Analyze a market of your choice, applying the economic concepts ( such as Demand & Supply, Scarcity Principle, Cost-Benefit Principle, Incentive Principle, Opportunity Cost, price elasticity, etc) (2000 words, excluding your reference list).
Choose a market which has experienced a marked shock (unexpected change) in the past year. Avoid a market with expected seasonal variations (e.g. snow ticket sales) or one with known price fluctuations (e.g. petrol prices).
Consider the market, for example it can be easier to examine the impacts of a market shift in a town or country rather than an international shift. For instance, The COVID-19 pandemic has impacted negatively on international travel services, cafes, clothing shops in shopping centres, Bars, Clubs, Leisure Centres but at the same time has positively impacted Bunnings / hardware stores, streaming services, food delivery, online house party apps, online dating apps, cyclist stores (how many bike riders are there on the bike tracks, me included!!)
Research your essay topic
Make sure you gather information from a range of sources, and aim to include at least five references from difference sources. Your sources do not need to be peer reviewed journals, but they do need to be reliable. Avoid YouTube, blogs, or Wikipedia.
Structure of your essay
- An introduction to the topic and the market you have It is also a good idea to outline the objectives of the essay.
- A paragraph describing the market, for example how many companies, the location, why consumers demand the product to provide the
- One or two paragraphs analysing the impact of the market shock / change – apply as many economic concepts as you can
- A conclusion summarising your
- A list of your references, using Harvard referencing style
Include a chart of graph you have created yourself. This will demonstrate you can apply the concepts discussed in workshops and lectures to your market. Please don’t copy and paste charts you’ve googled. Do not include bullet points in an essay, if you want to present summarised information you would normally present in dot points, use a text box or chart.
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