Deakin University MAE 214 Economic Strategy for Business Assignment

This document presents a comprehensive analysis of economic strategies for businesses, focusing on market structures, economic theories, and their practical applications. The assignment delves into the impact of economic factors on business growth, particularly in the context of the Australian economy, addressing issues like the cost of living, employment, and skill gaps. It also examines the skills required for career success, emphasizing the importance of adaptability, positive attitudes, and proficiency in areas like technology and teamwork. Furthermore, the assignment explores career paths for economics graduates, highlighting roles such as credit analysts and financial analysts, detailing their responsibilities and potential earnings. The solution also includes references to relevant academic sources to support the analysis.

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Economic Strategy for Business
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Table of Contents
Answer: 3.........................................................................................................................................2
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Reference List..................................................................................................................................4

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Answer: 3
1)Economic theory is a model associated with the understanding and explanation of goods
movement in the market. It analyses the economic behaviour and interprets what is the finest
way to solve a given problem. Market structure is very essential for growth of businesses as
during period of recessions, growth of businesses gets hampered and vice-versa keeping in mind
about the inflation and interest rate. A series of instructions, definitions, threats and assumptions
are hypothesized that the firm might encounter.
In business proposals, planning and structure of the entire firm is synthesized. Setting of
firms needs huge investment and capital assets by considering the risk factors, demand for the
specified good and the price level (Wirtz, 2016). By considering the economic theory,
businessmen can estimate the market demand for products, how to lower the cost of production
so as to increase the output supply and revenue level.
2)Economics is a social science that gives an idea about the economic condition by considering
the standard of living and country’s GDP (Gross Domestic Product) growth. Development of

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business require proper planning of initiative and activities to generate maximum profits by
strategic planning.
Australia is facing problems due to its high cost of living index that is affecting the
employment level. The problem of unskilled labour and poverty gap between poor, rich has
harmed businesses by lowering efficiency level (Schuetze and Slowey, 2013).
3)Australia has excellent quality of training and higher education. The most needed skills are in
areas of science, engineering, technology and mathematics with a good proficiency in English
(Gale and Parker, 2013). The skills required are typing, analysis, team playing skills, ability to
complete task at any situation, passionate, having a positive attitude and disciplined towards
work. Student must have the ability to have a deeper understanding in the assigned field and
must be advanced in typing withy quality knowledge of computers.
Having a positive attitude and capability of doing group works needs to improve. Most of the
employees feel suffocated when given group assignments. They lose self-confidence and often
change jobs due to dissatisfaction at the work place. While working, most of the people lose
interest in the chosen subject and transform the desired course. So, it becomes very important to
understand the key skills and area of interest before choosing their career.
4)Students with economics background can opt for a career as Credit Analyst who does
microeconomic analysis of risks and economic trends in any business. They suggests the flexible
market interest rate and how to loan funds with an average annual income of 82,300 dollars
(Becker, 2017).
Financial analyst investigates about the stocks, bonds, amount of money to be invested
for new advanced technologies in markets. They propose statistical data and reports of

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firms to understand the flow of money and prepare strategies to solve the issues with a
new measure. The jobs gives an average annual salary of 100,990 dollars and is a good
profile for non-economists.
Reference List
Becker, G.S., 2017. Economic theory. Routledge.
Gale, T. and Parker, S., 2013. Widening participation in Australia in higher education.
Schuetze, H. and Slowey, M., 2013. Higher Education and Lifelong Learning: International
Perspectives on Change. Routledge.
Wirtz, B.W., Pistoia, A., Ullrich, S. and Göttel, V., 2016. Business models: Origin, development
and future research perspectives. Long range planning, 49(1), pp.36-54.

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