ECON1010: Explain the Issues that Your Report will Address and the Information Your Report - Management Assignment Help

Assignment Task:

Task:

[Instructions in this template that have been written inside square brackets [ ] can be deleted from your final document when you submit your assignment]
[Suggested word count or number of sentences is provided as a guide for each section of the report. You should not exceed the upper limits. Your word/sentence count does not include titles and headings, references, tables or graphs, or your groupwork contribution statements.]
Team Charter
As the first step of your assignment, all students are expected to read the Groupwork module in the RMIT Learning Lab <https://emedia.rmit.edu.au/learninglab/content/group-work>
The module provides practical guidance to equip you to achieve your best as a group. The module advises that groups begin by designing and collectively agreeing on your team charter. The charter should outline the values, goals and expectations that all members agree to. The following team charter is provided as your starting guide – collectively your group should feel free to edit it to best match your shared goals, values, circumstances and strategy for completing this task. You should consult with all members and support all group members to provide their input towards your team charter.
Our Team Charter
All members of this team agree to:
respect all group members
contribute our fair share to the task
commit fully to the group task and take responsibility for our individual contribution as agreed to by the group
communicate regularly with our fellow team members
participate in all group meetings unless unavoidably unable to do so
give and receive constructive feedback to support each other’s learning and skill development
collectively read and edit the final report
work according to an agreed timeline
alert our other team members to any delays or limitations on our capacity to fulfil our individual task as soon as possible
work collectively to resolve any problems or group conflict

