200425 Economics - Assignment 1: Workshop Questions 2019 Q3
Workshop Question 1
To answer this question, you are expected to have read the relevant sections on appropriate
measures of wellbeing from the Session 1 Readings and the additional note on Alternate
measures posted on vUWS.
Please view the attached clip on the oil spill in the Gulf of Mexico.
http:
www.youtube.com/watch?v=8Uax5FRWnvs
Consider the effect of the oil spill on economic and social wellbeing. Select an appropriate
(one only) measure of wellbeing and
iefly explain in your own words why you believe that
your choice is the best measure of the impact of the oil spill on society’s economic and
social wellbeing.
Please note that the above question does not require you to discuss any other indicator or compare
it with any other indicator.
Workshop Question 2
Please read the attached article titled “Growing number of Australian small businesses
struggling amid economic downturn”.
Explain the Keynesian response to this situation in Australia?
Workshop Question 3
Free trade is good for poor countries. Critically discuss this statement.
Important Instructions
This is a blended learning Assessment. You are expected to read relevant material and discuss the
questions within your group, but submit it as an individual assignment written in your own words
just as you would answer an essay question at an open book final examination.
This means you should not:
1. Read your group members’ written work and use it as a guide to complete your
assessment by paraphrasing it
2. Copy something directly or cut and paste information. However, you may look at
appropriate source material and formulate your thoughts during group discussions to
write up your own answer.
Please note that Plagiarism in any form (i.e., this includes collaboration in formulating your
written answer and not necessarily limited to a high similarity score) is not acceptable. If in writing
collaboration is suspected, both assignments (even if the similarity score is zero) will be forwarded
to the unit coordinator (Dr Andrew Marks) for appropriate action.
Please see over for further details
http:
www.youtube.com/watch?v=8Uax5FRWnvs
The three questions overleaf are from topics 1-4 that may require explaining theory or
applications of theory or critical reflections on theory. In each case, students will be
equired to develop a thesis statement and write 350 words for each question to defend
their thesis. In total what you submit must not exceed 1050 words. The question is not the
thesis statement.
Submissions
Turnitin submission is required (see general submission requirements). However, as groups
may have collaborated quite significantly in discussions, and this is encouraged, more
leeway will be given on Turnitin similarity scores. However, the main criterion is that each
student is expressing the ideas in their own words without reference to another’s written
work or style of writing.
In your turn it in submission please do not include in text citations. After completing all 3
questions, REFERENCES should be included on a separate page (as you would for an essay)
for all 3 questions.
Please do not include the question above your answer or include the Assignment
coversheet when submitting through turn it in.
A hard copy of what you submitted via turn it in but including the questions above each
answer and the Reference page must be submitted in class in Week 5.
Late assignments unless approved by the Lecturer will attract a penalty. Please refer to the
Learning guide.
DUE DATE Week 5 Q3 2019 IN CLASS
Marking Criteria
Thesis Statement/defend Statement
Critical Analysis /Theory
Own words/Excess word Count
See Article attached for Workshop question 2.
Growing number of Australian small businesses struggling amid economic downturn
By business reporter David Taylor
Updated Thu at 12:23amThu 20 Jun 2019, 12:23am
PHOTO: NAB's analysis of electronic payments
points to further retail weakness ahead. (AAP/Supplied)
Evidence is emerging that a growing wave of businesses are going to the wall as the end of the
financial year approaches.
KEY POINTS:
ASIC figures showing the number of companies entering administration rose 11.2pc last year
NAB's cashless sales index is pointing to continued weak retail sales growth
Business groups warn weak trading conditions will lead to job losses in the retail sector
Private debt collectors dealing directly with businesses struggling to pay their suppliers have told the
ABC's PM program their work load has "spiked" in recent weeks.
In New South Wales alone, the ABC understands the numbers of business getting a knock on the door
from debt collectors is in the thousands.
Nationwide, according to Australian Securities and Investments Commission, the number of
companies entering external administration increased by a staggering 11.2 per cent last year.
