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Assignment for TECO401 the Principle of Economics

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This assignment is an individual essay with 2000 words in length, and will contribute 18% to your final mark in this unit. The student is required to select a newspaper/web article (not older than 3 months) for an economics analysis, and apply Macroeconomics theory to explain and analyze the article. The copy of the article showing source must be included with the analysis. The Possible Topics are As Follows  GDP growth in China or India (or the Comparison between the GDP growth in China and India or other developing countries)  Unemployment in Australia (or the Comparison of the unemplo...

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Question Preview:

This assignment is an individual essay with 2000 words in length, and will contribute 18% to your final mark in this unit. The student is required to select a newspaper/web article (not older than 3 months) for an economics analysis, and apply Macroeconomics theory to explain and analyze the article. The copy of the article showing source must be included with the analysis. The Possible Topics are As Follows  GDP growth in China or India (or the Comparison between the GDP growth in China and India or other developing countries)  Unemployment in Australia (or the Comparison of the unemployment rate between Australian and US or Europe)  Inflation in China (or India) and Australia  The Relationship between Unemployment and Inflation Rate  The Poverties in China, India and other Developing Countries  RBA, Monetary Policy and Economic Growth  Exchange Rate Between China and Australia (or Exchange Rate between US and Australia, Exchange Rate between US and China) Written assessment is to be in a 12 point font 1.5 spaced with clear printing quality. Single sided print and allow generous margins permitting comment if applicable from the marker. Papers should be stapled in the left top corner; heavy single sheet pocket folders are not acceptable and will be discarded. Structure and citation of sourced work with references are to comply with scholarly conventions. Harvard system is preferred.

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Unemployment rate is the rate or percentage of total workforces who are looking for a job but are unemployed.  In Australia, a person above 15 years of age and who is working at least one hour of paid work per week is called as employed 

Unemployment rate = unemployed workers/ total workforce * 100 and

Workforce = employed + unemployed

Natural rate of unemployment is the lowest rate of unemployment at which there is stability in the inflation rate. It comes from the idea of the Philips curve. It is also called as the Non-accelerating Inflation rate of unemployment where the inflation remains stable at the lowest rate of unemployment

 There are four types of unemployment in any country:

Seasonal unemployment is the changes in hiring practices that occurs due to seasonal demand for workforce, particularly in Agriculture and those who take up jobs as a summer jobs.

 Frictional unemployment: Temporary transitions in employment made by workers or by employers; and also workers and employers having incompatible or imperfect information that leads to temporary unemployment phases of workforce in an economy is called Frictional unemployment.

Structural unemployment is the unemployment caused by mismatch of skills and qualification of workers and demand for work. This type of unemployment may require further training of the employees without which they suffer unemployment.

Cyclical unemployment is the unemployment caused by the various phases of a business cycle particularly during recession and depression.

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