Please read through all of these instructions carefully for information on how to complete your assignment. Support resources are provided at the end of this guide for you too.
• Assignment 2 is based mainly on Part B of the course, while building on the knowledge and skills that you have acquired throughout the course to date. This assignment will consist of a set of tasks that reflect the type of practical written group work that you will be expected to deliver in a real professional job.
• The focus of this assignment will be on providing an update on the state of a country’s economy, identifying the economic problems confronting businesses and policymakers, and analysing these problems using the economic models you have learnt in the course.
• A template document has been provided for your group to use as your assignment document.
The assignment consists of 2 parts:
• The first part of your assignment requires you to pay attention to news events that relate to macroeconomics issues. Each member of the group will be asked to select a news article and write a summary of what you have learnt from the article.
• The second part of the assignment will be asked to write an update on the condition of the economy and present your update in the format of a business consultancy report, which is a type of output you would be expected to produce in a professional working environment. You need to refer to the concepts we have learnt in class and are encouraged to include relevant data and references to support your analysis.
Assignment submission information • Marks: 40% • Course Learning Outcomes: 1, 2, 3, 4, 5, 6, 7, 8
• Due date: 29 April 2022 (end of Week 8). You will be required to submit your assignment by 11:59pm AEST (Melbourne local time) on this date.
• Submission of assignments: Your group should submit your assignment as a single document (Word or PDF) in Canvas. Only one submission is required for each group.
• Please label your assignment file as:
Group Number refers to the number that your group has been assigned in Canvas, and surname refers to the surname of each student. Your assignment template document will ask for additional details including your tutorial group number, day and time, and tutor’s name.
• You will work as a team to complete this assessment as a group assignment, which reflects the type of professional working environment you are likely to work in in the real world.
• To help develop your groupwork skills, including skills for communicating within your group, we expect all students to read the RMIT Learning Lab’s Groupwork module https://emedia.rmit.edu.au/learninglab/content/group-work
• Because this is a group task, all group members are expected to contribute equally and work as a team. The task will require each team member to provide a short statement that describes your contribution to the assignment.
• This assignment will help to develop your teamwork skills in a professional se‘ng. One of the Course Learning Outcomes of this course is to demonstrate your capacity to work in a group. 5 marks of this assessment task are awarded for your efforts towards groupwork.
• You need to form a group of 3 students. Group members must be enrolled in the same tutorial. You should create and register your group under “Assignment 2 Groups” in the People tab in Canvas.
• If the number of students in your tutorial does not permit you to form a group of 3, you may ask permission from your Tutor to form a group of 2 students.
• You can connect to group members through the Canvas Discussion page and during your Tutorial acdvides
• In excepdonal circumstances, and only if you are prevented from being able to work in a group, you may ask permission to work independently. This is only with approval from the Course Coordinator. If you have not received approval from the Course Coordinator, students who do not work as a group will forgo the 5 marks that can be earned by working in a group
• Your group should jointly submit your assignment file via Canvas. Only one assignment should be submifed for the group.
Task details: Part 1 Summary of economics news articles
• In this course, we have been analysing news articles and analyses written by economists and business journalists. This is a useful way to understand how the concepts we are learning in class can be applied to what is happening in the world around us.
• For this task, each member of the group needs to choose a news article that relates to the macroeconomic concepts we have been discussing in this course. The article should be relatively recent (published within the past 2 years).
• Your task is to write a short summary of the article. In your written summary, you should identify: What is the underlying economic problem or issue being discussed in your article? What did you learn from this article? What did you find interesting about this article or why did you choose it?
• Each student’s written summary should be 200 to 250 words. Each group member should write your own summary and then share it with your group members for constructive feedback and suggestions on how to further improve it before you submit your assignment. It is the responsibility of all group members to check the summaries written by your fellow group members to ensure that they have fulfilled the requirements of the task.
Task details: Part 1 Summary of economics news articles
• For this summary, do not simply -copy and paste- segments from the article, as you cannot earn marks for this. You will be awarded marks for expressing your summary of the article in your own words.
• It is essential that you include the weblink to your article. You will lose marks if you fail to do this. We also recommend saving a copy of your article in PDF (-Choose the -Export to PDF- option) so you have a backup copy if the website changes. You can include a PDF or screenshot of your article in your submission if you are concerned that your weblink might not be stable or easily accessible.
• Your news article does not need to be specific to Australia – it can be of any country that you are interested in, or about global or regional economic conditions.
• Your news article does not need to be about the pandemic. There are of course other macroeconomic news topics too.
Task details: Part 1 Summary of economics news articles Where to find your news article
• Where to find your article: Look at credible news sources eg. ABC News, Australian Financial Review, The Economist, The Conversation, The Guardian, The Age, The Australian, Financial Times, Bloomberg and other credible international news agencies.
• It is fine to use any of the news articles that are mentioned in the course’s lectures, tutorials or reading list
• If you have any doubts about the suitability of your choice of article, check with your other group members and your Tutor during tutorial class.
• Please inquire with RMIT Library Services for further guidance if you are having difficulty finding a news article.