Economists agree that businesses in the retail sector are reeling.
National Australia Bank surveys hundreds of businesses every month to track how they are
progressing.
The bank's chief economist Alan Oster compares conditions in department stores and shopping malls
to those experienced during the depths of the global financial crisis in Australia.
He said demand for items like perfume, jewellery and entertainment are suffering through
ecessionary conditions.
"In our business survey we're getting readings that are basically as bad, if not worse, than the bottom
of the GFC," he said.
"I think retail has got really tough conditions."
https:
www.abc.net.au/news/david-taylo
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FOREIGN COMPETITION HITS RETAIL
Australian shops are struggling to adapt to a much more competitive marketplace generated by foreign retailers seeking a
share of the consumer dollar.
Economists say the retail sector is under enormous strain, with Bureau of Statistics figures showing
sales turnover in April actually went backwards.
Consumers struggling with low wage rises and concerns about job security have kept their wallets
shut, with retail turnover falling 0.1 per cent over the month.
"I think generally people think the economy is still travelling OK, and I think overall it is, but it's very
much driven by essentially public sector demand and exports, particularly in LNG," Mr Oster said.
"I think it's just an issue that people and businesses are feeling under stress, they wo
y about their
margins, and it's tough times out there."
DEBT COLLECTION BOOMING
Sonia Ferlauto deals directly with businesses suffering poor trading conditions.
She is the director of debt collection company, Accelerated Collection Services.
"Every time we open a file it's a [failing] business," Ms Ferlauto said.
"If they're not trading, let me tell you, they go down real quick."
She said her firm's workload had spiked in recent weeks.
"This week I've already noticed inquiries have come up," she said.
"Old clients are coming back, and it must be because it's the end of the financial year, people
are starting to get concerned about cash flow, so I can just see a spike happening already.
"I can tell you it's definitely on the increase."
Peter Strong from the Council of Small Business Organisations of Australia (COSBOA) said the
increase in the number of companies failing is concerning.
He pointed to a number of different factors that could be hurting business.
"Certainly the lack of confidence before the election may be a contributing factor, so let's see what the
figures are like in another month's time," he said.
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THREAT TO JOBS
JOBS AT RISK AS HOUSE PRICES FALL
Job advertisement data indicates the banking royal commission and house price falls may have already curtailed career
opportunities in finance, construction and retail.
The Reserve Bank has indicated it is looking very keenly at the unemployment rate.
The RBA said it wants to see the jobless rate fall because that will mean more Australians are
in work, pushing wages up and increasing their ability to spend money at shops and malls
around the country.
But Mr Strong said employment conditions would be weak if small businesses continue
struggling.
"Well if business are struggling that means they won't be employing anybody [new]," he said.
"It'll either be retrenching people, [laying] them off altogether or cutting their hours back."
NAB expects the unemployment rate will rise further, based on weak conditions in the retail
sector.
'LITTLE OR NO BOUNCE BACK' IN RETAIL CONDITIONS
On Wednesday, NAB released its Cashless Retail Sales Index for May.
CAMRY IN A COAL MINE?
Are plunging car sales a ha
inger of economic doom or a shock-abso
er for more labour-intensive parts of the economy?
The index measures all cashless retail spending by NAB customers using debit and credit
cards (both in person and online), BPAY and Paypal.
The NAB Cashless Retail Sales Index increased by 0.5 per cent in May, from April.
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"Compared to a year ago the index was up 6.3 per cent, which is still well down on the 10 per
cent-plus annual growth rates seen last year," the bank's economists noted.
"The expected growth in ABS retail trade of 0.2 per cent is only modest, which is
disappointing as it indicates that there was little or no bounce back from April's disappointing
esult.
"Beyond this period we expect a continuation of below trend [GDP] growth and as a result
the unemployment rate is expected to rise, reaching around 5.5 per cent by 2021."
COSBOA said it was watching conditions in the retail sector, and the economy, very
carefully.
"If the figures show that it's going to get worse then the Government and other
[policymakers] need to react quite quickly," Mr Strong said.
End Article.