ECONOMICS ASSIGNMENT 1 2021 (TASK 1) Student Learning Outcome:  

This assignment is to test students on the following economics skills: 

1. Economic Research 
   • Select appropriate print or electronic media sources of economic information and data 
   • Apply appropriate methods of recording and organising macroeconomic information, including spreadsheets, graphs and tables (appropriate) 
2. Reasoning, interpretation and analysis 
   • Identify and organize relevant information within sources 
   • Apply mathematical techniques relevant to terms of trade and macroeconomic analysis 
   • Use appropriate resources to analyse Australia’s terms of trade position 
3. Communication 
   • Select and use appropriate terminology 
   • Select and use appropriate formats when communicating economic understandings
   •  Reflect on the investigation process used (referencing)  

 

 

 

 

 

 

 

 

 

 

Instructions:  

1.         Students are required to read the following articles and resource           websites regarding

 

Coronavirus means globalisation has suffered but we must not give up on trade links

Paragraph 1

In the later decades of the twentieth century, people found they needed a term to describe the dizzying amount of changes going on around them. The businesses that people worked for were buying and selling more goods in distant places. International organizations were increasingly bringing together representatives from many different communities. People were exchanging ideas rapidly as technology made travel and communications easier. These networks were not only getting bigger and covering more ground, but also their activity had become more intense. It was now possible to send and receive information or visit other places much more rapidly than ever before. Some observers even noted that people could have closer relationships with others living thousands of miles away, than with their own neighbours. How could all of these changes be described? If you guessed "a hot mess," you're close enough, but scholars and journalists eventually settled on globalization.

Paragraph 2

After the Industrial Revolution, the world became even more interconnected, and some scholars say that globalization really began in this period. In this sense, globalization is about people around the world becoming so connected that local life is shaped by what is happening in other parts of the world. This challenges our definition of community in some ways. Through the Industrial Revolution, local-global connections like this began to be established. Transportation and communication advancements led to an increase in travel and the sharing of ideas (collective learning). Imperialist nations exerted control over other areas of the world. The legacy of this colonization was, of course, negative in many ways when you consider slavery, destruction of traditional cultures, and the depletion of resources. But there were some effects most think of as positive, including the new technologies like railways and telegraph lines that connected more people and ideas around the world.

Globalization has touched all aspects of human existence. In the modern era, voluntary migration as well as forced migration have resulted in a diverse human population in many parts of the world. America, which is often called a "melting pot", is a prime example of how the mass movement of people has shaped the modern world. Today's Americans come from all corners of the globe. But equally diverse populations can be found in parts of Mexico, South Africa, Indonesia, and many other places. And as people move, they bring with them their language, culture, food, and customs. These become interwoven within an existing society and create diversity, which should be celebrated. Similarly, the world economy today is so intertwined that if one nation struggles financially, the effects are felt in global markets. On an everyday basis, globalization is represented by multinational corporations that employ people around the world. These companies often make a single product from resources and labor in many different countries.

Paragraph 3

Globalisation has suffered a severe setback as a result of the COVID-19 pandemic.

Cross-border capital flows never fully recovered from the global financial crisis. This latest shock first hit the international movement of people, but the global economic downturn will inevitably reduce cross-border trade and investment. The pandemic hit a world economy that was already struggling with the consequences of a destructive trade war.

Global supply chains have been disrupted by shut-downs in the production of key components. These supply chains are highly optimised to business-as-usual conditions and are designed to keep inventories to a minimum to reduce costs. International trade normally reduces vulnerabilities to localised shocks, but the global nature of the pandemic makes supply chain disruptions inevitable.

If anything, these disruptions dramatise the hidden benefits rather than the costs of globalisation. The availability of the goods and services that we previously took for granted now seems less secure.

2.       Students are required to answer the following questions

  

Part 1[10 marks]

1. Based on the First (1) paragraph of the article relate ONE of the factors that contributed to acceleration of global interdependence over the years. (4 marks)
2. Using Paragraph Two (2) as reference, analyse the impact of TWO linkages related with tourism and immigration to an economy like Australia. (6 marks)

 

Part 2[15 marks]

Use search engine and paragraph Three (3) as reference to analyse impacts of Covid-19 across borders and to Australian economy. Suggest a comprehensive future action plan by the Australian government to overcome the negative impacts. Your analysis should consist of

2. 1. Introduction – 2 mark
   2. Body
      1. Impacts- 8 marks
      2. Action plan – 4 marks
3. Conclusion – 1 mark

 

3.         Description of Assessment 

1. 1. 1. 1. Students must answer all the components of the assignment.
         2. Students must support their discussion/analysis/explanation with appropriate evidence and use of models, concepts, principles and skills of inquiry, as well as use of relevant diagrams (whenever appropriate) and appropriate economic terminology. 
         3. Students answer should reflect the three economics skills mentioned in the Student Learning Outcomes mentioned above. 
         4. Some of the answers can be extracted from the articles/websites suggested above, but FURTHER RESEARCH IS NEEDED. 
         5. Good answers should be demonstrated by moving beyond the articles provided and theory to clearly show their own capacity to evaluate and analyse the researched information.  

