This economics assignment analyzes the impact of events on individual markets and the overall economy using microeconomic and macroeconomic principles. It explores the effects of Middle East hostilities on the petrol and passenger car markets, examining the dynamics of supply, demand, and equilibrium. The assignment also investigates the relationship between electric and petrol car markets, considering the impact of affordable electric cars on petrol car demand. Furthermore, it delves into economic growth, assessing the influence of government policies on economic output and identifying long-term determinants of growth. Finally, it compares the burden of taxation on cigarettes and coffee, analyzing market structures, particularly the oligopoly model in the Australian grocery supermarket sector, and the impact of taxation on consumers and producers. The assignment utilizes figures to illustrate market scenarios and draws upon economic theories and concepts, including elasticity and production possibility frontiers, to provide a comprehensive analysis of economic phenomena.