Identify an Australian market and use economic concepts to explain the observed changes in market price over recent years. You must also identify and analyse factors which have affected market conditions such as volume of goods/services demanded and supplied and explain how these conditions have contributed to market price.

Tasks 1. Identify an Australian market that is prominently discussed in the media. Note, you may not use the housing market.

2. Research the recent history of factors affecting the nature/characteristics of this market. This should include: a. Factors which have affected quantity of demand (i.e. the closeness of substitute, existence of substitute or complement of the products, demand elasticity etc.) b. Factors which have affected quantity of supply (i.e. input price of production, competition in the market, technological development etc.) c. Type of markets (i.e. perfect competition, monopoly, monopolistic and oligopoly) and how this influence pricing decision. d. How do the Ukrainian-Russian war and COVID-19 specifically affect this particular market. e. Government interventions such as tax, budget policy, regulation and the impact of this on market conditions. f. How this market can contribute to GDP (i.e. Consumption, Investment. Government Spending and Net export).

3. Graphically represent how any factor above has changed market conditions including price