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What is the Case Competition about?
The Policy Summit is a UofT -wide, macroeconomics-based case competition that
requires students to analyze the impact of crisis management policies on the global economy.
This competition is an opportunity for undergraduate students to develop sound research skills
and build themselves as diplomatic speakers. Additionally, the competition will provide students
with an experiential learning experience, where participants will step into the roles of
government policymakers, helping them develop a strong grasp of argumentative and decision-
making skills. Students will be working in teams of 4, you can either form your own team or be assigned to one. Each team will be required to
submit a two-side assessment document to be scored by the judges. All submissions will be
reviewed by a panel of University of Toronto professors. The top 3 teams have the potential of
winning gift cards worth up to $1000!
The Challenge
As citizens, we are one of the most active players in the economy. Yet, we are usually in
the passenger seats when global crises take place. We behave based on the economy’s state and
circumstances. Crises such as the current worrying excessive growth in inflation, climate change
impacting natural resource or food producing economies, recovering from the COVID pandemic
recession and political volatilities impacting trade relations of specific products all have an
altering impact on the path of our economy, both domestically and internationally. The effects on
the economy have an impact on our economic behaviors and economic futures. The solution to
this issue throughout history has been through policies implemented by the government in the
past. This competition is aimed to drive you to analyze what the process of policy-making might
look like and what prospective strategies and tools are useful in responding to these crises.
It is not as simple as coming up with a policy. This challenge asks you to ask yourselves
why your chosen policy is the best policy to choose for a specific crisis, why it is a suitable or
the most appropriate policy, why is it important for your country to address this crisis, how can
your country implement your policy and what are possible implications of your policy’s
implementation. These questions can be addressed with macroeconomic concepts you have
learnt. These are all questions to consider when drafting your policies because a strong policy is
one which can be supported with explanations.
For this competition, YOU are the governing body. With full autonomy, your team will
have to respond to a set of crises through the implementation of real-world policies. On the day
of the competition, two crises will be announced after which team members will have 1 hour to
collaborate and create a detailed presentation for each crisis, outlining their thought process and
strategies. You must discuss in-depth the efficiency of these policies: How does it affect the
country’s GDP? Which industries are impacted and to what extent? How does it impact
the country’s foreign policy? What are the short and long-term effects of the policies? How does
it impact the livelihood of the common man?
List of Countries
The United States of America:
The United States has the largest, most technologically
advanced, and most diverse economy in the world. While the United States accounts for only
about 4 percent of the world's population, its GDP is 26 percent of the world's total economic
output. The American economy is a free-market, private enterprise system that has only limited
government intervention in areas such as health care, transportation, and retirement. American
companies are among the most productive and competitive in the world. American corporations
have considerable freedom of operation and little government control over issues of product
development, plant openings or closures, and employment. The United States also has a clear
edge over the rest of the world in many high-tech industries, including computers, medical care,
aerospace, and military equipment. The US faces an inflation rate of 8.26% as of August 2022.
Canada:
The Canadian economy is largely propped up by the services sector, which makes up
about 70.2% of its GDP. 28.2% is made up of manufacturing and industry, with the remaining
1.6% composed of agriculture. Canadian real GDP is projected to grow by 1.6% in 2022. Being
the neighbor and close ally of the United States, Canadian economic policies typically mirror
those of the US. Canada is a largely free-market economy, with exceptions such as healthcare,
retirement, postal services, etc. which are publicly funded. As of August 2022, Canada’s
inflation was 7%.
India:
India's diverse economy encompasses traditional village farming, modern agriculture,
handicrafts, a wide range of modern industries, and a multitude of services. Slightly less than
half of the workforce is in agriculture, but services are the major source of economic
growth, accounting for nearly two-thirds of India's output but employing less than one-third of its
labor force. India has capitalized on its large educated English-speaking population to become a
major exporter of information technology services, business outsourcing services, and software
workers. Nevertheless, per capita income remains below the world average. India is developing
into an open-market economy, yet traces of its past autarkic policies remain. Economic
liberalization measures, including industrial deregulation, privatization of state-owned
enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and
served to accelerate the country's growth, which averaged nearly 7% per year from 1997 to 2017.
