The purpose of the assignment is to allow you to demonstrate your mastery of theoretical concepts introduced in the unit, applied to a real-world setting. There are five questions, some dealing with general concepts and others becoming more directed in the information required. You will also have a chance to demonstrate your understanding of regression, a fundamental skill in quantitative business analysis. The questions are phrased in an open-ended manner; the intention is that the assignment is as non-prescriptive as it can be while allowing you the academic freedom to explore and learn as much as you can.

Question One - Background

Introduce and explain the concept of social welfare

Be sure to contextualise the remainder of the assignment

Question Two - Supply and Demand

Using the labour market, define and describe the laws of demand and supply

Use simple diagrams to illustrate the effect of elasticity on those laws

Question Three - Forecasting

Using the data provided, conduct a regression analysis

Comment on the strength of the derived regression

Use the regression to forecast future employment conditions

Question Four - Research

Research the concepts of money wages and real wages

Explain these two concepts and why they are important

Discuss how wage indices factor in broader economic terms

Question Five - Conclusion

Provide comment and outlook for the global employment market