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ECON2002 Principles Of Economics

The ECON2002 is an assessment that is based upon the principles of economics and students need to apply various economic principles in writing this paper. In this assessment, the students need to assess their understanding of the macroeconomic variables of the Gross Domestic Product (GDP), inflation and unemployment and makes a comparative analysis between different nations. The assessment is important coursework for the students of economics and this coursework is part of the Laureate International Universities in Australia, which is one of the well-known and reputed universities all over the world.

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Laureate International Universities

The Laureate International Universities is a leading international network of the university that provides higher education across the world. Australia has been an integral location for setting up a university and thus Laureate International Universities had planned to set up in Australia. There are 75 institutions around the world and among them, Laureate has opened Australia’s first private university after 20 years by partnering with Torrens University which is located in Southern Australia. Torrens University brings a career-focused and global perspective to Australia’s higher education. It is one of the fastest-growing universities in Australia where more than 90 per cent of the student enrol immediately after completing their graduation. There are around 19000 students who are currently enrolled in the university across 115 different countries globally. Moreover, the university has contributed almost 1.2 billion dollars to Australia’s GDP and supported more than 2000 full-time equivalent full-time jobs from 2015 to 2018. The university provides multiple study courses from under graduation to post-graduation and in different modes, both on-campus and online and a blend of two modes. Thus, making the university one of the most popular universities in Australia.

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ECON2002 Assessment Brief

Learning outcomes

  1. The students need to understand and explain the basic economic principles which they have learned during the coursework.

  2. The students need to apply economic principles to solve multiple economic problems.


The students are expected to prepare a 1500 words research report which describes and addresses the following –

  1. The students are required to select any one group of countries from the table below

  • Group A – Finland, Norway, Sweden, Denmark

  • Group B – Australia, Canada, New Zealand, United States

  • Group C – Singapore, Thailand, Indonesia, Malaysia

  • Group D – Russia, Greece, Spain, Italy

  1. Now the students need to collect and tabulate information on the Nominal GDP of each of the countries, inflation rate and the unemployment rate for the years of 2006 to 2018. Determine the nominal growth rate of GDP over the period.

  2. Then the students need to provide on the comparative basis a well-reasoned and supported comment on what has happened to the economic growth in each of the countries chosen over the period 2006 to 2018. From the research, it is required to provide reasons why such a pattern of economic growth occurred.

  3. The student needs to discuss on how the economic growth has influenced the inflation rate and unemployment rate over the given period.

  4. The students need to content audience and purpose

  5. The students need to perform critical reasoning, presentation and logic of your argument and position

  6. Analysis and application of synthesis of knowledge

  7. Use of academic convections and sources of evidence

  8. Effective communication

  9. Peer review

To submit this assessment, the students must adhere to the following rules which are as follows –

  1. This assignment must be prepared and submitted as a group of three (3) individuals.

  2. You must prepare a Business Report. Please ensure that a report format is adhered to as strictly as possible. Marks will be lost if any other format is used.

  3. Submit as a Word document properly referenced using the APA referencing style. Wikipedia and Investopedia not acceptable academic sources. Note that the Reference list, appendices and calculations are not included in word count.

  4. As the assessment is group work each member of the group will receive the same amount of marks regardless of which part of the assessment he/she contributed to.

Overall, the students need to show evidence of an exceptional level of achievement of learning objectives across the entire content of the course demonstrated in such areas as interpretation and critical analysis, logical argument, creativity, originality, use of methodology and communication skills. Assessment assesses students’ understanding of the macroeconomic variables of Gross Domestic Product (GDP), inflation and unemployment and makes a comparative between nations. Also, the students need to provide on a comparative basis a well-reasoned and supported comment on what has happened to economic growth in each of the countries chosen over the period 2006 to 2018. From your research provide reasons why such a pattern of economic growth occurred.

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Weightage of the ECON2002 Course

The assessment ECON2002 is based on the principles of economics and students have to write a research based paper. The assessment is an individual based assessment which has a limit of 1500 words. The weightage of the course is 35 % and it carries 100 marks in total. The assessment is an individual based assessment and thus original work of the student is required. The students might discuss among themselves regarding the assessment for guidance but each paper needs to be unique and original.  There is no room for plagiarism and student need to follow all the university guidelines. Proper referencing needs to be done throughout the assessment paper and the referencing needs to be done in APA style with in-text citations as instructed by the university. Moreover, students may take help from the university library from books and papers to make the assessment more authentic and better. Being a subject of the postgraduate degree, students are expected to engage with high-quality academic journal articles, using the Torrens University Library textbooks, newspapers, journals and anything that can be obtained through authentic and official websites present on the internet will be considered as an authentic source of the secondary research for completing this assessment. The authenticity of the report will be decided based on the research effort and skills presented by the student in the paper and grades will be provided based on the quality and authenticity of the paper.

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