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ECON8069 Business Economics

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Answer the following questions ensuring that you apply economic principles or theory related to (a) the concepts of supply and demand for Question 1 and (b) the concepts of specialisation and exchange for Question 2 to inform your analysis and support your decisions. Communicate your ideas with correct grammar, spelling and writing style and support your answers with diagrams as necessary.

1. Using both a demand curve and a supply curve distinguish between a change in the quantity demanded and a change in demand and provide illustrative examples of each.

2. Explain the fallacy of President Trump's proposed protectionist policies in terms of the concepts of comparative advantage and absolute advantage.

3. Analyses supply and demand components to provide market related recommendations and or decisions.

4. Correctly utilises trade theory to identify and critically evaluate if opportunities exist for specialisation and exchange.

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