ECON1010 Fiscal Policy Assignment Sample

• Subject Code : ECON1010
• University : RMIT University My Assignment Services is not sponsored or endorsed by this college or university.
• Subject Name : Economics

Macroeconomics - Task 1

Fiscal Policy

In this policy, the government manages and controls the tax rates and policy structures to maintain the balance of the global economy. It is a sister sub-policy of monetary policy by which the central bank adjusts the money supply of the nation. These two policies are basically linked to each other and help to progress the global economy of the nation. The security and privacy of the fiscal policy are very good for the customers globally. By mixing the fiscal and monetary policy, the government can control the situation of the global economy in this pandemic situation. Fiscal policy is based on the theories of British economist John Maynard Keynes. It is based on the concept of Keynesian economics and the policy structure of global economics. This policy increases the macroeconomics concept to global customers and policyholders. The policy controls the balance of the global economy by increasing and decreasing the tax rate and public interest policies. This policy helps to increase the employment and tax control mechanism to the global customers and policyholders. This policy strictly follows the concept of a balancing act. The balancing act is the act to control and recognize the balance between tax rate and public interest. Consumers are attracted to more money in the economy and less payable tax in order that they can invest their money in a proper place with less tax to the government. The security and privacy of the fiscal policy are very good for the customers globally. By mixing the fiscal and monetary policy, the government can control the situation of the global economy in this pandemic situation. This is the concept of Fiscal policy for policyholders and customers.

Monetary Policy-

It is a global policy controlled by the central bank. It controls the money supply and the interest rate to the global consumers and policyholders. It is used by the government of a country to achieve macroeconomic objectives like inflation, consumption, growth, and liquidity. The money supply in this policy includes cash, debit card, credit card, net banking, and money market mutual funds also. Credit includes loans, bonds, and mortgages, and many more. This policy increases the economic growth of the nation. It is an important policy of macroeconomics. This policy includes the volume of the loans and it is affected by the guidelines of the policy. These two policies are basically linked to each other and help to progress the global economy of the nation. The security and privacy of the fiscal policy are very good for the customers globally. By mixing the fiscal and monetary policy, the government can control the situation of the global economy in this pandemic situation. There are three objectives of monetary policy: The first one is to manage inflammation. It is the most important objective of monetary policy. The second one is Reducing unemployment by controlling the inflammation of the policy. The third objective is the promotion of the long-term interest rate. All the objectives are very useful for the policy. It controls the global economic structure and gives various facilities to global policyholders. This policy is controlled by the central bank. This policy increases the economic growth of the nation. It is an important policy of macroeconomics. This policy includes the volume of the loans and it is affected by the guidelines of the policy. So, this is the concept of monetary policy to global economics.

Innovation policy

It is one of the most important policies for the global economic structure. It is very useful for both the consumers and workers also. It provides benefits to the citizens of all countries. It helps to create better jobs, build innovative ideas, and moderate the lifestyle of the human being. It has a touch of technological industry policy and development policy of the global economy. It is also strongly linked to other EU policies, such as those on employment, competitiveness, environment, industry, and energy. The responsibility of this innovation policy is to develop the structure of the global economy and improve the tax rate and public demands in order that the policyholders can get proper support and benefits from this innovation policy based on the present global economic condition due to the pandemic situation. The EU has developed an innovation union based on the innovation policy. The aim of the union is

i)To make Europe a fantastic science performer in the world.

ii) To provide better opportunities to the citizens and policyholders globally.

iii) To improve the standard of the marketing, economical condition of the nation

 It controls the global economic structure and gives various facilities to global policyholders. This policy is controlled by the central bank. This policy increases the economic growth of the nation. This policy is mainly based on education and research purposes. It gives various opportunities to students and scientists. They get proper benefits from the innovation policy because this policy is based on the concept of innovation and it works with different innovative ideas and resources. That will help to improve the research work and the education circle globally. So, this is the concept of Innovation policy.

International collaboration and globalization

International collaboration is spreading all over the world because of the increasing globalization of the global economy. International collaboration increases scientific research opportunities and improves professional skills and knowledge gain. The international science powerhouses are occupying the whole global economic structure of the nation. International collaboration takes place in various forms of macroeconomics. This includes multilateral and bilateral relationships with the researchers and students globally. The researchers collaborate in traveling worldwide for research purposes. That will affect the global economic structure in this pandemic situation. Globalization helps to improve the modern economy and clarify the ways and means of conducting business. The basic currency of the nation takes place in globalization which is the main cause of international collaboration. The international science powerhouses are occupying the whole global economic structure of the nation. International collaboration takes place in various forms of macroeconomics. Both international collaboration and globalization are linked with each other. One is clearly related to the other. Both are helping the global economic structure to improve for the nation especially for the researchers and students. They get the proper benefits from international collaboration and globalization. International collaboration helps to implement new ideas and technologies to improve the global economic structure. The new innovative ideas and technologies are the most important for any research purpose. The boundaries of various innovative ideas and technologies are increasing because of the international collaboration process with different experts of the global economy and research purpose. So, this is the concept of international collaboration and globalization for the global economic structure. That will affect the global economic structure in this pandemic situation.

