Microeconomics
The task is to produce a ten-year market forecast for a good or service of your choice. You can choose another service or goods or I would like to have the market forecast on a service – a licensed residential care service for children in out of home care (northern NSW). The children will need to be in the care of the state (NSW). The service would be residential home set up with 24/7 carers and adhere to the NSW Child Safe Standards for Permanent Care (November 2015).
Please use graphs, tables and figures where relevant.
This assessment will draw heavily on the material presented in Modules 2 and 3. I I can supply all powerpoint slides for modules 2 and 3.
Read these requirements carefully and make sure the brief is formed to include each element
In this forecast you should:
1. Clearly introduce a good or service and position it within a broader market context
2. Identify and analyse the key non-price determinants of demand for the chosen good or service and to correctly identify whether those determinants are likely to increase or decrease demand.
3. Identify and analyse the likely key non-price determinants of supply for the chosen good or service over the next ten years and to correctly identify and assess whether those determinants are likely to increase or decrease supply or stayed relatively constant over the period.
4. Combine the effects of demand and supply on the overall market position and communicate this clearly via the demand and supply framework.
Bring together your demand and supply forecasts, and therefore draw a conclusion about the overall market price/quantity at the end of the decade.
5. Note any potential risks and/or opportunities related to your good or service. Pay particular attention to risks and/or opportunities from a sustainability / sustainable development perspective.
