ACBUS108A Applied Economics
For this assessment, you will be required to complete a report which requires extensive research, answers to include as much information as possible, including reference to data, facts, graphs or other relevant information. In addition to the report question below, you should aim to incorporate your understanding of economic concepts and theories introduced in the first 6 weeks of the course and their application to world or practical situations.
1. Research prices for a product that interests you in a country of your choice.
2. Consider various theoretical concepts presented in chapters 1-9 and how they are applied including the impact of government/industry intervention (or lack of) has impacted on the demand/supply for that product; the prices for that product, and the evident market structure that the product is sold in.
3. Discuss some advantages & disadvantages of government intervention with reference to your chosen product; and what type of product you have chosen.
Report question to respond to:
4. Based on your discussion, provide an opinion as to whether intervention should continue or not continue in the price discovery of your chosen product. Please bold your thesis statement in your introduction paragraph. The thesis statement MUST respond to this report question.
5. The key to addressing this report properly, relevantly & validly is you need to specifically address what has been asked above. If you cannot clearly answer some example questions below, then you could well have the wrong product, or need to undertake further research:
Exactly what has the Government done (or not done) directly in regards of this product? (be able to verify this with facts or references).
So is the Government intervention a tax, subsidy, regulation, law or something else?
How has this action (or lack of action) effected either the demand for the product; supply for the product or both?
What effect has the intervention (or lack thereof) had on the price or pricing structure of the product?
What type of product is this, that you are reporting on?
What type of market structure is this product involved in & how does that work?
Ideally in your report these are the KEY factors that need to be addressed correctly & appropriately.
If you cannot in your report, then you have an issue with the product chosen? Or you have simply not addressed in the report, what was required?