help with practice essay (1 Viewer)

[Swalbs]

Hey i got two practice essays im working on wondering whether you guys could give me some advice as to what i should talk write about?

1. Explain the effects of trading blocs and the role of international organisations on Australia.
Should i include benefits of free trade?

2. Explain how a country can achieve economic growth and development, and describe the benefits and costs.
Do i need to include equlibrium level of national income, simple multiplier etc?

 

[sk8ie_boi]

1. Explain the effects of trading blocs and the role of international organisations on Australia.
- explain globalisation and how trading blocs and internatioal organisations are the bases to globalisation..
- yes, then you talk about free trade... which will relate to the next things..
- you give examples of trading blocs (EU, NAFTA, APEC, ASEAN, and CERTA)
- the role, importance and influence of blocs and agreements
- give examples of international organisations (WTO, IMF, The world Bank)
- then explain their roles..
- sum it up with how they are the key to globalisation, and how dis sort of globalisation has also improved australia's economy state..

lol yeah .. dat's what i would do...

 

[Swalbs]

Thanks.

sum it up with how they are the key to globalisation, and how dis sort of globalisation has also improved australia's economy state..

how has globalisation improved australias economy?
and any ideas on 2.? ^_^b

 

[nick1048]

2. I don't see where the simple multiplier applies in this question unless it's a mechanism towards economic growth figures that result in an increase in economic development. If that's the reason your going to discuss the multiplier effect I agree with your inclusion of it, otherwise no. The equilibrium level of national income would be better to discuss as that would illustrate whether the economic growth of a country has infact resulted in higher incomes for consumers. If this is the case then an argument you could pursue is that an economy aiming towards economic growth will result in economic development anyway. In terms of benefits and costs, you should be discussing the concept of ecologically sustainable development (define and discuss) and then focus on the economic costs associated with economic growth such as high inflation for instance. This may not be the argument you wish to address, however this is how I would tackle the question

 

[nick1048]

Thanks.

how has globalisation improved australias economy?
and any ideas on 2.? ^_^b

Globalisation has improved the Australian economy in many ways:
- allocative efficiency (allocation of resources into efficient production)
- specialisation (see concept of comparative advantage)
- variety and lower costs (increased standards of living)
- Outsourcing capabilities (good for industries)
- The emergence of TNCs making use of employment mobility.

 

[sk8ie_boi]

Globalisation has improved the Australian economy in many ways:
- allocative efficiency (allocation of resources into efficient production)
- specialisation (see concept of comparative advantage)
- variety and lower costs (increased standards of living)
- Outsourcing capabilities (good for industries)
- The emergence of TNCs making use of employment mobility.

Yeah, pretty much nick said it all...
The general thing about globalisation is "trade" and australia's economy will not grow without it, basically..

 

[nick1048]

Yeah, pretty much nick said it all...
The general thing about globalisation is "trade" and australia's economy will not grow without it, basically..

actually the economy will grow only much slower. Global trends of positive economic growth (being dragged up by China at the moment) forces a huge demand for the narrow export base we can supply i.e. all our raw materials are being demanded by China faster than we can supply. Hence our exports are skyrocketing and we have large amounts of capital inflow leading to economic growth. sk8ie_boy is right when he says it is basically about trade. If you remember the advantages and disadvantages of free trade they are almost identicle to those of globalisation