[URGENT HELP] Confusing assignment! (1 Viewer)

[zahmad]

I have an Economics Assignment on the budget and it asks:
1. Summarise the likely impacts of the budget on Economic Activity, Reallocation of resources and Income Distribution
2. Summarise the likely impacts of the budget on Economic Growth, The Environment, Distribution of income and wealth and Price Stability.

I am confused with what are the differences between economic growth category & the economic activity category and also Reallocation of resources and Income Distribution & Distribution of income and wealth categories....What are the differences between them???

All help appreciated !

 

[buttaflies]

hey...im pretty sure that economic activity is whats going on in the economy at the moment. For example, this budget is contractionary, as it will run a surplus, meaning that the level of economic activity will slow down. I think economic growth is more long term, for example, the slowing down in the current level of economic activity will lead to the eventual slow down in the level of economic growth....

I hope that helps you...

for the second part of your question:
Im thinking that the reallocation of resources and income distribution is to do with unemployment and stuff like that, whereas the distribution of income and wealth is more to do with nominal wages and the value of assets....im not sure though....

 

[zahmad]

Thanks for your suggestions butterflies....unemployment is a seperate category so cant be part of reallpcation of resources and income distribution...

 

[buttaflies]

how about tax then?? you now how they altered the pesonal income tax thresholds??

 

[veloc1ty]

Utterly ridiculous...

Just answer as one question, it'd make more sense that way. I know I have to do that this week (analyse impacts of budget on the economy).

 

[zahmad]

Utterly ridiculous...

Just answer as one question, it'd make more sense that way. I know I have to do that this week (analyse impacts of budget on the economy).

Two seperate questions Any ideas?

 

[veloc1ty]

Two seperate questions

Yeah. Answer it as one. Just make it twice as long as you'd write for 1 question if it was seperated into 2.

 

[zahmad]

I will get marked down....two questions on two different pages....oh its driving me mad!

 

[veloc1ty]

I'll be looking at the budget in the following aspects:

1. Cyclical factors (e.g. larger than expected surplus due to exports driving up company tax revenue and so on).
2. Structural factors, i.e. discretionary changes (specific expenditure changes like on certain infrastructure projects etc).
3. Budget outcome - as it is a surplus, I'll be trying to figure out what exactly will be done with the excess revenue.

I will get marked down....two questions on two different pages....oh its driving me mad!

Talk to the teacher. Those are ridiculously similar questions anyway. Income distribution IS distribution of income. XD

 

[zahmad]

Thanks for tips.....so what can i mention in income distribution?

 

[veloc1ty]

Thanks for tips.....so what can i mention in income distribution?

Changes to progressive tax brackets of course. For some sophistication you might mention bracket creep.

 

[buttaflies]

hey i agree where you said income distribution is the same as distribution of income....seriously, what was ur teacher thinking when they wrote that question?? lol

 

[zahmad]

hey i agree where you said income distribution is the same as distribution of income....seriously, what was ur teacher thinking when they wrote that question?? lol

Not my teacher, the other teacher in the department! My teacher was away last week so will have to ask tomorrow, but due friday....

 

[michael1990]

Thanks for tips.....so what can i mention in income distribution?

Health Services-Private Health Insurance.
Taxes- Increasing tax brackets.
Equality-Taking from the wealthy to give to the poor.
Education- Giving money to state and non-government education institutions.
Housing.

So many things, I think its pretty much just asking how is the government going to spend its income and how is it trying to fight inflation and the implications the budget has to the economy.

http://www.aph.gov.au/Budget/2008-09/content/bp3/html/bp3_spp.htm

Have a geeze at that, i had a little look through there and thought it may help.

 

[zahmad]

Thanks michael for your tips! Will make this assignment a little easier.

 

[JustAnotherNE]

......ask ms leg.......lol jks, this assignment is a pain, but they wouldnt expect u to include everything in the budget, just several areas and use article to support, all i did for income dist is tax, ill add later wen it makes more sense to me >.>. btw, its due on thurs, so better hurry up.

 

[zahmad]

......ask ms leg.......lol jks, this assignment is a pain, but they wouldnt expect u to include everything in the budget, just several areas and use article to support, all i did for income dist is tax, ill add later wen it makes more sense to me >.>. btw, its due on thurs, so better hurry up.

Ya, thanks....I'm confused about resource allocation...too much to write, what should I chose?

 

[michael1990]

Ya, thanks....I'm confused about resource allocation...too much to write, what should I chose?

The important information.

How long is the assignment supposed to be?

Any certain word length?

 

[zahmad]

Very concise, what should I write? About a paragraph, its a table assignment where everything is in 2 pages!

 

[michael1990]

Very concise, what should I write? About a paragraph, its a table assignment where everything is in 2 pages!

oh no idea. brain not working. all i have in my head is inflation lol.