 

4.         Format: 

 

1. 1. 1. Softcopy: Submit via E-Learn (Turnitin) excluding cover page, reference list and rubrics
      2. Email PDF copy to BOTH the following email addresses: (include cover page, reference list, rubrics and Turnitin report copy) to;

         [Please take note: Compulsory to submit in both E-Learn (Turnitin) and Email.]

3. Font: Times New Roman, Font Size 12, double spacing, text justified 
4. Words: 1000-1500 only  
5. Reference: APA format
6. Allowed plagiarism: 15 % 

 

5.         DEADLINES:          

1. 1. 1. Date: 2 March 2021 (Tuesday)   
      2. Time: By 11.30 a.m

  

6.         Penalty for not complying with items 4 and 5 -   

• 1. Format: Deduct 10% from total marks. 
  2. Plagiarism: more than 15% plagiarism deduct 10% from total marks
  3. Not meeting deadline: (maximum one day) deduct 10% from total marks.
  4. Exceed word limit: by less than 100 words: deduct 10% from total marks.
  5. No reference or citation on assignment: deduct 10% from total marks.
  6. No marks awarded or ‘0’ marks if
• Submission later than allowed one day [pass 11.30 a.m on 3 March 2021]
• Plagiarism report not attached/provided
• Exceed word limit by 100 words 

 

7.         Answer breakdown guidelines for PDF copy:  

1. 1. Cover page (fill necessary information) 
   2. Assignment Rubric (attach together)
   3. Turnitin Report (attach together)
   4. Question
   5. Reference (APA format) 

  

 

Assignment 1 Rubrics  

Criteria	Weight	Excellent	Good	Fair	Poor	Unsatisfactory    Or    No answer	Total Score
Part 1 (a)  Based on the First (1) paragraph of the article relate ONE of the factors that contributed to acceleration of global interdependence over the years.	0.8	4	3	2	1	0	/4
		Very clear discussion on the relevant factor. The answer was well supported with at least two (2) facts with referencing.	Clear discussion on the factors. The answer was well supported with at least One (1) fact with referencing.	Fairly clear discussion on the factor with explanation.	Unclear identification of the factor	No discussion was provided.
Part 1(b) Using Paragraph Two (2) as reference, analyse the impact of TWO linkages related with tourism and immigration to an economy like Australia.	1.2		5-6	3-4	1-2	0	/6
			Very clear discussion on the linkages and both positive and negative impacts. The answer was well supported with at least two (2) facts with reference related to Australian economy.	Fairly clear discussion on the linkages. The answer was well supported with at least (1) fact with reference related to Australian economy.	Unclear discussion on the linkages. The answer was not well supported with fact with referencing.	No discussion was provided.
Part 2 – Introduction	0.4			2	1	0	/2
				Very clear introduction related to globalization concept and relate to Covid-19 pandemic	Clear introduction related to globalization concept.	Non-related or significant introduction
Analyse impacts of Covid-19 across borders and to Australian economy	1.6	7-8	5-6	3-4	1-2	0	/8
		Very clear discussion on the impact. The answer was well supported with at least four (4) facts with reference related to across borders and Australian economy.	Fairly clear discussion on the impact. The answer was well supported with at least three (3) facts with reference related to across borders and Australian economy.	Clear discussion on the impact. The answer was well supported with at least two (2) facts with reference related to across borders and Australian economy.	Unclear discussion on the impacts. The answer was not well supported with fact with referencing.	Non-related or significant impacts
Suggest a comprehensive future action plan by the Australian government to overcome the negative impacts	0.8			3-4	1-2	0	/4
				Clear discussion on the impact. The answer was well supported with at least two (2) facts with reference related to Australian government.	Unclear discussion on the impacts. The answer was not well supported with fact with referencing.	Non-related or significant action plan
Conclusion	0.2				1	0	/1
					All key points relating to the assignment were concluded.	There was no conclusion provided.
Total	5.0						/25