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Unit 1
1. Draw a price mechanism diagram illustrating a "negative externality" associated with the cigarette market
2. Explain 2 examples of these negative externalities and their economic impacts.
Unit 3
Research and summarise evidence of the following economies and the competitive advantage (Porter's Diamond) they have globally:
A) Australia's coal industry
B) South Korea's car manufacturing
C) French aircrafts
D) Canadian fish
Over the last few weeks thinktank The Australia Institute has been advocating for
more attention toward NSW logging
and the damaging impacts to koala habitat, drawing strong connections to NSWs Carbon Credit scheme. As many of us dive into ecological
sustainability and the management of environmental resources, carbon or emissions trading is popular policy for discussion given its
wide-scale adoption in various forms across the world. As always, economists look at the impacts and opportunity costs of all economic
events and policies, weighing up the realities of all angles.
Here's their video which is likely to spark some keen debate on the merits
and effectiveness of carbon trading.
Unit 1
Assume the demand for asthma medication is price inelastic. Also assume that the demand for airpods are price elastic. Draw a price mechanism model for each of these markets to show the impacts of supply shocks on the equilibrium price and quantity for each. Use
these models to explain the impact that the price elasticity of demand has when a supply shock occurs in markets.
Unit 3:
Explain the difference between the following economic indicators, and whether "increases" are most likely favourable or
unfavourable for the Australian economy.
a) Terms of Trade
b) Current Account Balance
c) Australian dollar against the Trade Weighted Index
d) Net income transfers
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