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Economics for Business
Tri1 2014
Topics for Individual essayDUE Week 7
Choose any One topic from the following list:
· Scarce resources- which resource and in which country/industry and what are being done in the industry or country
· Opportunity cost – faced by any company or country or government in choosing something and leaving other alternates
For example – delay in setting up broad band in Australia or not building up infrastructure like high speed rail, roads, housing or ports etc
· Micro economics – study of individual behaviour – individual industry like education, meat industry, tourism and agriculture.
· Gains from trade – increased production and becoming specialised in certain industries. Australia or any country
· Comparative advantage/Absolute advantage –
· Free Trade agreement with Japan and Korea and its affect on Australian economy, jobs and GDP.
· Demand and supply of certain resources or products/services in Australia or world wide or factors other than price which affect demand and supply
· Elasticity of demand, Income elasticity and cross elasticity
· Costs of production
· Market structures like Monopoly, Duopoly, Oligopoly and Monopolistic competition
Structure of the Essay
· Introduction – which topic 200 words
· Body- Discuss the topic in the article and with some theory -700 words
· Conclusion 100 words
– More marks for research – choosing a good article on something specific topic from MICRO economics only
– Theory should not be more than 300 words
– More marks for application and your comments on the topic
– You need to attach the copy of the article with your essay
– Upload the soft copy on BB
– Following are the good sources of the articles:
· Economist
· Australian Financial Review
· Australian
· Sydney Morning Herald
· Fortune
· Boss
· Proquest or any other data base

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