Recommended Assignment StructureRequirement/s and Guide QuestionsEvent/Product/Company Description (3 marks, up to 250 words)Elaborate on the event being reported in your chosen article. Why did you...

HC1072
ECONOMICS AND INTERNATIONAL TRADE
ECONOMIC ANALYSIS OF THE AUSTRALIAN MARKET
MICROECONOMIC ANALYSIS (PART 1)
Table of Contents
Event/Product/Company Description    3
a)    3
b)    3
c)    3
Microeconomic Analysis (Part 1)    3
Demand and Supply    3
a)    3
b)    4
c)    4
d)    4
Industry Description and Market Structure Analysis    4
a)    4
b)    5
c)    5
d)    5
Externalities    5
a)    5
b)    5
c)    6
References    7
Article    8
Event/Product/Company Description
a)
This article by Gross (2020) describes about the post corona condition in Australia. Australia is showing growing indications of a three-speed labour market: Victoria, New South Wales stagnated as Sydney dealt and Western Australia. The article chose for this report base on the post pandemic situation of the Australia. I chose this because it is the new situation for every researcher. The economic impact of 2020 covid is highly disruptive.
b)
The target market is the labour market for this report, as this health crisis transformed into economic crisis in no time in Australia. The product offered could be labour. The labour market maintains a balance between the demands of the national economy for labour capital and the possibilities for covering them. It has a system of self-regulation, which is, in theory, the same in all economies. The convergence of a recession and the top-down lockdown of the coronavirus present a deep economic problem for the potential labour market.
c)
Parties involved are industry, company, and labour force, both employed, people looking for employment, in which, suppliers can be industry or company and consumers, are the labour force. The whole Australia labour market divided into three broad ways. The labour market relates to the supply and demand for labour, in which workers generate the supply and employers provide the demand. The labour market at both micro and macroeconomic scales should be consider. Companies have laid off staff because they cannot see clients coming back. Manufacturing is not the only industry in the last 30 years that has deteriorated. At that time, 25% of the working population employed in the wholesale and retail sectors.
Microeconomic Analysis (Part 1)
Demand and Supply
This article by Gross (2020) describes about the post corona condition in Australia. It states that “Australia is showing growing indications of a three-speed labour market: Victoria started to crumble as increasing infections forced the re-emergence of stringent restrictions; New South Wales stagnated as Sydney dealt with outbreaks; and Western Australia is virus-free and sealed off, which helps in improving its position. In order to ensure that the three-year yield remained about 0.25 percent, the Reserve Bank of Australia has kept its benchmark interest rate near zero and resumed purchasing government bonds, as it aims to reduce borrowing rates across the economy.” (Gross, 2020)
a)
The number of job openings represents labour demands. In that, it reveals the interest of the employer in recruiting employees. As mentioned by Andrews et al. (2020), real hires represent a mix of both supply and demand: firm desire and ability of employees to accept employment at the salaries offered. There are many determinant of the labour market. Some of them are demand for output, type of technology, training and education, prevailing demand of the goods and services, number of companies and government rules and regulations. For several factors, changes in the demand curve for labour occur. One main explanation is that the labour demand is dependent on the demand for the product or service that is being generated. For example, the more customers demand new vehicles, the greater the number of car manufacturers would need to employ staff. The demand for labour is thus referred to as "derived demand." Here are some examples of derived labour demand:
· The demand for cooks depends on the demand for meals at the restaurant.
· The demand for healthcare professionals depends on the prescription drug demand.
· The need for lawyers depends on the demand for legal assistance.
b)
c)
Among the entire determinant in the market, technology plays important role in determining the shortage and surplus situation in the market. As we revert to the coronavirus-induced lockdown post office, technology is set to be at the core of every workplace. As indicated by Fine et al. (2020), companies aim not just to make workplaces safer, but also to offer services to their customers differently, from better surveillance to faster procedures. As we revert to the coronavirus-induced lockdown article, technology is set to be at the core of every workplace.
Companies aim not only to facing high cleaner, but also to provide services to their customers differently, from better surveillance to quicker processes....