Choose to do your research in one of the following industries: construction/housing/
property development, education (which can be narrowed down to international education
industry), or mining.
write a 2000 word report about that industry.
The report should, as a minimum, address the following key issues:
- An overview of the industry (including some key statistics such as revenue, employment, the
industry’s contribution to national GDP, and industry growth rate).
- An analysis of the market structure the industry is in, including:
The type of market structure it is in and why (based on the characteristics of the
The market leaders in the industry and some statistics about them.
- A discussion about (i) two determinants of demand, and (ii) two determinants of supply for
your industry’s product(s) or service(s) that you consider to be the most influential.
Page 3 of 6
HC1072 Economics and International Trade
- A discussion about the demand elasticity for the industry’s product(s) or service(s) which
answers the following question:
Is your product(s) or service(s) elastic or inelastic? Why?
- An analysis of a recent event that has (or is likely to have) substantial impacts on your
industry. The analysis may include:
A brief description about that event.
How has that event affected (or is likely to affect) the market demand and/or supply?
What is the likely effect of that event on the market price and quantity?
Draw a market demand/supply diagram to illustrate that impact.
departments. More pressure is applied to the task force because they may have to read and compromise on both individuals countries demands, but also the EU’s collective demands in the negotiations. Accountability, the second issue ministers face that contributes towards ministerial overload. Cabinet ministers are appointed by the PM to head up a department and are usually chosen based on background (such as representation of females) or based on other factors such as personal skills, e.g. media savviness. There are 2 main accountability mechanisms that affect the effectiveness of ministers, these are the ministerial code and the media. The ministerial code is a code of conduct and guidance on procedures that all ministers must uphold, which includes 7 principles of public life (selflessness, integrity, openness, leadership, objectivity and honesty), while also being accurate in their dealings with parliament disclosing any personal, financial and constituency conflicts of interest. Ministers also face individual responsibility, i.e. cabinet minister’s bear the ultimate responsibility for the actions of their ministry or department. It’s very rare nowadays for ministers in this event to resign from their post, a rare example of this would be Shahid Malik stepping down as Justice Minister in the revelations of the MP expenses scandal. They’re also subject to collective responsibility, the duty of ministers to publicly agree with government policies, ministers that cannot conform to this are expected to resign. It also refers to the responsibility of the government as a whole to be accountable for its actions, the government must be willing to resign and have a general election if defeated in a vote of no confidence.(ministerial code, gov.uk) This limits the effectiveness of ministers in their roles within departments, because if a mistake, error occurs within the department civil servants, the cabinet minister is expected to take responsibility and resign even though it may not be their direct fault, ministers therefore have to spend more time in their department to ensure these errors are not made especially in regards to department policies specifically flagship or policies with high importance or intense media scrutiny. Most democratic countries have their own forms of ministerial codes of conducts that bear some similarities with the UK. However Germany for example extends their code of conduct to all members of the Bundestag rather than just their ministers and this includes similarities to the UK, such reporting any possible conflicts of interest before taking their membership.>GET ANSWER