report

ABN 49 003 577 302 CRICOS Code: 00161E National Code: 90458 TEQSA Provider Number: PRV12051

Assessment Brief 3 Course Bachelor of Business/Business of Accounting

Unit Business Economics

Unit Code B01BECO107

Type of Assessment

Assessment 3- Written assignment

Length/durati on

1500 words

Learning Outcomes addressed

a. Have a basic understanding of microeconomic and macroeconomic concepts

b. Understand the microeconomic and macroeconomic environment affecting business activities in the economy

c .Have knowledge of current economic issues, both domestic and international

d .Use analytical skills to apply economic concepts to a range of economics issues

Submission Date

At end of Week 10.

Assessment Brief

Writing a report on the supply and demand of oil. See below for Assessment Description

Total Marks 100 marks.

Weightings 25% of the total assessment

Students are advised that any submission past the due date incur a 10% per day calculated from the total mark e.g. a task marked out of 40 will incur a 4 mark penalty per day. Please note: you must attempt all assessment tasks in a unit to be eligible to pass the subject. For more information, please refer to the Academic Progress Policies on https://kent.rtomanager.com.au/Staff/StaffControls/StaffPages/Staff_DocVi ew.aspx

ABN 49 003 577 302 CRICOS Code: 00161E National Code: 90458 TEQSA Provider Number: PRV12051

Assessment Detail

You are to write a report on the supply and demand of oil.

The price of oil is determined by supply and demand. The price of oil has been steadily hovering

around the $100-$120 per barrel mark for many years. Suddenly towards the end of 2014, the price

of oil took a downturn and has been dropping ever since. In March 2016, oil has fallen to around $38

per barrel (a fall of over 60%).

a) Based on your understanding of the economic theory of supply and demand, describe why the

price of oil has continued to fall so much even though the consumption of oil has not decreased

substantially.

b) With oil price falling, there will be some countries that will benefit and some countries which will

lose out. How would the fall in price of oil affect the economies of:

i) huge oil importing countries such as China or India?

ii) huge oil exporting countries such as Saudi Arabia or Iran?

iii) huge amount of oil of its own but has a big domestic consumption of oil such as USA or

Indonesia?

c) Obviously with the huge fall of oil, there will be winners and losers at the business/industry level.

Identify and describe:

i) the businesses/industries likely to benefit from the fall of oil.

ii) the businesses/industries likely to lose out from the fall of oil.

Report sections:

The key sections to be included are: Executive summary; Usage of the economic theory of supply and

demand, describe the winners and losers in the fall in the price of oil; Conclusion; Bibliography and

Appendix.

Your report must include:

 Correct essay structure. Refer to the Academic Learning Skills handout on Essay writing.

 Harvard referencing for any sources you use. Refer to the Academic Learning Skills handout

on Referencing.

 A minimum of 4 academic references (including the text book).

You must submit your assignment to MOODLE for it to be marked. Another copy should be sent to

TURNITIN to check for plagiarism.

Please see Academic Learning Skills staff for assistance with this, or any assignment. They can help

you with understanding the task, draft checking, structure, referencing and other assignment-

related matters.

ABN 49 003 577 302 CRICOS Code: 00161E National Code: 90458 TEQSA Provider Number: PRV12051