The aim of this assessment is for you to apply foundational microeconomic concepts and theory learned in weeks 1-5 to a scenario and for you to demonstrate written communication skills. There are three topic scenarios available from which students are to select only one from the options below. Please note that the textbook page references below relate to the most recent COVID-19 Update textbook edition.

Topic 1: Science, Technology Engineering and Mathematics (STEM) Labour Market

National Cabinet is to meet on Monday 11 July 2022 to review the Australian government's additional funding of $6.7 million towards its "Advancing Women in STEM Strategy". Part of this funding goes towards supporting women in STEM careers, as there is currently an underrepresentation of them in the workplace. You are part of a committee led by the Minister for Industry and Science - The Hon Ed Husic MP and have been asked to discuss the impact this initiative has had in the labour market for female scientists.

Specifically, the National Cabinet would like to know whether the government should continue to financially support this initiative or instead leave the STEM labour market to the free market and halt any further funding.

In your presentation, you should discuss key concepts such as Demand, Supply, Subsidy and Shortage. Your demand and supply analysis framework should represent the STEM labour market. Please read Chapter 3 "The Market at Work: Supply and Demand", from page 73, to help you with your briefing and finding other credible resources (e.g. peer reviewed journal articles) which explore these issues further. The use of real data (from grey literature) where possible to support your presentation is desirable.