Recent events in the Australian economy

The assignment asks you to answer a series of questions that typically are grounded and reflect recent events in the Australian economy. They seek to bring to life economic principles and align concepts and theories in a manner that illustrates their everyday usefulness. The purpose of this assessment task is to ensure that you have mastered the concepts and tools in Topics 5-7 which relate to markets in action, basic macroeconomic concepts, and the aggregate demand and aggregate supply model. This assessment evaluates your progress towards achieving Learning Outcomes 1, 2, and 4: be able to apply economic concepts and principles to daily life; be able to explain the economic decision making of producers and consumers and their interaction in the marketplace; be able to construct graphs and diagrams to demonstrate how economic concepts and principles work in practice

Work applies principles of economics correctly to realistic situations…Use diagrams in your answers to provide a more comprehensive response…….Work applies principles of economics correctly in discussing results, conclusions, and/or recommendations…..Information, spelling, grammar, and written expression are set out in a coherent manner, with professional presentation. Appropriate use of font, formatting, diagrams, etc., where relevant. Referencing should follow the APA style, see the presentation requirements

Question 2

The government’s focus on providing better access to global markets, improvement of the tax system, and promotion of competition, as well as provision of supporting innovation and infrastructure is in line with its intention to enhance the growth of jobs and the economy as a whole. This is so because these factors outline in the policy are key determinants of the growth of any economy. For instance, by supporting innovation and entrepreneurship, and enhancing competition, the government would be afforded the people more economic opportunities.

Word Count: 1700