.HI5003 Economics for Business Assessment Details and Submission Guidelines Trimester T1 2019 ...

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.HI5003 Economics for Business Assessment Details and Submission Guidelines    Trimester T1 2019  Unit Code HI5003  Unit Title Economics for Business  Assessment Type Written report  Assessment Title Group assignment  Purpose of the  assessment (with  ULO Mapping)  Students are required to work in groups to choose an industry then apply their  knowledge in the unit to write an industry report (Learning Outcomes 1, 2, 3, 5).   See Assignment Specifications for detailed requirements  Weight 30% of the total assessments  Total Marks 30  Word limit Not more than 2500 words   Due Date        5pm Friday of Week 10 for Normal Mode, of Week 6&10 for Block Mode 1&2,  respectively.  Submission  Guidelines   All work must be submitted on Blackboard by the due date along with a  completed Assignment Cover Page.    The assignment must be in MS Word format, single spacing, 12-pt Arial font  and 2 cm margins on all four sides of the page with appropriate section  headings and page numbers.     Reference sources must be cited in the text of the report, and listed  appropriately at the end in a reference list using Harvard referencing style.                Page 2 of 6  HI5003 Economics for Business      Assignment Specifications  Purpose:  This assignment aims to enhance students’ research and analytical ability through the application of  their economic knowledge in the unit to compose a company report.    The recommended assignment structure is as follows:    Table of content  Executive Summary (Optional)   Introduction  Introduction to the company  Industry background  The market structure of the industry  Factors that influence demand for the company’s product(s)  Factors that influence supply of the company’s product(s)  Elasticity  Impacts of an event on the industry/company  Conclusion  List of References. Detailed requirements of the assignment  Organize yourselves into groups of 4 or 5 students and give your group details to your lecturer(s) no  later than Week 6 (for Normal Mode) or Week 4 (For Block Mode 1) and Week 8 (for Block Mode 2).  Late submission of group member list may result in your being unable to submit the group  assignment.  You are a group of advisors to the Management Board in your company.   In determining the company’s strategy in the next 5 years, your managers have required you to  prepare a 2,500 word market report. The market report should, as a minimum, address the following  key issues:   1. A description of your company and the industry your company is in, including:   An overview of the company.   An overview of the industry (including some key statistics such as revenue,  employment, the industry’s contribution to national GDP, and industry growth rate).  2. An analysis of the market structure the industry is in, including:   The type of market structure it is in and why (based on the characteristics of the  industry).   The market leaders in the industry and some statistics about them.   3. A discussion about (i) two determinants of demand, and (ii) two determinants of supply for  your product(s) or service(s) that you consider to be the most influential.  4. A discussion about the demand elasticity for your product(s) or service(s) which answers the  following questions:   Is your product(s) or service(s) elastic or inelastic? Why?   Page 3 of 6  HI5003 Economics for Business   What are two factors that you consider affect the elasticity of demand for your  product (or line of products) the most? Why so? (You can research for evidence to  justify your argument(s)).  5. An analysis of a recent event that has (or is likely to have) substantial impacts on your  industry. The analysis may include:   A brief description about that event.   How has that event affected (or is likely to affect) the market demand and/or supply?   What is the likely effect of that event on the market price and quantity?  Note that relevant empirical evidence can be researched and provided to support your  arguments.   You may choose to do your research in one of the following industries: construction/housing/  property development, education, or mining.   Note: if your company has many products and/or services, you can select a representative  product/service to discuss for points (2); (3); (4); and (5).  This report should provide useful information for your company’s Management Board. It should use  a variety of resources, including the textbook, newspapers, industry reports, the ABS website, and  other sources. A list of several websites that may be useful to you is attached.  Your report should include a table of contents, an executive summary, and sub-headings. It needs to  be properly referenced using the Harvard style and at least 5 references.   HI5003 Economics for Business Marking Rubric Criteria Excellent (>=80%) Very good (70-79%) Good (60-69%) Satisfactory (50-59%) Unsatisfactory (=80%) Very good (70-79%) Good (60-69%) Satisfactory (50-59%) Unsatisfactory (

