05 Jun Question Global economy Question 1.
Question
Global economy
Question 1.
What do you understand by the terms ‘inflation’ and ‘unemployment? Identify their main elements and causes. What is the relationship between inflation and unemployment? Use diagrams to answer the question. 6 Marks
Question 2.
Collect and graph for Australia and two other countries values of inflation rate and unemployment rate over the last five years period. 4 Marks
Question 3.
What do these statistics that you have reported in question 2 above, suggest about Australia’s and other two countries performance in controlling inflation and unemployment. Why have these countries had this inflation and unemployment experience? 8 Marks
Presentation and referencing 2 Marks
Here are some suggested websites for the data:
(1) http://www.principalglobalindicators.org
This website is the most authoritative source of data and the most useful and helpful website for your assignment.
Click on “Consumer prices” in the left-hand margin on the webpage. Here you will find data on Australia and many other countries.
Click on “Unemployment rate” in the left-hand margin on the webpage. Here you will find data on Australia and many other countries.
Next to “Principal Global Indicators” on the toolbar, click on “Data Mapper”.
Data Mapper allows you to choose “Consumer prices” (which stands for “Inflation”} for each of the three countries and then plots the data for the past five years as three lines for each country in one graph.
Do the same thing for the “Unemployment rate” for the three countries and plot them in one graph.
Remember, to contrast and compare inflation and unemployment for all three countries, you should have one separate graph on inflation for all three countries and another separate graph on the unemployment rates for all three countries.
(2) http://www.dfat.gov.au/geo/fs/
On this webpage of the Australian Department of Foreign Affairs and Trade (DFAT), click on “Australia” and the other two countries of your choice. For each country there is a factsheet that includes data on inflation for the most recent five years.
One disadvantage: you only get data on inflation, not on unemployment.
(3) https://www.cia.gov/library/publications/the-world-factbook/
On this webpage of the American Central Intelligence Agency (CIA), in the dialog box in the upper right-hand side of the webpage where you are asked to “Select a country or location”, enter “Australia”. Then click on “Economy” and look for entries under “Unemployment rate” and “Inflation”.
Do the same for the other two countries of your choice.
One disadvantage: you only get data on the most recent two years.
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