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Instructions: Answer the following two questions in essay format. There are two questions – you
need to answer each one as best as you can. This Economic Essay is 30% of your total assessment
for the unit. Answers should be submitted TYPED in clean A4 paper, 1-inch margin on each side,
Left, Right and also Top and Bottom. Include diagrams where where necessary. The Total
Maximum Word Count: 2500. Penalties will apply to excessively long essays.
1. Read through the following article and answer the questions below:
According to the article, what factors have caused buying behaviour to shift towards the internet?
Is internet shopping causing the demise of established retail shops in Australia? Explain using
demand, supply and elasticity concepts. (answer the questions directly and choice a product/look at
one typical market) more detail see the image
800-words (with graphs): 10 marks
2. Read through The Economist article on page 16 of this unit outline.
Also, and go through the following websites: www.cia.gov, www.oecd.org
Choose 2-3 developing countries and 2 developed (OECD1) countries from the available list. Tip:
Choose the countries such that they have some history of trading between them.
(a) Using country-specific trade statistics, describe the general pattern of trade experienced by
each of these economies in the last 20 years. In your description, assess whether each one has
become more or less dependent on international trade in more recent times. Do you see any
evidence of “South-South” trade increasing? Do you see any evidence of “South-North” trade
decreasing? If so, in what goods and/or services? If not, comment on how your observations hold
in light of The Economist article.
1200-words (with tables or graphs): 12+4=12 marks
(b) Given your description above, discuss some possible reasons for your observed trends. Draw on
your knowledge of trade theories learned in class to enrich your economic analysis. It is equally
important that you draw on your knowledge of relevant domestic and/or international factors that
may have influenced the country trends, where this knowledge can come from your own research
reading.
700-words: 4+4=8 marks
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