Need big time help! - I have no idea how to approach this question. (1 Viewer)

[rsingh]

Hey guys, I started doing practice essays for eco today.

I came across this question, "Analyse the impact of globalisation on the economic performance of the Australian economy".

I have no idea how to approach this question. What does it mean by "economic performance", and what do I include.

Sorry guys, I'm just a newbie at essays and I'm not really good at them at all. If someone could give me a thorough guidline as how to approach it, what to include, and just basically ANSWERING THE QUESTION, that would be a great help!

Any help would be highly appreciated!
Thanks.

 

[Cityboy]

'Analyse the impact of globalisation on the economic performance of the Australian economy'

You need to begin by mentioning the changes that have occured due to the globalisation of the economy such as the deregulation of various markets, lowering of tariffs, changes in the type of products Australia produces such as a change from a near total dependence on agriculture to a more balanced economy reliant not only on agriculture but ETMs, commodities, services etc.
You also need to mention what globalisation has done to effect the economic policy decision making by the government such as the pursual of free trade and the estblishment of bi-lateral and multi-lateral trade agreements e.g. CERTA, US free trade agreement, attempting to enter ASEAN.
You then need to analyse how these changes have effected the performance of the Australian economy, which include changes in things such as economic growth rates, inflation, wage outcomes etc.

Here is an example on how globalisation has effected Australia's international competitiveness:
Globalisation has increased Australia's need to become price competitive internationally and as such has caused the inefficient industries in the Australian economy such as the motor vehicle industry and the TCF industries to shut down in Australia as they are very labour intensive industries more suited to nations that have low labour costs.
In turn due to the more efficient allocation of resources caused by the loss of inefficient industries, the efficient industries in the Australian market have begun to thrive. Although there has been some short term structural unemployment caused by the loss of the uncompetitive industries in the long run this will lead to a better growth outcome and later lower unemployment.

 

[*Ya_So_CuTe*]

economic performance!

when it says economic performance you MUST refer to the objectives of economic growth, low inflation, low unemployment and external stabliity! look at trends in these indicators and analyse the impact of globalisation on these.

Essentially, the reduction in protection levels, has forced greater efficiency in the Australian economy through a more efficient re-allocation of resources and developing those industries in which we have a comparative advantage. Look at free trade, the effects of trading blocs and Australia's place in the global economy.

Economic essays are more definitive in comparison to those you write for say English. Take a point, expand, evaluate trends, look at statistics and analyse those statistics before moving onto another point. Use this method for paragraphing and you should be getting upper band 5 or band 6 essays!

Don't fret! we still have time to improve!!!