Task type: Research and report Outcomes to be assessed: P1 demonstrates understanding of economic terms, concepts and relationships P9 selects and organised information from a variety of sources for relevance and reliability P10 communicates economic information, ideas and issues in appropriate forms Task: A) Establish a rationale to explain consumer spending and saving/dissaving. B) Research, design and conduct a survey to investigate factors influencing consumer choice. C) Write a report detailing your findings.
PART A – OWN RESEARCH/ OWN RATIONALE
Conduct your own research of secondary sources exploring what factors most influence consumer choice (i.e. age, gender, trends etc) and formulate your own rationale.
Include a correctly structured bibliography of sources (APA 6th).
PART B - SURVEY:
Design and conduct a SURVEY to investigate factors influencing consumer choice (use google forms, survey monkey).
In designing the survey you can choose as your focus:
Specific goods or services – highlighting differences between necessities and luxury items
Or generate a more general survey that focuses on how consumers make choices
Use 10-15 questions as a minimum and survey at least 30 participants, this helps support the statistical reliability of your findings.
PART C – REPORT (maximum of 1000 words):
Prepare a REPORT identifying:
Your rationale with supporting reasons for the investigation.
The factors that influence consumer choice with a detailed explanation of each; and the relative importance of each factor with close reference to the results obtained in the survey; and
A conclusion which clearly summarises the survey results and either proves or disproves your rationale.
Assessment criteria-You will be assessed on how well you:
Demonstrate and apply knowledge and understanding of economic terms, concepts and relationships
Communicate using information from survey results
Present a sustained, logical and cohesive response
What understandings or goals will be assessed through this task?
Students will develop knowledge and understanding about the economic behaviour and contemporary economic problems and issues facing individuals, firms, institutions and governments. They will develop skills to investigate and engage in effective analysis and communicate economic information.
What criteria are being used to signify standards were met?
Outcomes: P 3 describes, explains and evaluates the role and operation of markets. P 8 applies appropriate terminology, concepts and theories in economic contexts. P 9 selects and organizes information from a variety of sources for relevance and reliability P 10 communicates economic information, ideas and issues in appropriate forms P 12 works independently and in groups to achieve appropriate goals in set timelines.
TASK The focus of this topic is the operation of markets. The way in which market prices are determined and the need and means available for governments to intervene in markets are highlighted.
Select a topic as listed, or choose your own, in consultation with your teacher, that is of interest to you. Research and prepare a SEMINAR that:
Identifies how business and governments can use information from the market
Identifies the reasons why governments may intervene in certain markets
Explains how market solutions can lead to improved efficiency
Examines the nature of competition in markets characterised by oligopoly and monopoly
Identifies some of the problems than can ensue with a heavy reliance on market solutions in an economy
Propose alternatives to market solutions
Please note: Not all the questions may be applicable to your chosen topic. Use these questions as a basis for your research and presentation.
Cases involving ACCC, ASIC or APRA
Marketing Boards and their role in the market
Competition Policy and the National Competition Council
Public Enterprise: current trends and policies for change
A case study of a prominent monopoly
NSW Office of Fair trading
The Productivity Commission
SEQUENCE OF PRESENTATION:
The order in which the presentations are made will be balloted. Any individual unable to make the presentation when balloted will be penalised 2 marks (deducted from the mark awarded). If illness prevents presentation, a signed note is needed from your parents.
NOTE: ALL students must hand in all notes and other presentation information to the teacher on the date the presentations in their class commence.
How will your work be evaluated?
Describes, explains and evaluates the role and operation of the agency in markets.
Applies appropriate terminology, concepts and theories in economic contexts.
Selects and organizes information from a variety of sources for relevance and reliability
Communicates economic information, ideas and issues in appropriate forms
Works independently to achieve appropriate goals in set timelines.
Assessment Task 3
This task is an examination. Access the files for the task, mapping grid and marking guidelines.