Assessment item 1 Assignment Value: 10% Due date: 14-Aug-2015 Length: 500 words Submission method options Alternative submission method Task 1 This assignment consists of one problem question. Discuss the economics of the following statement. “It makes more sense for Australia to sell iron ore to China and import steel from China” Do you agree with this statement? Justify your answer. (Hint: analyse the above statement in the context of ‘gains from trade’). Textbook Chapters 1 & 2 will provide you with the theoretical/conceptual knowledge required to answer this question. Rationale This assessment task is designed to assess your progress towards 2nd and 3rd Learning Outcomes It covers topic one (1) and has been designed to ensure that you are engaging with the subject contents on a regular basis. Marking criteria Learning outcomes Criteria High Distinction Distinction Credit Pass Fail This Assessment item/ Answer(s) aims to achieve Learning Outcomes 2 and 3 This assignment provides you with the opportunity to use the content knowledge gained so far in the subject, and for us to assess your ability to: (a) discuss and analyse the statement given, and agree or disagree with it, and (b) explain the costs and benefits of the strategy. In addition to the level achieved for a Distinction, the answer provides a sound justification for the conclusion (agree/ disagree) based on relevant research/ references. The response adds to the answer an economic analysis and provides consequences of the conclusion/ recommendation, and further brings in to the analysis/ discussion what the role of business/ government could be in the scenario that is discussed in the answer. In addition to the level achieved for a Credit grade, the Assessment Item/ Answer adds a brief description of trade between Australia and China, provides a good justification for the conclusion which will be either agree/ disagree. In addition to the level achieved for a Pass grade, the Assessment Item/ Answer should be able to recognise the correct economic theory and the associated diagram(s)/ model(s) for the analysis. The response will be able to explain the basics of the theory and of the construction of the diagram(s)/ model(s) and analyse the statement, and provide a justification for the conclusion which will be either agree/ disagree. Provides in 'everyday language' a summary a correct answer (without reference to diagrams) to the question asked. This summary includes a succinct description of the point from where the analysis commences, identification of the concept(s) behind the statement, a brief evaluation of the statement, and a justification for the answer. The Assessment Item/ Answer(s) fail(s) to achieve the level required for a Pass: Fails to demonstrate knowledge of key principles & concepts. There is no evidence of having read material presented in core texts and readings. Contains only a few ideas, but not presented in a manner that make sense. Lack of integrated arguments. Academic writing skills HD Accurate use of syntax, spelling and punctuation, correctly refers to an extensive variety of sources to support arguments, including prescribed texts and a broad range of additional readings; reference list of an extensive range of resources used, correctly formatted using APA style. DI Accurate use of syntax, spelling and punctuation; succinct and effective use of vocabulary; correctly refers to a broad range of sources to support arguments, including prescribed text and a variety of further readings; reference lists includes a range of relevant resources used, correctly formatted using APA style. C Accurate use of syntax, vocabulary, spelling and punctuation; correctly refers to more than the minimum requirement of sources to support arguments, including prescribed texts and recommended readings; reference list formatted in APA style, with few or no errors. PS Mostly accurate syntax, spelling and punctuation; correctly refers to minimum number of sources to support arguments, including prescribed texts; reference list used, formatted in APA style, with minor errors. FL Incorrect and/ or inappropriate use of syntax, vocabulary, spelling and punctuation; in- text citation is inaccurate, inappropriate and/ or inadequate; reference list is omitted, incomplete and/ or contains numerous errors. Presentation •Assessment items should be typed. •Use 1.5 spacing. •Use a wide left margin. Markers need space to be able to include their comments. •Use a standard 12pt font such as Times New Roman, Calibri or Arial. •Left- justify body text. •Include a separate title page with your name, student number, subject code, assessment number and assessment question. Include class time and tutor’s name if applicable. •Number your pages (except the cover page). •Use a header or footer with your name and student number on each page. •Always keep a copy of your assessments. Both a hard copy and an electronic copy. •Most importantly, always use your spelling and grammar checker, but remember that this does not pick up all errors. You must still manually and carefully edit your work.