Economic Principles Assignment



Economic Principles Assignment



Topic Objectives:


The Assignment aims to develop your knowledge and skills in the following areas:



·         Comprehension and understanding


·         Critical thinking and analysis


·         Understanding of Market Economies


·         Researching articles, books, online materials, and journals



Due Date: Session 6.1

                        Hard Copies only – No Electronic Submissions




Students are again reminded to use appropriate referencing, to acknowledge use of other’s ideas and statements, to avoid plagiarism and any copyright breaches, and to follow the instructions below.

Students are to work in Groups of Three


The length of the assignment is to be approximately 2000 Words.


The word count does not include references or bibliography. Reference using Harvard/APA


The word count must be specified on the front head sheet of the assignment.    


Your task is to read the following scenario and provide answers to the following questions. 

You need to answer each question as well as each part of the question. 







The Assignment is made up of questions worth a total of 25% of your final marks.




Different countries have different types of economies as outlined in Chapter 2 of your textbook.


  • For Example:
    • `Australia, France, The USA and South Korea have market economies
    • North Korea, Chin, Cuba and Laos have Command Economies
    • Sweden, Norway, Iceland and Finland have Welfare Economies


Your assignment is to research the Australian Economy and compare it to an Economy that is a Command Economy AND a Welfare Economy. You may choose from countries in the lists above, or chose countries of your own. Please state which countries you are using.

PART 1 (7 marks)

For each country complete the following table:



Country 1

Country 2

Total population








Labour force




% of population working in agriculture




% of population working in industry




% of population working in service




% of population living below the poverty line




Exports commodities




Exports in $




Export partners by %




Imports commodities




Imports in $




Import partners by %






 Part 2 (18 marks)

For part two you are required to answer the following questions

1.    What percentage of the population of each country is in the labour force?


2.    What are the similarities and differences between the three countries in terms of the percentage of the population that works in each type of industry?



3.    Why might the list of Australian exports be so much longer or shorter than that of the other countries? Provide Examples of exports for each country, and their percentage contribution to the economy.


4.    Why might some commodities appear on both a country's import and export list? Provide examples for each country to explain your answer.



5.    Exports and imports total in the billions of dollars for each country. Explain what this tells you about our society.



6.    Which economy do you think is the best? List the positives and negatives of each country’s economy in your answer.

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    • Topic Objectives:

      The Assignment aims to develop your knowledge and skills in the following areas:

      ·Comprehension and …