back to top Value: 20% Due Date: 10-May-2021 Return Date: 01-Jun-2021 Length: 2,000 words Group Assessment: No Submission method options: EASTS (online) TASK back to top Complete the following essay...

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Value:20%Due Date:10-May-2021Return Date:01-Jun-2021Length:2,000 wordsGroup Assessment:NoSubmission method options:EASTS (online)
TASK
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Complete the following essay ensuring that you apply economic principles or theory wherever possible to support your discussion. Communicate your ideas with correct grammar, spelling and writing style and support your answers with diagrams and illustrative examples as necessary.

Essay (20 marks) (2,000 words)

Explain the impact that the COVID 19 pandemic has had on each of the four expenditure components of aggregate demand and on aggregate supply. Assess the consequences of this impact on the equilibrium level of real GDP and the price level, and on the unemployment rate in the economy.

Assignment 4 consists of an essay question based on the subject material and requires some additional research. Sources used in your answer should be fully referenced in APA 6th style. Assignment 4 address economic issues.You are advised to access media items for further elaboration of the issues raised in your essay.


RATIONALE
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This assessment task will assess the following learning outcome/s:

  • be able to apply economic concepts and principles to daily life activities.
  • be able to evaluate demand and supply conditions to make a range of market related decisions.
  • be able to analyse the price and output decisions of a firm under different market structures.
  • be able to evaluate the nature of market failure and the role of government intervention.
  • be able to assess the health of the economy as a whole.
  • be able to determine the circumstances in which government intervention in the economy is necessary.


MARKING CRITERIA AND STANDARDS
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CriteriaHD (85%)DI (75-84%)CR (65-74%)PS (50-64%)FL (0
Academic writing clearly communicates meaning .

Language features and structures are used to convey meaning effectively, clearly, concisely, unambiguously, and in a tone appropriate to the audience and purpose with no spelling, grammatical, or punctuation errors.

Language features and structures are used to convey meaning effectively, clearly, unambiguously, and in a tone appropriate to the audience and purpose with few spelling, grammatical, or punctuation errors.

The text contains some errors in spelling, grammar, word choice, and structure, lacks clarity occasionally, and may not be concise, but the meaning is apparent to the reader with little effort.

The text contains frequent errors in spelling, grammar, word choice, and structure, lacks clarity, and is not concise, but the meaning is apparent to the reader with some effort.

Fails to meet criteria for a pass.

Academic writing includes APA 6th referencing.

Referencing is comprehensive, demonstrates academic integrity, and conforms exactly to APA style conventions.

Referencing is comprehensive, demonstrates academic integrity, and conforms to APA style conventions with fewer than three minor errors or omissions which don't impact on the transparency and traceability of the source or the demonstration of academic integrity.

Referencing is comprehensive and mostly accurate according to APA style conventions. Up to eight minor errors or omissions in style and formatting choices (e.g. italics, punctuation, underlining) don't impact on the transparency and traceability of the source, or the demonstration of academic integrity.

Referencing is comprehensive and mostly accurate according to APA style conventions. Frequent minor errors or omissions in style and formatting choices (e.g. italics, punctuation, underlining) don't impact on the transparency and traceability of the source, or the demonstration of academic integrity.

Fails to meet criteria for a pass.

Examine critically activity in the economy through the analysis of major economic events through the use of economic theory and the applications of appropriate illustrative examples.

The answer synthesizes the theory on which the analysis of events is based. It provides new insights and an in-depth application of the theory to understanding economic outcomes. Clearly labelled relevant diagrams are employed to produce a comprehensive analysis within the context of specific circumstances and excellent use is made of illustrative examples.The answer evaluates the theory in relation to the analysis. Decisions based on analysis correctly reflect the options available given specified market conditions and are presented through a sound argument showing good judgement. However, minor errors have been found in the narrative, use of diagrams or the application of illustrative examples.The answer correctly interprets the theory in relation to the analysis required. Analysis correctly reflects the options available under the conditions specified. However, some important errors have been found in the narrative, use of diagrams or the application of illustrative examples.The answer identifies the most important elements of theory for the analysis required. Analysis correctly reflects the options available under the conditions specified. Limited explanation and poor use of diagrams and use of illustrative examples provides marginal support for the conclusions drawn.

Fails to meet criteria for a pass.

PRESENTATION
back to topAnswers should be typed and diagrams must be clear and neat and preferably drawn electronically. Hand-drawn diagrams are acceptable. Sources used in your answer should be fully referenced in APA 6th style.
REQUIREMENTS
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Sources used in your answer should be fully referenced in APA 6th style.

Assignments must be submitted through EASTS.

Assessment item 5 - Final Exam

May 03, 2021

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