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2
Table of Contents
	Descriptions
	Page No.
	1. Introduction 
	2
	1. Introduction to the company: MIRVAC 
	3
	1. Industry background: an overview 
	3
	1. The market structure of the industry
	4
	1. Factors that influence demand for the industry’s product
	5
	1. Factors that influence supply of the industry’s product
	6
	1. Elasticity
	6
	1. Impacts of an event on the industry
	7
	1. Conclusion  
	8
	1. References 
	9
Construction Industry
I. Introduction: 
 Construction industry plays a huge role in Australia’s economic growth.  With the rising demand for commercial and residential construction, construction industry is one of the booming sectors in Australia. Australia has observed an accelerated pace of population growth during the current times.  Population growth especially in the major cities of Australia is the key demand driver for this sector. An array of new construction projects across the sectors are on high demand in Australia today. Construction industry basically builds the buildings and other infrastructural facilities that are essential for other industries to operate. Construction industry has an integral connection with several other industries that include housing industry, hospitality industry, education industry and health care industry. Currently construction industry is the third largest industry in Australia. Construction industry adds capital and wealth thereby integrally connected with the economic fortune of the nation. Construction industry has significant contribution to Australia’s economic prosperity. (AIgroup, July)
According to current estimate, construction industry contributes 8% of Australia’s GDP. Over the years, in order to meet the growing demand, the construction industry has grown both in size and productivity. The industry generates huge employment opportunities over the years - approximately 1.1 million people are employed both directly and indirectly in various sectors of the industry. (Cartwright, 2018)
The construction industry is vast, complex and dynamic and heavily impacted by the macroeconomic state of the economy. The industry is also heavily impacted by the influx of migration, cutting edge technology and domestic population growth. New construction activities across the sectors is definitely a clear indication of economic boom. Similarly, the contraction of new construction projects is a clear sign of weak economic growth. Since Australia has experienced phenomenal economic growth for the last 27 years, the construction industry has growth massively.  The performance of the construction sector considerable varies across the sates. (BCIEconomics, 2018)
The report puts an attempt to offer a valuable insight on various aspects of the construction industry in Australia. With the analysis of a reputed construction company in Sydney, this study provides an in-depth review of the sector. The detailed analysis will help the investors and the policymakers to take conscious decision and formulate suitable business strategies for the next five years. 
II. Introduction to the company: Mirvac Company 
Mirvac is one of the leading property group in Australia operating for long 45 years in the country. The company is principally located in four major cities that incudes Sydney, Melbourne, Perth and Brisbane.  Mirvac currently manages the assets over $18 billion across the office, retail and industrial sectors. Mirvac is committed to create and deliver unique, innovative and high quality commercial and residential projects to their valued customers. Mirvac’s integrated approach provides significant competitive advantage over other property development groups in the country. Mirvac has a massive contribution to reimagine and redefine the urban life in major cities of Australia.  Mirvac’s customer-oriented approach has redefined the urban landscape and create more sustainable and vibrant urban environment for generations to come. The business strategy and the decision making of Mirvac not only delivers maximum value to the customers but also provide good returns to their shareholders. (MIRVAC 2019) 
III.	Industry background
Construction Industry is vast that provides different services according to the need of the client. The major services provided by the industry includes new construction projects, renovation of old projects, demolition and repair of buildings and infrastructures. According to the estimate published in 20114-205, construction sector contributes approximately 7.8% in Australian GDP. The industry has generated $350 billion of revenue during 2017-2018, as per the currently published data.  The annual productivity growth rate is estimated as 2.8% per year. Construction industry is ranked as the third largest employer in the country followed by health sector and retail sector. Total employment for this industry has touched 1.1 million people who are employed in various sectors of the industry. (Nationindutryinsight, 2018)
Construction industry has shown divergent performance in building and non-building infrastructural activities.  Due to deterioration of non-building infrastructural activities, the overall performance has come down. Despite the solid growth in building activities, the overall growth in the sector was estimated as – 0.7% for the last five years (2014-2019). The industry has vital contribution to job creation in the economy.  (IBISworld, 2019) 
There are few businesses in construction industry that is owned by sole trader or by small companies that employs even less than 20 people.  The industry usually imports the construction materials and equipment’s from abroad. The construction sector is subject to high barriers to entry. The sunk cost is substantially high for the new building projects. Above all, the industry is subject to heavy government regulations in the form of approval and licensing is various sectors of the industry. (Nationindutryinsight, 2018)
Today construction industry in Australia is experiencing intense competition. Though the larger share of construction projects is owned by Australian owners,

HI5003 Economics for Business Assessment Details and Submission Guidelines Trimester T1 2019 Unit Code HI5003 Unit Title Economics for Business Assessment Type Written report Assessment Title Group...

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