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ME395 Portfolio Assignment

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Course Code: ME395
University: University Of Washington

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Country: United States


Interpret and explain economic principles and models Use powerpoint presentations attached as references, they include all economic principles and models that need to be interpreted and explained.


Economic models
Production possibility curve: The graphical representation of combinations of the amount of two goods that the economy can provide by transferring resources from one goods to another is termed as production possibility curve. The production possibility curve is the possible trade off for producing combination of goods with the usage of constant technology and resources per unit time.
Price mechanism: The way in which the prices of services and goods affects the demand and supply of the good is termed as price mechanism (Castelnuovo and Tran 2017). It affects both the sellers and buyers who negotiate prices. It also affects every economic situation in the long term. Price mechanism plays a very important role in an economy that is capitalist.
Macroeconomic aggregate demand and aggregate supply model: The macroeconomic aggregate demand curve is downward sloping.  The relationship which is present between the amount of real gross domestic product which is demanded by the government, households, firms and the price level is termed as aggregate demand.  Aggregate supply is the total amount of supply of goods and services that firms sell in an economy during a specific period of time.
The five sector circular flow model:  the five sector model of the economy consists of different kinds of sector ranging from household sector, producing sector, financial sector, government sector and the sector of rest of the world. This kind of model represents the economy similar to Australia and also demonstrates important relationships between the mentioned sectors in the market of the Australian economy.
Duopoly game: Duopoly is the form of oligopoly where there is presence of two sellers in one market. The duopoly game states examines the profit that the firm earns from all the combination of strategies ( La Cava,  Hughson and Kaplan 2016). This also shows the way on how the profits of the two firms are dependent on the pricing strategies of the firm.
Collusion: collusion is the agreement among the firms who charge the same price so that there is no presence of competition. The trade practices laws in Australia are used to deal with monopolies and collusion
Short run and long run perfect competition model:  in a perfect competition model there are thousands of sellers and buyers in the market who can influence the price. The products sold over here are exactly of the same types. There are absence of barriers for the new firms entering the market or leaving the market. In case of a perfect competition the firm faces a perfectly elastic demand curve. Economic profit in the perfectly competitive market occurs only in the short run. All firms in the perfectly competitive market in the long run earns only normal profit. In short run the AC curve is above AR curve at the different levels of output. In short run a perfectly competitive firm makes super normal profit or loss (La Cava,  Hughson and Kaplan. 2016). There is absence of any kind of barriers to entry and exit in a perfect competition market
Work force participation ratio: labour force participation rate is the working population in the age group of 16-4 in the economy. The labour force of Australia is around 12.339 million of which 11.592 million are employed and 0.747 million people are unemployed (Abs.gov.au. 2018). The factors which influence the growth in the labour force are net migration, natural increase and changes in the labour force participation rate. The labour force participation rate can be measured by
Economic indicators
Cash rate: the cash rate is the interest rate set by the Reserve Bank of Australia which is usually based on the rate of inflation and is charged on overnight loans to the commercial banks. The term cash rate is used both in New Zealand and Australia. The business that needs to borrow in Australian Dollars will be adversely affected by the upward shift of the cash rate that will in turn boost the lending rates of the bank.
CPI statistics: the consumer price index is the statistical estimate which is constructed using the prices of samples of the items whose prices are collected periodically. It measures the changes in the price level of market basket of consumer services and goods purchased by the households (Abs.gov.au. 2018).  The consumer price index is 6401 in 2018.
Gross domestic product:  the monetary measure of the final goods and services produced in a particular period of time which can be either yearly or quarterly is termed as gross domestic product. Australia is largely a mixed market economy with having a gross domestic product of around A$1.69 trillion in 2017. The amount of goods and services produced in a country is called the gross domestic product (Ward et al. 2016) GDP is used for measuring the economy. It is therefore used for measuring the total output of economy.
Public debt: Public debt is the debt which is owned by the government and are of six different types. The government debt of Australia is the amount owned by the Australian Federal Government. In the year 2017, the public debt of Australia was around $551.75 billion. The debt fluctuates from week to week depending on the receipts of the government (Castelnuovo and Tran 2017).  There are two types of debt, one is the internal debt and another kind is the external debt.
Unemployment statistics: according to the Australian Bureau of statistics a person id termed to be an unemployed when he has not worked in a week, however he must be actively looking for work. On the other hand, a person is termed to be employed when he has been working and is paid. The working age population of Australia is around 19.121 million and of that 0.747 million people are unemployed in nature (Gregory and Smith 2016). The unemployment rate can be measured as:
The unemployment rate is therefore 6.1% in Australia.
Productivity: the different measures of the efficiency of production is described as productivity. The ratio of outputs to inputs used in the production process is the measure of productivity (Carvalho 2015). Productivity is one of the crucial factors in production performance of nations and firms. The productivity of Australia had been 101.80 index points in 2018.
Reference list
Abs.gov.au. (2018). Australian Bureau of Statistics, Australian Government. [online] Available at: https://www.abs.gov.au/ [Accessed 15 Sep. 2018].
Carvalho, P., 2015. Youth unemployment in Australia. Policy: A Journal of Public Policy and Ideas, 31(4), p.36.
Castelnuovo, E. and Tran, T.D., 2017. Google it up! A Google trends-based uncertainty index for the United States and Australia. Economics Letters, 161, pp.149-153.
Cowell, F., 2018. Microeconomics: principles and analysis. Oxford University Press.
Gregory, R.G. and Smith, R.E., 2016. 15 Unemployment, Inflation and Job Creation Policies in Australia. Inflation and Unemployment: Theory, Experience and Policy Making, p.325.
Kryger, T., 2015. Casual employment in Australia: A quick guide. Parliamentary Library.
La Cava, G., Hughson, H. and Kaplan, G., 2016. The household cash flow channel of monetary policy. Reserve Bank of Australia, Research Discussion Papers, (2016-12).
Manalo, J., Perera, D. and Rees, D.M., 2015. Exchange rate movements and the Australian economy. Economic Modelling, 47, pp.53-62.
Ward, J.D., Sutton, P.C., Werner, A.D., Costanza, R., Mohr, S.H. and Simmons, C.T., 2016. Is decoupling GDP growth from environmental impact possible?. PloS one, 11(10), p.e0164733.

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