Consider how an economic model can be viewed as a simplified description of reality, designed to yield hypotheses about economic behavior that can be tested. In essence, a simulation. Hence, one important element of an economic model is that it is necessarily subjective in design because there are no objective measures of economic outcomes. If different economists make different judgments about what is needed, how can we tell if a model is ‘useful’? What does this tell us about economic behavior?
In your assessment task 3, you will be required to choose a press release from a reputable English-medium newspaper and summarise it and then write an
In your assessment task 3, you will be required to choose a press release from a reputable English-medium newspaper and summarise it and then write an essay to analysing the press release’s impact on Australian consumers, linking economic theory, policy and principals.This assessment is aimed to evaluate your ability to