ECO201 Foundations of Economics

Students are required to use the Assessment Cover Sheet, which may be downloaded from the General Information Section in Moodle.
The purpose of this assignment is to provide you with an opportunity to demonstrate your understanding of the fundamental concepts we have discussed in the unit to date, as well as conduct research into a real life scenario in order to develop an awareness of the determinants of a specific market condition and its possible resolution.
Word limit: 1500 words Students may consider this a long essay but once you have done your research and compiled your response, you may find it too short. Try to be objective and precise and make every word count. It is a very important business skill and one that you should seek to develop. Any sources accessed and/or cited should be fully and correctly referenced, and diagrams provided should also be fully labelled and referenced. Submission: The Assignment must be submitted electronically, with a completed assignment cover sheet, via Turnitin. You are required to keep a copy of your final version as submitted. Date of Return: Marks will be available on your Moodle Grades site within two weeks of submission.
ASSIGNMENT REQUIREMENTS The current COVID-19 pandemic has had a variety of impacts on employment figures. Repeat lockdowns have placed significant strain on businesses and countless staff have either been laid off or terminated. Alternatively, many businesses have benefited by virtue of their product, and others have adapted to meet the needs of the current situation. Either way many have provided employment opportunities for those who lost their jobs in other areas. As we contemplate opening up the economy and a return to ‘normal’, Australia’s latest employment statistics have been released and the picture is somewhat puzzling. Normally, any fall in employment is accompanied logically by an increase in unemployment. However this currently is not the case. Unemployment is down but so too is employment. Your task: Undertake research regarding Australia’s current level of employment and unemployment, and prepare an analytical essay which provides an explanation for the situation evident. Specifically you should address the following: a. What comprises the ‘workforce’ in Australia? b. What do we mean by ‘unemployment’ (in Australia)? c. What do we mean by the term ’employment’ (in Australia)? d. How is information regarding employment or unemployment obtained? e. How can it be that both employment and unemployment have fallen recently in Australia? You should primarily seek information from the Australian Bureau of Statistics (A.B.S.). There is also discussion on the topic that may be accessed on other sites on the internet. You should only seek information that pertains to Australia’s situation. *Please note: you are not to simply provide a set of responses to the questions listed above. You are to use them only as a guide as to the content you need to address in your essay. To help you, the following has been provided: What is an Analytical essay? Examples of this type of essay focus on questions which ask you to discuss, analyse, investigate, explore or review a phenomenon or situation. In an analytical structure you are
required to break the topic into its different components and discuss these in separate paragraphs or sections, demonstrating balance where possible.
Your essay should be divided into three parts: A. Introduction  Background information on topic  Overall point of view of the topic (thesis) Overview of components to be discussed (structure) B. ‘Body’ paragraphs (as many as required)  Paragraph 1 Topic sentence outlining first component Sentences giving explanations and providing evidence to support topic sentence  Concluding sentence – link to next paragraph  Paragraph 2  Topic sentence outlining second component Sentences giving explanations and providing evidence to back topic sentence  Concluding sentence link to next paragraph Following body paragraphs These follow the same structure for as many components as you need to outline  Etc. C. Conclusion  Summary of the main points of the body  Restatement of the main point of view  Justification/evaluation (if required by task) Checklist when finished Have I: Understood the topic/question correctly? Answered/addressed all parts of the topic/question or task  Included a thesis statement (answer to a question or response to a task) and appropriate evidence? Developed my analysis by using logical points which are well reasoned?  Used information from academic texts or credible sources to support my argument?  Included relevant examples to demonstrate application?  Been analytical and demonstrated critical thinking in my essay
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