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Assignment Task :
Use real world examples from 2019-2020 to explain the determination of market prices, and analyse the impact of changing market conditions on the price and quantity of goods or services traded. The real world examples will be sourced from newspapers or other media AND will be specific for a city, country or global.
Intended Learning Outcomes:
Represent and explain fundamental economics concepts using text, diagrams, equations and other media
Explain how prices are determined and predict the effects of changes in market conditions on prices and quantities of goods and services.
Critically analyse in writing the impacts of government policy and/or external shocks on markets, using a range of scholarly and news media sources.
Purpose and aim:
This assessment requires students to actively engage in research to support the theory covered in this course. To meet the requirements of this assignment it is crucial to attend all zoom classes. Students who do not attend class time will risk being awarded a mark of zero for this assignment.
Assignment details:
The assignment must, as a minimum, include:
an introduction;
a description of the relevant market/industry including the product or service, location and degree of competitiveness
an analysis (including appropriate diagrams) of how changing market conditions are influencing or have influenced or may influence prices. This will include an analysis of the impact of a recent shock or government policy on demand and/or supply factors affecting the market.
Some discussion of whether the demand for the good[s] or services[s] is elastic or inelastic, and why.
a conclusion
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