Economic Principles (BBAC202) Group Assignment (Group of Three) CAMBRIDGEINTERNATIONALCOLLEGE… –

Economic Principles (BBAC202)
Group Assignment (Group of Three)
CAMBRIDGEINTERNATIONALCOLLEGE
Economic Principles – BBAC202
October 2013
Economic Principles Assignment
TopicObjectives:
The Assignment aims to develop yourknowledge and skills in the following areas:
·Comprehensionand understanding
·Criticalthinking and analysis
·Understandingof Market Economies
·Researchingarticles, books, online materials, and journals
Due Date: Session 6.1HardCopies only – No Electronic Submissions
Studentsare again reminded to use appropriate referencing, to acknowledge use ofother’s ideas and statements, to avoid plagiarism and any copyright breaches,and to follow the instructions below.Studentsare to work in Groups of Three
Thelength of the assignment is to be approximately 2000 Words.
Theword count does not include references or bibliography. Reference using Harvard/APA
Theword count must be specified on the front head sheet of the assignment.
Yourtask is to read the following scenario and provide answers to the followingquestions.Youneed to answer each question as well as each part of the question.
The Assignment is made up of questionsworth a total of 25% of your final marks.
Different countries have differenttypes of economies as outlined in Chapter 2 of your textbook.
For Example:
`Australia,France, TheUSA and South Korea have market economiesNorth Korea,Chin, Cuba and Laos have Command EconomiesSweden,Norway, Iceland and Finland have Welfare Economies
Your assignment isto research the Australian Economy and compare it to an Economy that is aCommand Economy AND a Welfare Economy. You may choose from countries in thelists above, or chose countries of your own. Please state which countries youare using.PART 1 (7 marks)For each countrycomplete the following table:
Australia
Country 1
Country 2
Totalpopulation
GDP/capita
Labour force
% ofpopulation working in agriculture
% ofpopulation working in industry
% ofpopulation working in service
% ofpopulation living below the poverty line
Exportscommodities
Exports in $
Export partnersby %
Importscommodities
Imports in $
Importpartners by %
Part 2(18 marks)For part two you arerequired to answer the following questions1. What percentage of the population of each countryis in the labour force?
2. What are the similarities and differences betweenthe three countries in terms of the percentage of the population that works ineach type of industry?
3. Why might the list of Australian exports be so muchlonger or shorter than that of the other countries? Provide Examples of exportsfor each country, and their percentage contribution to the economy.
4. Why might some commodities appear on both acountry’s import and export list? Provide examples for each country to explainyour answer.
5. Exports and imports total in the billions ofdollars for each country. Explain what this tells you about our society.
6. Which economy do you think is the best? List thepositives and negatives of each country’s economy in your answer.

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