ECO101 - Principles of Economics - Economics Assignment Help

Assignment Task

Task Requirements: Individual Research Project
You are required to use a range of legal resources including Textbooks, Journal Articles, Online Legal Resources; as supporting evidence for the arguments, analysis, and discussion of the assignment question.

QUESTION
Who is a problem?
Imagine a brother and sister who live in a capital city in one of Australia’s southern states –Adelaide, for example. They are young adults who have been registered as unemployed since they left high school a little over a year ago. They do not think there are any job prospects for them and have more or less given up looking for work. They spend most of their time sitting around at home watching television. However, they do make half-hearted attempts to look for work. For example, one afternoon each week they attend a local job club, and they are active on social media.
Now imagine a man in his fifties who had worked in the local factory in a small regional town for most of his working life. He lost his job when the factory closed down and has been unable to find any work since. He does not go out to collect his unemployment benefit because he no longer expects to find work. He tries to find useful things to do around the house to fill in his time.

Weblink
Go to the Australian Bureau of Statistics website, http://www.abs.gov.au. Select ‘Statistics’, then ‘Key Economic Indicators’ (under the heading ‘Economy’) for the latest inflation and unemployment rates. You can use the grasp and tables to illustrate and to support your arguments.

Questions
Consider the example of the young siblings. How would you classify this form of unemployment? Explain your answer. Explain how the young siblings are an example of how the unemployment rate can be overstated.
Consider the example of the man in his fifties. How would you classify this form of unemployment? Explain your answer. Explain how the older man is an example of how the unemployment rate can be understated.
Is one type of unemployment a more serious problem than the other?
Consider the COIVD-19 circumstances and discusses its impact on inflation and employment if any? Illustrate your answer.
Do you think the monopoly has any impact on inflation and employment? Illustrate your answer.

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