Case Study Task:There are a number of economic concepts in the "Don't be surprised if the economy surprises on the downside" post from Ross Gittins, Sydney Morning Herald Economics Editor http://www.rossgittins.com/2021/07/dont-be-surprised-if-economy-surprises.html

Explain (in the context of the article) the following quotes using your understanding of the economic terms and concepts:

1.The article refers to "this recession". What is the definition of a recession?Analyse how "this recession... was brought about by governments" in the context of the effects of each of the components of GDP (identify the effects on specific industries and use examples)? [10 marks]

2.The article refers identifies "GDP was ahead of what it was at the end of 2019. Total employment was also ahead, while the rate of unemployment was actually a little lower".Explain the implied link between GDP and employment, but not necessarily between total employment and the rate of unemployment. [6 marks]

3."Despite cries for the return of JobKeeper, the arrangements" that were implemented has been the COVID-19 Disaster Payment.Explain how this policy was expected to support the economy. [4 marks]