HDBM Assignment – Economics
HDBM Assignment – Economics
You are a senior economist with a top commercial bank in Singapore. Your bank’ chief economist has directed you to conduct a training workshop for your staff to provide the employees with the knowledge and skills relating to the key concepts and functions of economics in the industry. Before the training workshop, your task is to prepare and submit a report to your chief economist that covers the following areas:
REQUIRED:
The report must be 2000 words-length and follow the guidelines stipulated above. Your report must contain the answers for the following tasks.
Task 1 (Learning outcome 1)
(a) Discuss the differences between microeconomics and macroeconomics
with relevant examples. (10 marks)
(b) Discuss the long-run average cost curve and the influences upon it. (10 marks)
(c) Explain why firms cannot make supernormal/abnormal profits in the
long-run in a perfectly competitive market.
Task 2 (Learning outcome 2)
(a) Analyse “fundamental (central) economic problem”. (5 marks)
(b) Discuss about ‘opportunity cost’. (5 marks)
(c) Explain the concept of ‘price elasticity of demand and income elasticity of
demand’. (10 marks)
Task 3 (Learning outcome 3)
Analyse how the circular flow of income operates referring the injections and withdrawals and physical and monetary flows.
(10 marks)
Task 4 (Learning outcome 4)
Critically explain the impact of unemployment on both individuals and businesses.
(10 marks)
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