Understanding of Macroeconomic Problems - Application of Economic Concepts From Both Microeconomics and Macroeconomics - Economics Assessment Answer

TASK:

The objective of this reflective journal/portfolio is to build a record of how you are learning to think like an economist as you progress through the course. Research has shown that students better understand and retain the material they are learning if they have the opportunity to reflect on the concepts, recognise them as they apply to their everyday lives and the world around them, and write about them. The real value of the journal is for you to have somewhere to put your musings, questions, thoughts, feelings, and insights about what you are learning and how you see them manifesting in your life. This includes an ability to reflect upon the processes of your learning and how you are moving through the challenges to understand new concepts in the subject of economics.

The reflective journal/portfolio is a compulsory component of the course. You should write about two-three sides of A4 using size 12 font (including models such as graphs/diagrams) for each entry in Part One and Part Two. All examples must be real, i.e. non-fictional, and may arise from a variety of situations – activities at home, the business world, current television news or news media articles. These will be concerning events you have witnessed in the world around you. Part One questions are to be individual reflections from the branch of microeconomics and Part Two questions are to be pair reflections from the branch of macroeconomics.

•  PART ONE: Three individual reflections (each entry is worth 10%) that demonstrate you have reflected on what you are learning throughout microeconomics. Each entry should be dated. See schedule below for due dates.
• PART TWO: Two reflections per pair (worth 20%) that demonstrates your understanding of macroeconomic problems. Please ensure you complete the pair peer assessment form too. This will be provided nearer the time. Each entry must be dated. See schedule below for due date.
• Application of the chosen economic concept to your life or the world around you.

PART ONE: Individual Journal Entries
1. Consider a current real world example from the news media demonstrating the forces of demand and supply in a particular market. Discuss the economic concepts you have learned. How has your understanding of these events changed due to your new knowledge from the course? You might like to turn this into a question about some current economic demand and supply issue you wish to find out about. Please include a scanned copy of the news item.
2. Show how this learning outcome has altered your way of thinking about the policies the government applies to solve major problems in the world today, such as pollution or the exploitation of resources. Demonstrate how you would now use an appropriate economic model to assist you in understanding and applying solutions to the unintended consequences of market failure. 
3. How has your understanding of the economic concepts of short run and long run affected the way you think businesses make decisions? Provide a real world example to demonstrate your understanding of how the factors of production can be combined together to indicate your new way of thinking.

PART TWO: Group Journal Entries

4. Consider the May 30, 2019 Budget Executive Summary document. Select at least one major change the Government has made in that Budget and explain the effect this change could have on your household(s) in general. From how you view this change on your household(s), extrapolate how this change will affect the macro economy using an aggregate demand and supply graph to assist you.
5. The Reserve Bank (RBNZ) controls the monetary policy in New Zealand. Read the most recent RBNZ Official Cash Rate statement which informs the New Zealand financial sector of the Reserve Bank’s direction in the medium term. Use a transmission mechanism model to explain how the Reserve Bank has attempted to influence this direction through the statement. As an economist, reflect upon whether you agree with the stance taken by the Reserve Bank in this monetary policy statement providing a justification for your answer.

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