Reference no: EM132515634 , Length: word count:1700
WUCB 160 Economic Essentials for Business - University of Wollongong
Assignment Essay
Your topic for the essay is: The economy: Gross Domestic Product
Part I: The Interview :
Students will be matched with another student from class from a different country than their own.
Students must interview each other to ascertain certain economic data from their selected country. There is no prescribed list of questions, rather students must use knowledge gained in this class to ask the right questions. Students will be marked on questions as well as their ability to formulate a response from the interviewee.
A minimum of 10 questions must be asked to a maximum of 20. Questions and answers must be typed in the format following this page. Word count 500 - 1,000 words.
Goal of the interview: Students attempt to understand the economic environment of a country different to their own. GDP must be a main component of the questions asked. Other topics could be about economic well-being, poverty and all topics discussed in the week 7 tutorial.
Part II - Extended Answers
In an essay style, in your own words and fully referenced (HARVARD), please respond to the following questions:
1. Explain what GDP is and how to calculate it.
2. Explain the difference between nominal and real GDP. Which one most accurately helps us compare two time different time periods? Explain your answer.
3. Why is GDP an imperfect measure of economic wellbeing? What types of production does GDP not measure? Even if GDP included these types of production, why would it still be an imperfect measure of economic wellbeing?
4. Why does the size of a country's GDP matter? How does it affect the quality of life of the country's people?
5. Briefly discuss whether you would rather live in the Australia of 1901 with an income of $100 000 per year or the Australia of 2020 with an income of $60 000 per year. Assume the incomes for both years are measured at constant prices (real GDP).
Attachment:- Economic Essentials for Business.rar
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