BUS502: Principles of Economics for Accountants- Article Writing Assignment Help

Internal Code: MAS7618

Article Writing Assignment Help:

Task: “Sydney powers the nation, accounting for almost half of Australia’s economic growth.” By Peter Martin from The Sydney Morning Herald 4 th December 2017 is available at: https://www.smh.com.au/business/the-economy/sydney- powers-the- nation-accounting- for-almost-half- of-australias- economic-growth- 20171204-gzyj04.html Access the article at the URL given above and read it carefully. Based on your reading, answer the questions in the spaces below. Use full sentences and show all necessary working. Other references are not necessary but, if you do use any (for example, online economics glossaries) please list at least the URL of your source. Marks are shown and total [15]. (1) Real GDP and real GDP per capita for Sydney are different. Define the two terms in italics and explain carefully why they differ. (2) Martin notes two very significantly different growth rates in regional NSW and regional Victoria. Compare the effect of these two different growth rates on GDP if they were sustained over a period of 20 years. (3) GDP per capita is considered a “rough measure of living standards”. Outline at least two limitations of GDP as a measure of economic welfare and then suggest two other economic indicators that could be useful in terms of measuring well-being, explaining your choices. (4) According to the article and in consideration to Sydney’s economy, “the Reserve Bank would have to push up cash rate”. Explain the effects of this decision on the economy of Sydney.