India faces an inflation rate of 7%.
China:
China is the second-largest global economy, the largest exporter, and has the largest
exchange reserves in the world. However, even though China has one of the fastest-growing
GDPs in the world, its economic growth was abruptly slowed to 2.3%, against 5.8% in 2019, due
to the impact of the COVID-19 pandemic. The 2019 context was already the result of a structural
slowdown, as the economy moves away from an investment-led growth model and the
government implements policies to reduce financial vulnerabilities. At the time, resilient external
demand and robust domestic household consumption bolstered this growth, despite rising
concerns about financial risks amid an economic restructuring led by the Communist
government. China, the world's top crude oil buyer, brought in 44.53 million tonnes of oil last
month, equivalent to 10.49 million barrels per day (BPD), according to data from the General
Administration of Customs. A notable outlier, China’s inflation rate as of August 2022 was 2.5%
The United Kingdom:
The UK, the leading trading power and financial center, is the second-
largest economy in Europe after Germany. Agriculture is intensive, highly mechanized, and
efficient by European standards, producing about 60% of food needs with less than 2% of the
labor force. The UK has large coal, natural gas, and oil resources, but its oil andnatural gas
reserves are declining; the UK has been a net importer of energy since 2005. Services,
particularly banking, insurance, and business services, are key drivers of British GDP growth.
Manufacturing, meanwhile, has declined in importance but still accounts for about 10% of
economic output. As of August, the UK faces an inflation rate of 9.8%.
Russia
In 2021, Russia was crowned the eleventh largest country in the world with its GDP
measured at 1.78 trillion USD. Amid the Russia-Ukraine war, the Russian economy shrank by
4.1% in Q2 of 2022. Services make up an estimated 62.3% of the Russian economy. Data
measured from the first quarter of 2002 to the first quarter of 2022 shows volatile movement in
the CPI (Consumer Price Index), but shows a growth in CPI over the last few quarters. The
Russian inflation rate as of August 2022 was measured at 14.3%.
Sample Structure
Each team will be representing a country which will be allotted to them prior to the competition.
Introductory research of the country is given to team members in the guide (see above). It is the
responsibility of the team to complete the remaining research which might be required for the
competition. All the teams are encouraged to choose a spokesperson amongst themselves for
ease of communication with the UEC team.
On the day of the event, all team members are expected to join the UEC Policy Summit opening
ceremony in MN 1270. The opening ceremony
will begin with a short presentation explaining what the competition entails, introducing and
meeting the guest speakers and finally answering any last-minute questions. The competition
will start with each team being directed to their group tables in their respective rooms. Soon
after, everybody will be sent a “Crisis.” It will be emailed to participants but physical copies for
participants with no devices will be provided. The crisis is a problem which the country will
face, for example, the great depression, natural disasters, diseases, depletion of resources, etc.
The team is expected to create a maximum of 3 policies per crisis in their presentations, keeping
in mind the strength and weaknesses of their countries, so that it does not affect the GDP,
standard of living, and environment of the country in a negative manner. After the 1-hour time
period given for the policymaking, there will be a 15-minute break. This will be followed by the
second crisis, with an identical format. Following this, teams will begin with presentations. Each
team is expected to present their policies and their predicted impact on their country in 3-5 minutes. There
is no fixed structure for the presentation which allows plenty of room for creativity! Presentation skills of
the team members will be graded & the judgewould also provide some feedback on the discussed policies.
The 3-5 minute time restriction will be strictly followed for the presentation. The winning position will be
decided by our judges and awards will be distributed on the same day, after the end of the competition and
presentations.
