3) a conclusion. The students will receive a common mark for the State of the Economy (1) and Conclusions (3) sections. Each student will take a separate problem/solutions (one student takes 2.1 and the other student takes 2.2). They will receive separate grades for this section. Part 2: Development of a portfolio of ongoing work to support the project. (10 marks) Students will complete a worksheet in class each week. Each student’s best five scores will be used to calculate their grade for this part. Detailed Submission Requirements The report is to be submitted through Moodle by the due date. Worksheets are to be handed to the lecturer at the end of each class. 4. All worksheets from Workshops 4-11 will be graded (maximum of 2 marks). Each student’s five best papers will be used to calculate their overall portfolio grade (so maximum of 10 marks for the portfolio). Assessment Section Requirements Weight 20% HIGH DISTINCTION 100-85% DISTINCTION 84-75% CREDIT 74-65% PASS 64-50% FAIL 49-0% Structure Mark Content Mark Format, Grammar, Presentation and Referencing TOTAL MARK Overall comments:
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Answered Same DayJan 30, 2021

Answer To: Requirements for the report: 1. Select an economy from a list that will be presented in Workshop 3....

Soma answered on Feb 06 2021
142 Votes
2
1. The selected economy: Australia
We have selected the economy of Australia for our project. The key objective of this study is to analyse the current situation and recent performance of Australian economy and then compare it with the paired economy China. The study also identifies two key economic problems of the economy and recommends some possible solutions for it.
The trends of major macroeconomic indicators reflect the true health of the nation. In order to compare the current state of the economy and the key economic problems facing by the economy, it is imperative to analyse the leading macroeconomic variables of the economy. With the help of current data and empirical evidence the current study gains a deep insight about the macroeconomic performance of Australia and compare it with the paired economy China.
II. The current situation and recent performance of Australia and compare with China
Australian economy has regained during the fourth quarter of 2018 after a weak consumption expenditure fuelled by sluggish wage growth and falling housing prices. Solid job growth, low unemployment level and strengthening retails sales are some of the crucial factors that have boosted up consumer confidence through out Q4. (Focuseconomics, 2019)
Importance of Agriculture sector:
Agriculture is one of the most important sectors in Australia where the farmers produce top quality of crops. Australia’s high-quality dairy products and far fresh fruits and vegetables have a vast demand in the world market. China is the largest consumer of Australia’s agricultural and mining products. According to the recent statistics, more than 307,000 people are employed in agriculture. It is one of the biggest employers in rural and regional economies. According to the data released by ABARES, 135,000 farmers produce enough food to meet the demand for 80 million people. Agricultural sector strongly supports the export sector valued A$41 billion per annum. (Batt, 2015)
Importance of mining sector
Mining industry has vast significance in Australia as the economy heavily depends on its revenue. Mining sector has hinge contribution to Australia’s unprecedented economic progress. During the mining investment boom, the mining revenue has significantly accelerated. Australia directly employs 200,000 people in Australia while benefitting many others indirectly. Mining sector supports the regional economic activity, helps the local business and improve economic and social well being for the regional and indigenous communities. Mining sector is the major pillar and key driver of Australian economy. (MinistersfortheDepartmentofIndustry, 2015)
The following table shows the data for major economic variables for Australia as well as its paired economy China. The data is collected from World Bank website. (WorldBank, 2019)
Australia:
    Country Name
    Series Name
    2014 [YR2014]
    2015 [YR2015]
    2016 [YR2016]
    2017 [YR2017]
    2018 [YR2018]
    Australia
    GDP per capita growth (annual %)
    0.995200378
    0.86357058
    1.298225
    0.34888
    ..
    
    Australia
    GDP growth (annual %)
    2.558337523
    2.35113644
    2.827311
    1.957575
    ..
    
    Australia
    GDP (current US$)
    1.46496E+12
    1.349E+12
    1.21E+12
    1.32E+12
    ..
    
    Australia
    Inflation, consumer prices (annual %)
    2.487922705
    1.50836672
    1.276991
    1.948647
    ..
    
    Australia
    Unemployment, total (% of total labor force) (national estimate)
    6.078299999
    6.05569983
    5.7108
    5.5938
    ..
    
    Australia
    Exports of goods and services (BoP, current US$)
    2.97056E+11
    2.43E+11
    2.51E+11
    2.96E+11
    ..
    
China:
    China
    GDP per capita growth (annual %)
    6.755778416
    6.35838336
    6.123804
    6.303967
    ..
    
    China
    GDP growth (annual %)
    7.297665959
    6.90020482
    6.7
    6.9
    ..
    
    China
    GDP (current US$)
    1.04824E+13
    1.1065E+13
    1.12E+13
    1.22E+13
    ..
    
    China
    Inflation, consumer prices (annual %)
    1.921643416
    1.43702451
    2
    1.593137
    ..
    
    China
    Unemployment, total (% of total labor force) (national estimate)
    4.099999905
    ..
    ..
    3.9
    ..
    
    China
    Exports of goods and services (BoP, current US$)
    2.4629E+12
    2.3602E+12
    2.2E+12
    2.42E+12
    ..
    
Source:...
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