gdp – workshop question 1 is economic wellbeing measurable using .

Workshop Question 1 Is economic well-being measurable using GDP? If you believe that most aspects of economic wellbeing are measurable using GDP, give one specific example that affects your economic wellbeing negatively and one that affects economic wellbeing positively and explain how it would be included in the calculation of GDP. If you believe that GDP is an inadequate measure of economic wellbeing, give one specific example that affects your economic wellbeing negatively and one that affects economic wellbeing positively and explain how it would be included in the calculation using an alternative measure of your choice. Workshop Question 2 What is a business cycle? Explain the impact of a stock market crash on the business cycle. Workshop Question 3 The theory underlying free trade and globalisation implies that trading is possible between any two countries or with a block of countries. Australian trading relations with ASEAN 10 member countries (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam) and its impact can be viewed as a whole or in relation to individual member countries. With reference to one individual country (select from list given) within the block and also the block as a whole critically discuss the following statement. Australia’s trade with the ASEAN 10 as a whole and (the country you select) has led to both positive/negative impacts on welfare. You need to justify your answer. Instructions Please answer each question in your own words. The three questions above are from topics 1-4 that may be explaining theory or applications of theory or critical reflections on theory. In each case, students will be required to develop a thesis statement and write 350 words for each question to defend their thesis. In total what you submit must not exceed 1050 words. Students can collaborate as much as they like on the answers but the writing must be their own. Thus, the final version submitted in Week 5 cannot be identical with other group members. Turnitin submission is required (see general submission requirements). However, as groups may have collaborated quite significantly, and this is encouraged, more leeway will be given on Turnitin similarity scores. The main criteria are that each student is expressing the ideas in their own words.