Topic- Economics Ministerial Briefing Note
Provide a note for the newly appointed minister of the environment with respect to the Australian government. Minister wants to highlight the change to the parliament caused by the climate change in terms of production and consumption of certain goods and services that have further influence the macroeconomy as a whole. Minster has a keen interest in impact that have been caused to the cost, domestic production, imports and exports, prices, inflation employment and economic growth and the welfare of the producers and consumers of the product.
Choose any two services or products that is highly influenced by the climate change and that has effect on the macroeconomy of Australia-
- ensure that first product or service should be that which have impact on the demand.
Microeconomic Impact #1
What is the reason that demand is changing and in which direction? Its consequences on the prices, production and welfare. For explanation produce a well-designed demand and supply diagram
Macroeconomic Impact #1
the change mentioned above have impact on GDP, how? Which GDP component will be mostly affected. The reason that inflation and unemployment will be influenced
- make sure that second product or service will be that which have impact on the supply
Microeconomic Impact #2
the reason that supply will change and in what direction? Will it impact the prices, production and welfare? Explain through the well-designed diagram
Macroeconomic Impact #2
the impact of change on GDP? The components that were severely affected of GDP. Will inflation and unemployment will be affected?