ASSESSMENT TASK #3. See attached information on specific questions for both research and extended response. Special

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1 ! PRELIMINARY ECONOMICS COURSE 2014 ASSESSMENT TASK #3 Year: 11 - Preliminary Course: Unit Title: Economics Topic 6 - Government and the Economy Date Given:: 17th June 2014 DATE DUE: Section I Focus questions - Friday 25th July 2014 Section II in class essay Wednesday 6th August 2014 Weighting: 30% TOTAL MARK 40 marks Type of Task Budget research task P1 - demonstrate an understanding of economic terms, concepts and relationships P5 - analyses the relationship between individuals, firms, institutions and government in the Australian economy Outcomes to be assessed: Description of the Task: P6 - explain the role of government in the Australian economy P7 - identifies the nature and causes of economic problems and issues for individuals, firms and governments P9 - selects and organises information from a variety of sources for relevance and reliability P10 - communicate economic information ideas and issues in an appropriate form P12 - work independently to achieve appropriate goals in set time lines This is a two part assessment task. Section I - Research task Section II - Extended response in class which evaluates the effectiveness of the 2014/15 budget. See attached information on specific questions for both research and extended response. Special In class task: Red & Blue Pen, Pencil, Ruler, Calculator. requirements for You will be permitted ONE page of relevant data (figures only) from the the task: 2014/15 budget. Section I Focus questions - Friday 25th July 2014 (Pages or Word Method of document) submission: Section II in class essay - Wednesday 6th August 2014 Please refer to the Assessment Handbook for all Policies regarding submission of Assessment Tasks

economic terms, concepts and relationships P5 - analyses the relationship between individuals, firms, institutions and government in the Australian economy Outcomes to be assessed: Description of the

3 EXPECTED OUTCOMES: MARIST COLLEGE EASTWOOD YEAR 11 ECONOMICS ASSESSMENT # 3 GOVERNMENT & THE ECONOMY WEIGHTING: 30% In this two stage assessment you will be assessed on your ability to: P1 - demonstrate an understanding of economic terms, concepts and relationships P5 - analyses the relationship between individuals, firms, institutions and government in the Australian economy P6 - explain the role of government in the Australian economy P7 - identifies the nature and causes of economic problems and issues for individuals, firms and governments P9 - selects and organises information from a variety of sources for relevance and reliability P10 - communicate economic information ideas and issues in an appropriate form P12 - work independently to achieve appropriate goals in set time lines You are to undertake research on the Federal Budget with specific reference to its role in: reallocating resources redistributing income controlling fluctuations in economic activity Your research material, which will involve answering focus questions, is to be submitted when you return from holidays. You will retain a copy of your research material to use as a study guide for an essay to be written in class. There are two deadlines in this assessment and these are listed below. DUE DATE TOPIC WEIGHT Week 2 Term 3 Friday 25 th July Submission of Research Task 30% Week 4 Term 3 Wednesday 6 th August Essay to be written in class 70%

explain the role of government in the Australian economy P7 - identifies the nature and causes of economic problems and issues for individuals, firms and governments P9 - selects and organises

4 Budget Research & Focus Questions You are required to research and answer the focus questions on the theoretical background to budgets and specifically the Federal Budget. The focus questions are to be written in full sentence answers. While there is no word limit, you are encouraged to be concise so that the research material will be easily constructed into the essay. For resources you should use your text, the useful links listed below and any other resources. RESEARCH FOCUS QUESTIONS 1. Define Fiscal Policy (p. 241) 2. Explain how the federal government, through its annual budget, can: a. reallocate resources (p. 226) b. redistribute income (p. 229) c. control fluctuations (stabilisation) in economic activity (pp ) 3. Distinguish between budget projections and budget outcomes. Explain why the actual budget outcome may vary from the budget projection. 4. Name and fully describe the 3 fiscal stances. (pp. 244) 5. Examine the budget and compare and contrast it with the current budget stance. These questions form a theoretical background to your understanding of the federal budget and require reasonably brief responses (approximately words per question) 6. Outline the main features of the federal budget including: a. the underlying cash balance and macroeconomic impact (i.e. controlling economic activity) of the budget b. identifying the main expenditure items and revenue sources c. predictions for any economic growth and the sources of that growth d. spending on welfare and redistribution of income changes e. spending that has been designed to reallocate resources within the economy These questions require comprehensive answers with supporting data (approximately words for each question a-e)

For resources you should use your text, the useful links listed below and any other resources. RESEARCH FOCUS QUESTIONS 1. Define Fiscal Policy (p. 241) 2.

5 NUMBER/NAME: YEAR 11 ECONOMICS BUDGET RESEARCH MARKING GUIDELINES SECTION I OUTC OME CRITERIA Mark Range Your Mark Demonstrate an understanding of economic terms, concepts and relationships relating to budgets/fiscal policy (As evidenced in questions 1 2) Demonstrates a comprehensive understanding of economic terms, concepts and relationships relating to fiscal policy. Demonstrates a good understanding of economic terms, concepts and relationships relating to fiscal policy. Demonstrates little understanding of economic terms, concepts and relationships relating to fiscal policy /5 0-1 Select and organize information from a variety of sources for relevance and reliability (As evidenced in questions 3-4) Provides some information on 2014/15 budget, which is relevant and reliable, to support analysis Provides limited information on 2014/15 budget to support analysis /5 Displays limited analysis of the impact of budgets with limited reference to 2014/15 budget with data to support analysis 0-1 Analyse the impact of budget on resource allocation, income redistribution and controlling economic activity (As evidenced in questions 5-6) Displays comprehensive analysis of the impact of budgets with specific reference to budget with data to support analysis Displays good analysis of the impact of budgets with specific reference to budget with data to support analysis /10 Displays limited analysis of the impact of budgets with limited reference to budget with data to support analysis 0-4 TOTAL /20 Submit these focus questions in Week 2 Term 3, Friday 25 th July. Work is to be handed to teacher by 3.00pm.

Demonstrates a good understanding of economic terms, concepts and relationships relating to fiscal policy.

6 Useful Links Federal Budget 2014 on the MILE Plain English economics newsletter budget special

#05-11 School of Accountancy Phone: 65 6822 0609 [email protected] Class Hours: G1: Monday 10:30 am. Required Textbook and Reading Material

#05-11 School of Accountancy Phone: 65 6822 0609 mitchellw@smu.edu.sg Class Hours: G1: Monday 10:30 am. Required Textbook and Reading Material Singapore Management University Course Outline School of Accountancy Accounting Information Systems ACCT203 Course Outline Seond Semester 2003/2004 Academic Year Instructor: Mitchell Williams, Ph.D Office: