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Economics Decision making



Task

The purpose of the assignment is to allow you to demonstrate your mastery of

theoretical concepts introduced in the unit, applied to a real-world setting. There are

five questions, some dealing with general concepts and others becoming more directed

in the information required.

You will also have a chance to demonstrate your understanding of regression, a

fundamental skill in quantitative business analysis. The questions are phrased in an

open-ended manner; the intention is that the assignment is as non-prescriptive as it can

be while allowing you the academic freedom to explore and learn as much as you can.

Assignment guide

The setting for this assignment is the issue of unemployment and social security.

Question One – Background (5 marks)

Introduce and explain the concept of social welfare

Be sure to contextualise the remainder of the assignment

Question Two – Supply and Demand (5 marks)

Using the labour market, define and describe the laws of demand and supply

Use simple diagrams to illustrate the effect of elasticity on those laws

Question Three – Forecasting (5 marks)

Using the data provided, conduct a regression analysis

Comment on the strength of the derived regression

Use the regression to forecast future employment conditions

Question Four – Research (10 marks)

Research the concepts of money wages and real wages

Explain these two concepts and why they are important

Discuss how wage indices factor in broader economic terms

Question Five – Conclusion (5 marks)

Provide comment and outlook for the global employment market

Presentation (10 marks)

Ten marks are reserved for presentation and referencing

You should aim for 20 academic references

3000 words





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