ECO10005: Economics for Business Decision Making Assignment 1B

Assignment 1B

Details

The 'Written assignment' comprises five individual tasks that are split into two parts. This part, Part 1B, covers materials from Weeks 5 to 8. In this assignment, you'll find a pool of ten questions. Please choose five questions to respond to, that you'll answer and then submit.

Choose five of the ten questions and provide answers for each in a Word document. In your Word document, include only the question number followed by your answer do not provide the question itself. Be sure that you associate each answer with its respective question number e.g. 1a, 2c, 4b. You also need to include any graphs you've created in your Word document. Each question is worth two marks. Please do not attach a cover sheet to your assignment. You must draw graphs using Excel, take a screenshot, and then insert these into your Word document.

Questions

1. Briefly explain:

• (a) the concept of GDP. 
• (b) the main difference between nominal GDP and real GDP.

Use full sentences and explain your reasoning.

2. The following table provides GDP for one of the Asian economies. Based on this table, answer the following two questions.

A. Calculate the economic growth rate for each year from 2019 to 2023, i.e.

• Growth rate from 2019 to 2020
• Growth rate from 2020 to 2021
• Growth rate from 2021 to 2022
• Growth rate from 2022 to 2023 

B. Calculate the average annual economic growth rate for the period 2019 to 2023.

3. What advice for finding a job would you give someone who is frictionally unemployed? Someone structurally unemployed?. Someone cyclically unemployed?

4. If the government eliminated unemployment benefit payments, what would be the effect on the level of frictional unemployment? What would be the effect on the level of real GDP? Would well-being in the economy be increased? Briefly explain.

5. Which component of GDP will be affected by each of the following transactions? If you believe that none of the components of GDP will be affected by the transactions, briefly explain why?

• You purchase a new apartment
• You purchase a second-hand car
• An overseas person studies a degree at an Australian university
• A dairy farmer in Victoria produces milk which is shipped to Singapore 
• A Bakers Delight store purchases a new oven

Assessment Requirements Brief Summary

Assignment 1B is a written assignment focusing on economic concepts and applications from Weeks 5 to 8 of the unit. The key task involves choosing five questions out of a pool of ten and providing detailed answers in a Word document.

Key Pointers to be Covered:

1. Economic concepts: Understanding GDP, nominal vs. real GDP.
2. Economic calculations: Calculating growth rates and average annual growth rate using provided GDP data.
3. Unemployment types: Providing advice for frictional, structural, and cyclical unemployment.
4. Policy analysis: Understanding the effects of government actions (like removing unemployment benefits) on unemployment, GDP, and overall well-being.
5. GDP components: Identifying which GDP component is affected by specific transactions, and explaining why some transactions may not affect GDP.
6. Graphical representation: Creating and inserting graphs using Excel to support calculations.
7. Formatting requirements: Include question numbers only (e.g., 1a, 2c), no cover sheet, and insert graphs as screenshots.

Approach Taken by Academic Mentor

The academic mentor guided the student through a step-by-step process to ensure clarity, accuracy, and alignment with assessment requirements:

1. Understanding the Assignment Brief

   • Mentor explained the objective of the assignment, emphasizing critical thinking in applying economic concepts and performing calculations.
   • Discussed the importance of choosing five questions strategically based on the student’s strengths and understanding of the content.

2. Planning Responses

   • Mentor advised creating a draft outline linking each question to relevant weeks’ content.
   • Highlighted which questions required calculations, which required conceptual explanations, and which needed policy analysis.

3. Performing Calculations and Creating Graphs

   • For questions on economic growth (e.g., Question 2), the mentor walked the student through step-by-step growth rate calculations.
   • Guided the student on how to create Excel graphs, take screenshots, and insert them into the Word document correctly.

4. Answering Conceptual and Policy Questions

   • Provided guidance on structuring answers for conceptual questions (e.g., GDP concepts, unemployment types).
   • Helped the student link theory to practical examples, ensuring explanations were clear, concise, and fully reasoned.

5. Linking Answers to Question Numbers and Formatting

   • Ensured the student correctly labeled answers (e.g., 1a, 2c) and avoided including the full question text.
   • Verified that the Word document adhered to all formatting instructions and included graphs appropriately.

6. Review and Feedback

   • Mentor reviewed draft answers to check accuracy of calculations, clarity of explanations, and correctness of graphs.
   • Provided feedback on areas needing improvement, ensuring that the final submission was polished and complete.

Outcome Achieved

• Accurate and Complete Submission: All five chosen questions were answered with clear explanations, correct calculations, and properly inserted graphs.
• Enhanced Understanding: Student gained a deeper understanding of GDP concepts, unemployment types, economic growth calculations, and policy impacts.
• Skill Development: Student strengthened analytical, calculation, and academic presentation skills, preparing them for future assignments.

• Learning Objectives Covered:

  • Application of economic theory to real-world scenarios
  • Performing quantitative analysis (growth rates, averages)
  • Critical thinking about unemployment and policy impacts
  • Effective use of Excel for data visualization
  • Clear academic writing with structured formatting

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