how long will it take

MBA 611

Business Economics Assignment 1

Due Date: End of Week 3

Answer both questions.

Total assignment marks: 100

Note

You must submit your assignment in MS Word in one (1) file only

Your answers to this assignment should include references to recently published journal articles or books, media news as

well as information on the web. Where appropriate you are encouraged to challenge relevant economic theories providing

your own justified views.

Question 1.

Adam Smith wrote of, “The Invisible Hand” in economics. Give a critical evaluation of the way in which this concept has been

affected by the theories of Maynard Keynes, Karl Marx, Milton Friedman and political expediency and/or dogma.

You may use any pictorial technique to justify your argument you see as relevant and appropriate. i.e. Graphs, Charts,

Economic curves, etc.)

(60 marks)

Question 2.

“The sole purpose of production is consumption”, Adam Smith.

Evaluate this statement in relation to contemporary business activity, David Ricardo’s theories and the effect of trading

groups such as the European Union, NAFTA, etc. Your response should use any pictorial technique you feel supports your

argument.

(40 Marks)

Answer both questions. Total assignment marks: 100

Your answers to this assignment should include relevant references to recently published journal articles or books, media

news as well as information on the web.

Where appropriate you are encouraged to challenge relevant economic theories providing your own justified views.

You are required to type up and submit a Word document file which will include your justified answers to the above two

questions.

In preparing your answers to the assignment, you are required to follow the specific guidelines below:

·You are to work on this assignment individually without the help of others.

·Your answer should refer to relevant economic theories in support of your view

The word limit for Question 1 is between a minimum of 700 and a maximum of 1000 words, and for Question 2 a minimum of 1100 and a maximum of 1500 words.

·Use Times New Roman or Arial 12 pt with 1.5 spacing between lines.

·Pages must be numbered.

·Headings and sub headings should be clear and visible.