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BEA111: Principles of Economics 1 - Microeconomics and Macroeconomics Impact - Economics Assessment Answer
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Subject Code: BEA111
Internal Code: 1AHBDD
Economics Assessment Answer
TASK: You have been requested to write part of the ministerial briefing note for the new minister of the environment in the Australian government. The minister wants to explain to parliament, the consequences of climate change on Australia’s production and consumption of certain goods and services and the impact that these changes may have on the macroeconomy. The minister is interested in the impact on costs, domestic production, imports and exports, prices, inflation, employment and economic growth; and the welfare of producers and consumers of the products. Select two products/services that will be impacted by climate change and that impact on Australia’s macroeconomy.- Your first product or service should be one where climate change will primarily impact upon demand.
- Your second product or service should be one where climate change will primarily impact upon supply.
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