Economic Principles (BBAC202)

Group Assignment (Group of Three)

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Economic Principles – BBAC202

October 2013

Economic Principles Assignment

Topic
Objectives:

The Assignment aims to develop your
knowledge and skills in the following areas:

·
Comprehension
and understanding

·
Critical
thinking and analysis

·
Understanding
of Market Economies

·
Researching
articles, books, online materials, and journals

Due Date: Session 6.1
Hard
Copies only – No Electronic Submissions

Students
are again reminded to use appropriate referencing, to acknowledge use of
other’s ideas and statements, to avoid plagiarism and any copyright breaches,
and to follow the instructions below.
Students
are to work in Groups of Three

The
length of the assignment is to be approximately 2000 Words.

The
word count does not include references or bibliography. Reference using Harvard/APA

The
word count must be specified on the front head sheet of the assignment.

Your
task is to read the following scenario and provide answers to the following
questions.
You
need to answer each question as well as each part of the question.

The Assignment is made up of questions
worth a total of 25% of your final marks.

Different countries have different
types of economies as outlined in Chapter 2 of your textbook.

For Example:

`Australia,France, The
USA and South Korea have market economies
North Korea,
Chin, Cuba and Laos have Command Economies
Sweden,
Norway, Iceland and Finland have Welfare Economies

Your assignment is
to research the Australian Economy and compare it to an Economy that is a
Command Economy AND a Welfare Economy. You may choose from countries in the
lists above, or chose countries of your own. Please state which countries you
are using.
PART 1 (7 marks)
For each country
complete the following table:

Australia

Country 1

Country 2

Total
population

GDP/capita

Labour force

% of
population working in agriculture

% of
population working in industry

% of
population working in service

% of
population living below the poverty line

Exports
commodities

Exports in $

Export partners
by %

Imports
commodities

Imports in $

Import
partners by %

Part 2
(18 marks)
For part two you are
required to answer the following questions
1. What percentage of the population of each country
is in the labour force?

2. What are the similarities and differences between
the three countries in terms of the percentage of the population that works in
each type of industry?

3. Why might the list of Australian exports be so much
longer or shorter than that of the other countries? Provide Examples of exports
for each country, and their percentage contribution to the economy.

4. Why might some commodities appear on both a
country’s import and export list? Provide examples for each country to explain
your answer.

5. Exports and imports total in the billions of
dollars for each country. Explain what this tells you about our society.

6. Which economy do you think is the best? List the
positives and negatives of each country’s economy in your answer.