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ECS2606 Assignment 1 (ANSWERS) Semester 1 2025 - DISTINCTION GUARANTEED

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Well-structured ECS2606 Assignment 1 (ANSWERS) Semester 1 2025 - DISTINCTION GUARANTEED. (DETAILED ANSWERS - DISTINCTION GUARANTEED!)...A1. Explain and diagrammatically illustrate the impact that the Covid-19 -pandemic induced restrictions on economic activities imposed in many countries across the world in 2020/21 had on the materials balance principle. ECS2601 [10] 2. Explain with the aid of production possibility curves how your country could limit the production and consumption of future generations by current irresponsible consumption and production. ECS2602 [10] 3. Make use of appropriate examples to explain and distinguish between opportunity costs and external costs. ECS2603 ECS2604 [10] 4. Explain the difference between positive and normative economics and provide two examples in each case. [10] 5. Draw two graphs to explain how the impact of inelastic and elastic demand curves will differ if environmental policies are enforced. [10 ECS2605

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ECS2606
Assignment 1 Semester 1 2025
Unique Number: 253465
Due Date: 24 March 2025
QUESTION 1

The COVID-19 pandemic of 2020/21 significantly disrupted economic activities worldwide,
with governments imposing strict lockdowns to control the spread of the virus. These
restrictions had profound implications on the flow of materials within the economy,
particularly affecting production, consumption, and waste generation. The materials
balance principle, which explains the flow of raw materials from the environment through
production and consumption before returning as residuals, was altered significantly during
this period.

The attached diagram represents the altered flow of materials within the economic system
during the COVID-19 pandemic. It highlights the reduction in industrial waste and
consumer residuals, as well as the increase in specific waste categories such as
packaging and medical supplies. The temporary relief to the environment is evident in
reduced pollution levels, but the risk of long-term environmental consequences remains if
proper measures are not taken.



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