 Learning Outcomes

1. Understand the main questions in Economics besides the basic concepts of demand and supply, equilibrium price and quantity covered in Microeconomics
2. Understand the working of invisible hand in handling both shortage and surplus in the economy along with the ability to explain the core microeconomic concepts with reference to Australian economy
3. Analyse the applicability of such concepts to real time economic situations to display sound understanding

Task Summary – Assessment 1: Report- Microeconomics
Your topic will be an ongoing issue in the Australian economy. The topic will be given to you by the end of Week 2 at the latest. You are required to identify, discuss and analyse the core microeconomic contents and write a report  overing all the relevant concepts discussed in class. You will only focus on microeconomic environment to address the issue. The maximum length of your report is words. Your report should have sound academic references (minimum 6 references); your references cannot be from blogs. The purpose of this assignment is to test
 your understanding of the basic and core Microeconomic concepts besides,
 your ability to analyse and apply the core concepts to the current issues affecting the Australian economy from a
Microeconomic perspective
 your ability to use relevant theories and diagrams to support your answer

– Context
You are expected to submit this assessment 1 at the end of Week 6 of the trimester. You are required to draw links between the scenario, the learning resources and any other discussion that may you may have had in class. You are encouraged to clearly display your understanding of the core microeconomic concepts. You will lose marks if you have less than 6 academic references to support your answer