Principles of policy design

All the above-mentioned policies are based on macroeconomics and global economic structure. The policies are developed by the governing bodies based on some principles. These are:

i) Positive and clear policy- Always the policies should be implemented after understanding the concept of the policy properly and with proper judgment. Clear and complete policies remove the barriers of confusion on the policies to global consumers and policyholders. The policies are developed by individual managers and initiatives from the governing body. All the statements of the policy should be accurate, understandable, reasonable, and stable to all the policyholders and global consumers.

ii) Flexibility- All the policy guidelines should be flexible for global consumers and researchers. A flexible policy helps to remove barriers of global economic structure and provide benefits to the citizens and global consumers as well as workers.

iii) Based on fact- All the policies should be based on facts and proper judgment in order that it can help the global consumers. The most important thing in this policy is that the policy should never include any personal matters or reflections. That will decrease the importance of the policies.

iv) Reflection of the objective- The policies should reflect the main objective of the assessment. It is totally based on the concept of macroeconomics in the global economic market. The boundaries of various innovative ideas and technologies are increasing because of the international collaboration process with different experts of the global economy and research purpose.

v) Communicated policy- All the policy guidelines should be properly communicated. That means the policyholder can perfectly understand the policy guidelines. Only writing policy is not enough to understand globally. So, the guidelines should be properly communicated with policyholders.

Macroeconomics - Task 2

Learning from real-world economists

Various new ideas and information about global economics can be properly learned by real-world economists. They use various models and tools to remove the drawbacks and properly explain the policies mentioned above. The various principles and procedures can be learned in the webinar from the real world economist, Edmund Phelps. A detailed concept of globalization and international collaboration can be learned from them with all the merits and demerits of both globalization and international collaboration. Some of the concepts of economics can be self-teaching. But most of the vast concepts of macroeconomics can be learned properly from the real world economists. The experts teach how to apply economics in real life. That includes the procedure of buying goods from the market with great satisfaction by giving less money. Behavioral economics can be learned from real-world economists. The concepts gained from the real world economists help to increase the employment and tax control mechanism to the global customers and policyholders. Consumers are attracted to more money in the economy and less payable tax in order that they can invest their money in a proper place with less tax to the government. Real-world economists use different models of macroeconomics like diagrams, structures, and many more. All those models are very important to achieve sound knowledge about macroeconomics.

Edmund Phelps, a famous American economist will be invited to the webinar. He is a recipient of the 2006 Nobel Memorial Prize in Economic Sciences. He is famous for his research at Yale's Cowles Foundation.

The 3 important questions about economics which will be asked to the guest are:

• What are the real-life applications of macroeconomics?
• What are the main factors that control the present global economic condition?
• What will be the suggestion to improve the global economic condition?

Macroeconomics - Task 3

Interview preparation

I have worked in a team at my university during my graduation. At that time, I collaborated with my team on an economic-based project. The project was about the 'Impact of globalization'. Teamwork always helps to find better ways for the work. I have learned various new ideas from other team members. We have completed the work by working together. The new ideas and information from the team members help to improve the project work. Various difficulties have arisen during the project like lack of information, lack of proper diagrams, and many others. Some group members were absent for some days. That was a very difficult situation for the rest of the team to progress. I have divided the rest of the members into different groups like writing, designing, checking, and many more. So, the division has removed the difficulties and progressed the work. I have identified various factors for successful teamwork. The factors are Communication, Efficiency, Ideas, Support, Delegacy, and many more. I have learned various things from the project. I have learned time management, implementing new ideas to the projects, storing new ideas to be implemented. I have learned to fight against the barriers of teamwork and that’s why I have applied the division concept to my team members when there was a lack of manpower and concentration. The new ideas and information from the team members help to improve the project work. So, these are the merits and demerits of teamwork and the recommendations to fight against the barriers of teamwork.

Remember, at the center of any academic work, lies clarity and evidence. Should you need further assistance, do look up to our Economics Assignment Help