Understanding the Main Pillars of Economic Science and Current Event Implications

What am I required to do in this assignment?

The Covid-19 pandemic caused China’s economy to shrink by quarter This drop in output was the worst single quarter decline in GDP since China began publishing the China’s economy is driven by “three major engines for growth.” These are consumer-spending, exports, and fixed asset investment. All three of these growth drivers declined by double digits according to the first quarter data.

1.Demonstrate the following knowledge and understanding

Outline and discuss both main pillars of Economic Science; Microeconomics and Macroeconomics and display an understanding of how the theoretical foundations of Economics relate to current actual events and policies.

2.Demonstrate the following skills and abilities

Identify market equilibria at the microeconomic level for both perfectly and imperfectly competitive markets and differentiate between the different approaches in explaining current economic problems at all levels including the evaluation of economic aggregates and the relationships between them.

What do I need to do to pass?

- Explain the different measures of economic activity, particularly of how a nation’s income and cost of living are measured.

- Relate the elements of the theory to every day actual events and explain how economic policies intend to tackle potential problems

- Explain a given topic in both macroeconomics by using a clear and concise argument, based on logic and the underlying theory.

- Collect and present economic data in the process of assessing a country’s economic performance.

How do I produce high quality work that merits a good grade?

This section should be filled out with students in class to build this engagement with the knowledge, understanding, skills and abilities they may need to be demonstrating throughout their assignment. Some points to be discussed with students in order to produce high quality essay students, need to demonstrate their ability:

- to understand the precise task set by the title

- to identify, appropriate material to read

- to understand and evaluate that material

- to select the most relevant material to refer to in their essay

- to construct an effective argument

- to arrive at a well-supported conclusion

How does this assignment relate to what we are doing in scheduled sessions?

The assignment offers you the opportunity to further practice what you learn in the sessions, particularly, the material and class activities covered in macroeconomic policies and data, business cycle, unemployment, recession and inflation. (Please see study guide on BREO).

How will my assignment be marked?