Task details: Part 1 Summary of economics news articles Examples of potential news topics
• Effects of pandemic on jobs, GDP, and businesses
• Effects of climate change and natural disasters, economic issues relating to the environment
• Reports on Central Bank’s decisions on interest rates
• Changes in consumption or investor confidence, and challenges of current economic conditions for businesses
• Reports on macroeconomic indicators by economists or key statistical agencies
• Effects of the pandemic on the stock market, housing market, international trade, exchange rate, migration, birth rates and population growth
• Link between economic conditions and mental health and wellbeing
• Budget deficit and debt
• Policies changes that affect education and skills and employment (eg. JobKeeper, HECS, employment laws)
• Role of education, skills, innovation and technology for future economic recovery and long-term prosperity
• Effects of pandemic on economic inequality and disadvantage
• Analysis of changes in economic conditions in other countries and regions in the world, as an outcome of pandemic or other major world events (politics, disasters, other disruptions)
Task details: Part 2 Consultancy Report
• The COVID-19 pandemic has caused immense disruption to economies all over the word. You are a team of economists working for a business consultancy firm and have the task of providing your client (a financial investor) with an update on the state of a country’s economy to help guide their business decisions. Your group should collectively choose a country to focus on.
• Your update should be presented in the form of a written consultancy report. A template document has been provided which you should use. It will provide you with guidance on the content of your report and provide sub-headings and sections for you to follow.
• Your report should refer to the macroeconomic concepts, models and indicators that we have learnt about in class. Your report will be of greatest use to your client if you can demonstrate that you understand the components of the business cycle, Aggregate Demand, the factors that have caused AD or SR-AS to increase or decrease during the pandemic, and the ingredients that contribute to an economy’s productive capacity and long-run growth. You also need to demonstrate your awareness of the need to consider other measures of economic wellbeing and prosperity in addition to conventional indicators.
Task details: Part 2 Consultancy Report
• Read the assignment template document carefully for further details on what to include in your consultancy report. You should discuss with your group members a plan for how to collectively complete your report together.
• The template provides a guide to the word count or number of sentences to write for each section of the report.
• The content of your assignment should reflect the type of analysis that your lecturer has talked through in lectures, and the type of discussion that you have participated in with your Tutor during tutorial classes. If it would help to go back and watch your lectures again, we encourage you to do so. Your report requires you to include diagrams that we have learnt in class.
• Beyond the knowledge that you have gained through the course lectures and tutorials, you must include all references that you use to source your information, including data from statistical agencies, reports, academic papers, textbooks, news articles and any other pieces of analysis that you gather from credible sources. You do not need to include references to lectures or tutorials.
• You should include references at the end of your consultancy report, following a consistent referencing style.
• We recommend following the RMIT Harvard Referencing style, as detailed on the RMIT Library website: https://www.rmit.edu.au/library/study/referencing/referencing-guides-for-printing
• Including references of all sources is a vital component of all academic and professional work and a core part of academic integrity. This RMIT webpage provides valuable guidance: https://emedia.rmit.edu.au/learninglab/content/referencing
• If you have any uncertainties about how to reference your sources or what needs references and what doesn’t, reach out to your Tutor for advice.
Adjustments for groups of 2
• If you end up in a group of only 2 students, instead of 3 students, you may adjust the assignment requirements as follows:
• Summary of news article: Submit 2 articles only instead of 3 (200-250 words each)
• The remaining requirements of the assignment are the same.
Support and further guidance
• For support and advice on writing your assignment, please make use of the following resources:
• Developing your Writing Skills: https://emedia.rmit.edu.au/learninglab/content/writing-skills
• RMIT Study Support Hub: https://www.rmit.edu.au/students/study-support/study-support-hub
• RMIT Peer Mentoring: https://www.rmit.edu.au/students/study-support/peer-mentoring
• Starting your first assignment: https://emedia.rmit.edu.au/learninglab/content/starting-my-firstassignment
• Writing a report: https://emedia.rmit.edu.au/learninglab/content/reports-0
• Improve Your English: https://emedia.rmit.edu.au/learninglab/content/improve-your-english
• Remember to complete RMIT Learning Lab’s Groupwork module https://emedia.rmit.edu.au/ learninglab/content/group-work
Assignment 2 Criteria Rubric
Demonstrates an understanding of the mechanism of the AD-AS model, long-term aggregate production function and dynamics of the macroeconomy, in a way that is reflective of the theoretical models, concepts and indicators learnt in class 15 marks
Demonstrates an understanding of the relevance of macroeconomic concepts to real world issues, including through the application of theoretical concepts to current economic circumstances, news events, and policy considerations 15 marks
Demonstrates the capability to communicate and present economic concepts in a clear and accurate way, fulfilling a professional standards and formats required of the task, including citation and referencing of sources 5 marks
Demonstrates effort and capability to work effectively as part of a group and an understanding of the value of groupwork in professional contexts 5 marks
(All members of the group will receive the same mark) 40 marks
Students will be graded according to the level with which they fulfil and exceed the criteria from 0 (no fulfilment) to full marks (outstanding)
Queries and clarification
• Check the Discussion Board on Canvas where there is a dedicated discussion thread on ‘Discussion about Assessment’. It is possible that another student has a similar query as you which has already been answered here. Otherwise, post your query on this discussion board and a member of the teaching team will respond as soon as possible. You will also have the opportunity to ask your Tutor questions during your tutorial classes.
• The Lecturer will also provide guidance as part of your course materials.