BEA111: Principles of Economics 1 – Minister of The Australian Government – Microeconomic Impact – Report Writing Assessment Answer

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Code: BEA111

Principles of Economics Assessment Answer

Assignment Task: BEA111

Principles of Economics, Minister of The Australian Government – BEA111

Y

o

ur Task

You have been requested to write part of ministerial briefing note for the new minister of the

environment in the Australian government. The minister wants to explain to parliament, the

consequences of climate change on Australia’s production and consumption of certain goo

d

s and

services and the impact that these changes may have on the macroeconomy. The minister is

interested in the impact on costs, domestic production, imports and exports, prices, inflation,

employment and economic growth; and the welfare of producers and consumers of the products.

Select 

two

products

/

services tha

t

will be impacted by climate change and that impact on Australia’s macroeconomy.

Y

o

ur first product or service should be one where climate change will primarily impact upon demand.

Microeconomic Impact #1 In your report you should provide answers to the following questions. Why will demand

change and in which direction? What will be the impact on prices, production, and welfare

?

You should support your explanation with a well-labeled demand and supply diagram. BEA111

Macroeconomic Impact #1 How will the changes above impact on GDP? Which components of GDP will most be affected? How might inflation and unemployment be affected? What type of inflation and

unemployment will be most affected. BEA111

Your second product or service should be one where climate change will primarily impact 

supply.

Microeconomic Impact #2 In your report you should provide answers to the following questions. Why will supply change and in which direction? What will be the impact on prices, production, and welfare?

You should support your explanation with a second well-labeled demand and supply

diagram.

Macroeconomic impact #2

How will the cha

n

ges above impact on GDP? Which components of GDP will most be effected?

How might inflation and unemployment be affected? What type of inflation and

unemployment will be most affected? BEA111

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