Economics (microeconomics and macroeconomics).

Economics for 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