UNIT OBJECTIVES
On completion of this subject the students will have achieved the following:
Knowledge
Graduates will be able to, evaluate theoretical and practical knowledge of Economics and its use in daily life and for business decisions.
Demonstrate the use of the basic tools and theories of economic analysis for applications in industry; Analyse and evaluate the forces that effect the economic wellbeing of consumers, producers and the community in the market system;
Show understanding of the principles and practice of economic theory applied to the Australian business environment; Show understanding of the principles and practice of macroeconomic theory applied to the development of Australia's international trade.
Learning Outcomes:
Examine a broad understanding of the principles of macro and micro economics in a variety of business environments
Analyse economic environment nationally and internationally and its influence on business and national economic performance
Critically Analyse government's fiscal and monetary policy and how they influence business decisions
Synthesise theoretical and practical knowledge of economic, a well- developed understanding of the language of economics and the tools of economics used by any policy maker within or outside the country.
Newspaper Analysis (Written report):
1) Choose ANY One topic from the following list:
- Australia's stand on Renewable energy
- Demand and supply of ANY resources in Australia which includes human resource also
- Oligopoly, Monopoly and Duopoly structures in any ONE or TWO industries in Australia and its affect in the market
- Growth in Australian Agricultural sector for Export market
- Costs of Production in any one or two industries in Australia
2) Evaluate your chosen topic from economic perspectives. You should include
- The essence of the story (1 to 2 paragraphs): Introduce the issue, who is interested in it and why.
- The economic analysis (3 to 4 paragraphs): Explain how you can present the issue in terms of economic concepts and theories you have learnt in class.
- Explain your view (2 to 3 paragraphs): Explain what actions you would recommend to the key players and/or policy holders.
- Explain how the above analysis supports your conclusion (1 to 2 paragraphs).
3) You may provide graphs/charts/diagrams where necessary to enhance your presentation style.
4) Students need to submit ONLY the SOFT COPY of the assignment and upload on BB by that time.
5) References (between 4 to 6 which includes academic and news and media)
1. Organize yourselves into groups by Week 2 and give your group details to your lecturers. Each group is to have Four or Five members depending upon the class size.
2. This group assignment's will be assessed on the basis of the following criteria:
- The current research on the topic
- Analysis of the topic and the application
- Student's showing their understanding and current debate by different governments, economists and the industry.
3. Choose any ONE topic out of the following list:
- Industry reforms in Tourism, Meat and Livestock, Agriculture and hospitality in Australia. Choose any one industry out of these and discuss the reforms in that industry.
- GDP and Economic growth in Australia last 5 years
- Unemployment during last 5 years and its effect on Australian economy and government policy towards reducing unemployment
- Fiscal Policy of Current Australian Government
- NBN policy of Australian government and its issues
4. Following is the structure of the essay:
- Introduction 300 words
- Body 2000 words discussing and analyzing the research and the application
- Conclusion 200 words. Final comments on the topic and group's findings (Pl see the list of topics and structure under additional readings)
- References may be 6 to 8 both academic and media/news