Grading Rubric
Research
Use of statistics: Presentation includes appropriate economic indicators to justify a
country's position on policies.
The factual basis of future predictions: Any and all predictions made must be
supported by past and current information on countries.
Sources: Information must be acquired from a wide range of reliable sources (Eg. Databases, News Channels, Websites, Videos, etc)
Application and Analysis
Economics knowledge and understanding: Demonstrates and applies
macroeconomic concepts and theories in a clear and effective manner for chosen countries.
Evaluation: Connections to real-world examples are made to support policy choices and arguments.
Diagram: Relevant, accurate, and correctly labeled diagrams with complete
explanations.
Format: Aligns with the format of the Draft Summary Paper provided
/10
/10
/5
Total /25
/10
/10
/10
/5
Total /35
Oral Presentation
Use of Argument: Reasons are provided to support policy decisions. Explanations are relevant and focused.
Organization of ideas and clarity: Choices and responses are outlined in a clear and concise manner. Provides a clear structure to the presentation. The presentation does not exceed the allotted time.
Language and Vocabulary: Syntax and grammar are formal and coherent.
Use of Economic Terminology: Consistently demonstrates appropriate use of
economic terminology. Terms are correctly defined.
Interactions: Response to questions from judges and other teams is well formulated.
Judge’s Favorite
Judges may award an additional ten points for their favorite assessment paper based on the use of economics and creativity.
/6
/6
/6
/6
/6
Total /30
/10
Prize Structure
The top 3 teams will have a chance to learn from industry professionals who will also be
evaluating and judging their policies and distributing awards on the day of the workshop. The
awards are as follows:
First Place: $550 cash
Second Place: $350 cash
Third Place: $200 cash
*Please note: the focus of this case competition is not to give money and prizes away to students, but rather provide students an opportunity to apply their Economics knowledge to real life! The winning teams will be announced at the end of the event on the same day!
FAQs
Who is eligible to participate?
The competition is open to undergraduate students across all three campuses registered as full-
time or part-time students at the University of Toronto. You will be able to participate in teams
of 4. However, if you do not have a group, email us at ueccasecomps@gmail.com and you will
be assigned one. Make sure to fill in the details in the registration form to participate!
How should our team approach the presentation?
After each crisis topic has been introduced, each team will have a maximum of 60 minutes to
prepare an oral/visual presentation for the judges and hosts. You may ask, what do you mean by
presentation? This is your chance to be as creative as possible! You could do a PowerPoint, a
mock interview, a newscast, or even a simple document presentation. However, participants
must provide in-depth analysis for their policies of choice and evaluate using relevant
macroeconomic indicators, statistics, and considerations for future predictions. The maximum
time for the presentation is 5 minutes.
What do you mean by “crisis”?
When you see the word crisis, you may instantly recall the dire Global Financial Crisis of 2008
or the current Covid-19 recession. However, crises for this competition will be unique, slightly
more exciting! One of the hosts will announce a new, spontaneous crisis situation that you will
have to solve on the spot. You will need to think on your feet and apply your knowledge of
economics, mirroring a policy maker’s response to sudden changes in the economic
environment.
Will the crises be exactly accurate to the real world?
No. While we will select crises which are realistic, they will not necessarily be entirely
accurate to what happens in the real world. We want to test your thinking skills and ability to
solve unique problems using economic theory. In choosing only accurate crises, there would
be no creativity required for our competition, as historical data and policies are widely
available for each country.
Can I participate in 2 teams?
No.
I am not able to reach out to any UEC members via email. What should I do?
You may send us a direct message via Instagram [@uecutm] or on the UEC Discord group
[https://discord.gg/wsVd6WMkaw]. We will get back to you as soon as possible.
I am not able to reach out to any UEC members via email. What should I do?
You may send us a direct message via Instagram [@uecutm] or on the UEC Discord group
[https://discord.gg/wsVd6WMkaw]. We will get back to you as soon as possible.
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