Economic Environment of Business
Assignment: TECO602 Economic Environment of Business
Value: 20%
Due Date: 30-May-2021
Length: 2,000 words (approximately 1,000 words per essay)
Submission: Turnitin TASK Assignment consists of two essay questions (worth 10 marks each) based on the subject material and require some additional research. Sources used in your answer should be fully referenced in Harvard style.
You are advised to access media items for further elaboration and illustration of the issues raised in your essays. It is expected that you use at least 5 references for each essay (10 in total).
Complete the following essays ensuring that you apply economic principles or theory wherever
possible to support your discussion. Communicate your ideas with correct grammar, spelling and
writing style and support your answers with diagrams and illustrative examples as necessary.
Essay 1 (10 marks) (Approximately 1,000 words)
Utilising your knowledge of the theory of the firm, provide a rationale for the Australian
government's JobKeeper policy being careful to distinguish between the short-run and the
long-run and between the needs of small and medium sized businesses compared with
large businesses.
Essay 2 (10 marks) (Approximately 1,000 words)
Utilising economic theory and illustrative examples write an essay which explains why
Australia was in a deep recession in 2020. In your essay, assess the effectiveness of the
government response in limiting the depth of the recession and in contributing to recovery
from it. RATIONALE This assessment task will assess the following learning outcome/s:
• be able to apply demand and supply analysis to make a range of market related decisions. • be able to make decisions that incorporate the relevant benefits and cost analysis. • be able to explain and defend why it is important to understand the structure of the market
in which a firm operates.
• be able to critically examine and demonstrate why it might be necessary for government
to intervene in the production of goods and services and in the distribution of income.
• be able to examine critically the health of the economy as a whole through the analysis of
major economic variables and advise on likely policy alternatives. This assignment provides an opportunity for you
• to demonstrate that you are familiar with the use of the model of supply and demand, the concepts of costs and benefits, the importance of market structure and the role of government intervention.
• to present a detailed analysis of some of the factors that give rise to government intervention in the market through the application of your knowledge of theory supported by evidence drawn from sources of your choosing.
MARKING CRITERIA AND STANDARDS
Criteria HD (85%) DI (75-84%) CR (65-74%) PS (50-64%) FL (0<50%)
Academic Language features and Language features and structures are The text contains some errors in The text contains frequent errors Fails to meet
writing clearly structures are used to convey used to convey meaning effectively, spelling, grammar, word choice, in spelling, grammar, word choice, criteria for a pass.
communicates meaning effectively, clearly, clearly, unambiguously, and in a tone and structure, lacks clarity and structure, lacks clarity, and is
meaning . concisely, unambiguously, and appropriate to the audience and occasionally, and may not be not concise, but the meaning is
in a tone appropriate to the purpose with few spelling, concise, but the meaning is apparent to the reader with some
audience and purpose with no grammatical, or punctuation errors. apparent to the reader with little effort.
spelling, grammatical, or effort.
punctuation errors.
Academic Referencing is comprehensive, Referencing is comprehensive, Referencing is comprehensive Referencing is comprehensive and Fails to meet
writing includes demonstrates academic demonstrates academic integrity, and and mostly accurate according to mostly accurate according to criteria for a pass.
Harvard integrity, and conforms exactly conforms to Harvard style Harvard style conventions. Up to Harvard style conventions.
referencing to Harvard style conventions. conventions with fewer than three eight minor errors or omissions Frequent minor errors or
minor errors or omissions which don't in style and formatting choices omissions in style and formatting
impact on the transparency and (e.g. italics, punctuation, choices (e.g. italics, punctuation,
traceability of the source or the underlining) don't impact on the underlining) don't impact on the
demonstration of academic integrity. transparency and traceability of transparency and traceability of
the source, or the demonstration the source, or the demonstration of
of academic integrity. academic integrity.
Analyses the The answer synthesises the The answer evaluates the theory and The answer correctly interprets The answer identifies the most Fails to meet
theoretical most important elements of the uses the theory to analyse the the relevant theory to analyse the important elements of the theory criteria for a pass.
aspects and theory with new insights question. Decisions based on analysis question. Decisions based on to analyse the question. Decisions
correctly applies providing an in-depth correctly reflect the options available analysis correctly reflect the based on analysis correctly reflect
and interprets the application of the theory along given specified market conditions and options available given specified the options available given
illustrative with clearly labelled relevant are presented through a sound market conditions. However, specified market conditions.
examples to diagrams and relevant argument showing good judgement. some errors have been found in Limited explanation and poor use
provide market illustrative examples to produce However, minor errors have been the narrative or use of diagrams of diagrams and illustrative
related a comprehensive analysis that found in the narrative or use of and in the application of examples provide marginal
recommendations is used as the basis for diagrams and in the application of illustrative examples. support for the conclusions drawn.
and/or decisions. identifying the correct illustrative examples.
decisions within the context of
specific market circumstances.
PRESENTATION
Answers should be typed (font size-12, spacing - 1.5, font family-time new roman) and diagrams must be clear and neat and preferably drawn electronically. Hand-drawn diagrams are acceptable. Sources used in your answer should be fully referenced in Harvard style.
REQUIREMENTS
Sources used in your answer should be fully referenced in Harvard style.
Assignments must be submitted through Turnitin.