Executive summary
[Summarise the key points of your analysis] (3-4 sentences)
Introduction
[Explain the issues that your report will address and the information your report will offer. Clarify which country does your analysis look at. Point out the ways that your report is useful and informative for businesses.] (3-4 sentences)
1. What was the state of the economy before the COVID-19 pandemic?
[Provide some insights into the overall state of the country’s economy before the COVID-19 pandemic was declared in March 2020. Refer to relevant macroeconomic indicators to support your observations, including GDP, unemployment and inflation. Clarify the difference between Nominal and Real GDP, and explain how GDP is connected to unemployment and inflation.]
[As part of your profile of this economy, identify what are the largest or most important industries for this country’s economy.]
[Be sure to cite all your data sources. Provide the full details of your sources in the References list at the end of this template document.]
(200-250 words)
2. What has been the impact of the COVID-19 pandemic on the economy?
[Identify two specific ways that the COVID-19 pandemic shocked the economy during the first twelve months of the COVID-19 pandemic, applying your AD-AS model. You should think in terms of the four components of Aggregate Demand (AD) and the factors that influence Short-Run Aggregate Supply (SR-AS). Each of your two shocks should relate to a component of AD or to SR-AS, and be able to be represented by a shift in either the AD or SR-AS function.]
[For each of the two shocks that you have identified, explain why the shock occurred during the pandemic and consider how you would illustrate its impact using an AD-AS model. Explain to your client how each shock caused a shift in AD or SR-AS, and how this consequently affected Output (Y) and Price Level (P). If the shock is affecting the AD function, you should specifically mention which component of AD is affected.
[Illustrate each of these two shocks in an AD-AS diagram. You should create two separate diagrams for each of your two changes. Include all essential elements of your diagram, including marking the initial and new macroeconomic equilibrium points. In your discussion of each of these shocks, you should clearly explain what happens to Output and Price Level and illustrate this on your diagrams. For the purpose of this analysis, you should assume the economy begins at Potential Output (Y*) and you only need to focus on short-run effects. Remember that each diagram should illustrate the effect of one shock only and assume no other changes are occurring (that is, you are “holding everything else constant”).
[You should present your diagrams in the Technical Appendix of your consultancy report and provide your written explanation in the body of your report here. Within your explanation, you can refer to the Technical Appendix (for example: “Refer to Figure 1 in Technical Appendix”.]
(5-7 sentences for each of the two shocks in addition to diagrams)
3. Economic challenges arising from the pandemic
[Now consider how the COVID-19 pandemic has affected this country’s aggregate economy during the first twelve months of the pandemic, with respect to the following challenges. For each challenge, write a brief observation using your economic knowledge, and gather some data to support your observations.]
3.1 Unemployment
[What happened to unemployment and labour force participation rates? In your explanation, briefly explain to your client why it is important to monitor both of these labour market indicators.] (150-200 words)
3.2 Costs of living
[What happened to the Consumer Price Index and inflation/deflation? In your explanation, briefly explain to your client the problems associated with high inflation, and why very low inflation or deflation should also be considered a problem? Your client has borrowed heavily to invest in many projects. Explain the problems that can occur when inflation ends up being different from expectations and how your client might be affected as someone who has many loans.] (150-200 words)
3.3 Economic inequality
[Based on available data on the impacts of the pandemic, provide your assessment of whether there a risk that economic inequality has worsened, or might worsen in the future, as a result of the pandemic? Identify which cohorts of the population are most vulnerable to the negative impacts of the pandemic in terms of economic opportunities, financial security and wellbeing? Note which economic indicators would you advise using to monitor changes in economic inequality within a country.] (150-200 words)
3.4 Confidence and mental health
[Explain to your client the role of confidence in the economy. Briefly explain to your client what happened to consumer confidence and business confidence throughout the pandemic? Looking at the human side of the pandemic, source some relevant statistics to also explain what has happened to the mental health of the population and your assessment of the implications for the economy?] (150-200 words)
4. Longer-term outlook
4.1 Understanding sources of long-term economic prosperity
[Your client also wants to be advised on the economy’s long-term growth prospects for the future. Using your economic knowledge on long-term growth, provide your insights into the ingredients that an economy needs for achieving ongoing improvements in its productive capacity and economic prosperity over the long-run. Explain what are the most important ingredients for strengthening a country’s potential output in the long-run. Include a theoretical diagram to illustrate your discussion of long-term growth. This can be presented in your Technical Appendix.] (150-200 words)
4.2 Effects of the pandemic on the economy’s productive capacity
[Drawing on your economic knowledge of the drivers of long-run growth, identify at least two ways that the pandemic has potentially damaged the economy’s productive capacity. Also identify at least one way that the pandemic has resulted in changes that could improve a country’s productive capacity. Explain how these effects would be illustrated using the theoretical diagram that you have presented above.] (150-200 words)
4.3 Predicted effects of climate change on economic prosperity
[As part of your consultancy advice to your client, provide some insight on the predicted risks of climate change and the importance of natural resource sustainability for the economy. Provide your assessment of the implications of climate change forecasts for the productive capacity of the economy in the future. (150-200 words)
4.4 Broader measures of economic prosperity and wellbeing
[Lastly, advise your client on some other metrics of wellbeing that we need to pay attention to when assessing a country’s overall improvement in quality of life over the long-term. Explain to your client why it is important to consider additional indicators of wellbeing in addition to the conventional economic indicators. Choose two alternative measures of economic prosperity and wellbeing that are used internationally, and provide a brief explanation of what they measure. Source data on these two measures for your country and note how your country of analysis compares to other countries elsewhere in the world according to these measures.] (150-250 words)
Technical Appendix
[Here is where you can present your diagrams to support your analysis. Label each diagram as Figure 1, Figure 2, etc. ]References
[List all of the references that you have used in your assignment. References do not count towards your total word count]
The remaining pages of this document do not count towards your word count
Contribution to groupwork
[The assignment required you to work collectively as a team. We expect that everyone contributes their fair share of work to the overall task.
To reflect on your experience working together in a group, each member of the group is asked to write a short statement (3-4 sentences) explaining your contribution to the group task and how you were part of this team. If you faced any challenges working as group, you can describe these challenges and how you overcame them.
To build your groupwork skills, it is expected that all students read the RMIT Learning Lab Groupwork module. The link to this module is included in the Assignment page on Canvas. In your statement of your contribution to groupwork, you should specify what was the most valuable piece of information that you gained from this module.]
Student 1 contribution to groupwork:
Student 2 contribution to groupwork:
Student 3 contribution to groupwork:

Academic integrity
Academic integrity means that teachers and students are expected to act with "the values of honesty, trust, fairness, respect and responsibility" in all our learning, teaching and research activities.
In undertaking and submitting your assignments, it is expected that every student will abide by the conditions and values that are expected of all students in RMIT’s Assessment Declaration:
I have not impersonated, or allowed myself to be impersonated by any person, for the purposes of this assessment.
This assessment is my/our original work and no part of it has been copied from any other source except where due acknowledgement is made.
No part of this assessment has been written for me/us by any other person except where such collaboration has been authorised by the lecturer/teacher concerned.
I have correctly acknowledged the re-use of any of my own previously submitted work within this submission.
I give permission for my assessment response to be reproduced, communicated compared and archived for the purposes of detecting plagiarism.
I give permission for a copy of my assessment to be retained by the university for review and comparison, including review by external examiners.
I understand that:
Plagiarism is the presentation of the work, idea or creation of another person as though it is your own. It is a form of cheating and is a very serious academic offence that may lead to exclusion from the University. Plagiarised material can be drawn from, and presented in, written, graphic and visual form, including electronic data and oral presentations. Plagiarism occurs when the origin of the material used is not appropriately cited.
Plagiarism includes the act of assisting or allowing another person to plagiarise or to copy my work.

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