This takes the form of 2 questions, one relating to microeconomics and one to macroeconomics. You must answer part (a) and part (b) of both questions.
its 1000 words (APA referencing)
Questions and further information will be available in the attachment
Economicsfor Business 2019 – 20
Introduction
This takes the form of 2 questions, one relating to microeconomics and one to
macroeconomics. You must answer part (a) and part (b) of both questions.
The Intended Learning Outcomes of the Assignment are:
§ Explain topical economic issues and Government policy decisions.
§ Define and explain basic financial principles.
What is required?
Answers should be in the form of short essays, including appropriate diagrams
where required by the question. There are no specific requirements regarding
structure, but you should bear in mind that a good answer will normally include
the following elements:
• Definitions – using economists’ terms for key concepts;
• Examples – using relevant examples to expand your definitions
• Analysis – a step by step, logical explanation of a particular model or event;
• Diagram – with correct labels for axes, curves and points of equilibrium.
The indicative word count is 1,000 words in total, excluding diagrams, citations
and references. This is not a maximum, and you may write more if that suits your
style. In your answers, you should only include citations in text and a reference
list at the end for any direct quotes. Other than this, you should use your own
words as if you are in an examination. Any citations and references that you use
should comply with APA 6 requirements. Further support is available at
http://referencing.port.ac.uk/ .
You should draw diagrams by hand, take photos and attach with your
submission. Diagrams that have been cut and pasted from another online
source will be disregarded and will not earn credit.
Answer both questions, ensuring that you answer part (a) and
part (b) of each question.
Question 1
(a) The quantity of most goods is determined by the interaction of demand and
supply decisions in a given market. Draw a market diagram and use it to explain
how equilibrium price and quantity are determined in this market.
25% of marks
(b) Explain how price and quantity will be affected by the following events:
i. The imposition by the government of an effective minimum price.
ii. An increase in the price of a raw material.
25% of marks
Question 2
(a) Using an Aggregate Demand / Aggregate Supply diagram, explain how an
economy may experience short run growth in actual output, and describe two ways
in which this may occur.
25% of marks
(b) Explain how an economy may experience long run growth in potential output,
and describe two ways in which this may occur.
25% of marks
End of coursework
Table: Marking Criteria – Essay Type
Component and
Suggested Marks
Failure < 40% Pass 40 – 55%
Good Pass
56 – 69%
Distinction
>70%
Introduction and
background to
topic
Limited
introduction not
focused on aims
of assignment
Topic well
focused but
introduction and
context
incomplete
Introduction
clearly
expressed;
context well
defined
As for good
pass
Understanding of
key issues
Minimal
understanding of
key issues
Main issues
largely identified,
but some lack of
focus
All issues clearly
understood, with
some
differentiation in
terms of
importance
Issues clearly
understood and
differentiated in
terms of
importance
Evidence of
reading and/or
choice of
appropriate
concepts
Little evidence of
reading or limited
/inappropriate use
of module
material; unclear
theoretical
framework;
important work
uncited or key
concepts ignored
Evidence of
reading or
appropriate use of
module material
but with some
gaps. Literature
/concepts
adequately but
not critically
reviewed.
Good critical
literature review
or well-justified
choice of
module material.
Theoretical
framework
supports study.
Demonstrates
high level of
scholarship.
Analysis
Largely
descriptive;
practically no
analysis of central
issues.
Qualitative or
quantitative data
analysis
inaccurate.
Some critical
analysis of central
issues, but with
some
inaccuracies.
Relevant and
full analysis
Comprehensive
and critical
analysis of
central issues.
Presentation and
evaluation of
evidence
Some evidence to
support
arguments but
uncritical
acceptance of
material; poor or
incomplete
citation;
unjustified
conclusions.
Appropriate
evidence,
generally
assessed
critically; weak
interpretation of
qualitative
aspects; some
gaps in linkages
between evidence
and conclusions.
Full, critical
assessment of
discriminatingly
selected
material; some
evidence of
independent
thought
Full, critical
assessment of
discriminatingly
selected
material;
evidence of
independent
thought;
substantial
individual
insights evident
Presentation:
Structure, clarity,
use of grammar,
correct spelling
Poor: lack of
structure and
clarity;
grammatical
mistakes;
inadequate
referencing
Reasonably clear
presentation;
reasonable
referencing; few
grammatical/spelli
ng mistakes
Demonstrates
very good
communication
skills; accurate
referencing;
very few/no
grammatical or
spelling errors
Excellent
communication
skills; accurate
referencing;
virtually no
errors; scholarly,
well-organised
treatment of
material
Attainment of
learning
objectives
Attainment of
few/none of the
relevant learning
objectives
Attainment of a
good majority of
the relevant
learning
objectives
Attainment of
substantial
majority of the
relevant learning
objectives
Attainment of
nearly all of the
relevant learning
objectives