Engage with a knowledgeable Economics tutor to build strong conceptual understanding and apply real-world insights.

The tutor and student worked on accounting journal entries using an Excel spreadsheet. They practiced recording various business transactions into specialized journals like cash receipts, cash payments, sales, and purchases journals, including the proper handling of GST. They also covered how to record purchase returns and owner's drawings in the general journal.

The tutor and student reviewed and refined academic answers related to business environments, focusing on the impact of mission and vision. They discussed definitions, generic impacts, and specific company applications, with the tutor providing resources and guidance for improvement. The next steps involve addressing a new assignment on accounting journals.

The Tutor and Student worked on refining an academic assignment focusing on internal business environment factors and financial capabilities. They discussed identifying key business elements, extracting relevant financial data, and contextualizing information within industry trends. The Student was assigned homework to write a specific answer using provided resources and best practices for research and citation.

The Student and Tutor initiated a business assignment focused on analyzing the internal strategic factors of Ryman Healthcare, an aged care organization. The session specifically covered the definition and application of financial capabilities, including key metrics like profitability and cash flow. The Student was provided with various sources and a structured approach to complete the first section of the assignment, with the next session planned to address mission and vision.

The Student and Tutor worked through several problems related to international trade in Economics, focusing on equilibrium price and quantity, export supply, import demand, and gains from free trade. They then analyzed the impact of a tariff on world prices, volume of trade, and consumer welfare. The Tutor will share additional calculations for the student to review before their exam.

The Tutor and Student revisited biased growth concepts before diving into the multifaceted impact of tariffs on consumer surplus, producer surplus, government revenue, and overall welfare. They explored theoretical effects, including the concept of deadweight loss, and then practiced solving algebraic numerical problems to determine equilibrium price and quantity, as well as the effects of a specific tax on prices and quantities. The Student was assigned practice problems for homework, including solving for import and export demand equations.