Define the industry that you are applying these concepts to. Your industry ought to be pretty precisely defined and this is not necessarily an easy thing to do. Note that it can be just as important to say what is NOT included, as what is. 1 mark
Note: It is OK to use the IBISWORLD definition, or any sensible attempt at defining the industry.
What are the key products or product segments in your industry? List all the major product segments and provide examples of some products and services included in each product
segment. 2 marks
Economics categorises all the inputs of the production process into four different categories-:
Land, Labour, Capital, Entrepreneurship
- Provide three examples of key “land” resources used in your industry. 3 marks
- Provide three examples of key “capital” resources used in your industry. 3 marks
- Discuss the labour resources required – how important is skilled labour? What are the types of skills required? Does the industry use much unskilled labour? Do they mainly
use full time, part- time or casual labour? 3 marks
Explain with reference to a diagram, what will happen to the demand in your industry if there is a decrease in the overall prices for the products sold in your industry? 2 marks
Give examples of each of the 5 non-price determinants of demand that change demand for the key products in your industry. 10 marks
With reference to a diagram, discuss the effect on the market in your industry as a result of
the situations listed below. 5 marks
Note: You do not need to discuss all 4 situations listed below, but discuss only the situation relevant to your industry.
- Grain growing in Australia: Discuss the effect on the market for wheat as a result of the recent bushfire incidents in Australia significantly damaging crops.
- Water supply in Australia: Discuss the effect on the market for water as a result of the increased water consumption by South Australian agricultural industries due to lower rainfall this year.
- Restaurants in Australia: Discuss the effect on the market for takeaway restaurant meals as a result of Australian consumers’ lifestyles becoming busier.
- Supermarkets and grocery stores in Australia: Discuss the effect on the market for dry and packaged foods as Australian consumers are increasingly panicking over a potential pandemic outbreak.