Economics for Business Assignment Template
Programme: Diploma in Business Management Studies
Unit Number and Title: 600/1068/X; Economics for Business
Module Tutor: Moslahur Reza/Murshed Thakur
Submission Date September 21, 2012
Introduction
IN THIS ASSIGNMENT I HAVE WORKED ON MICROENOMICS AND MACROENOCMICS THE LEARNER WITH AN UNDERSTANDING OF WHAT IS MEANT BY MICROECONOMICS AND MACROECONOMICS, THE BASIC ECONOMIC PROBLEM OF SCARCITY, OPPORTUNITY COST. IT ALSO EXPLORES WHAT IS MEANT BY FREE MARKET, COMMAND AND MIXED ECONOMIES AND HOW DIFFERENT ECONOMIC SYSTEMS DECIDE WHAT TO PRODUCE, HOW TO PRODUCE IT AND WHO TO PRODUCE IT FOR. IT ALSO LOOKS AT HOW EQUILIBRIUM PRICE AND QUANTITY ARE ESTABLISHED AND AFFECTED BY CHANGES IN SUPPLY AND DEMAND. IDENTIFY THE BURDEN/BENEFIT OF TAXATION/SUBSIDIES ON CONSUMERS AND PRODUCERS, THE MEANING OF POSITIVE AND NEGATIVE EXTERNALITIES. THE FACTORS WHICH AFFECT THE NUMERICAL VALUES OF PRICE ELASTICITY. THE IMPLICATIONS OF PRICE ELASTICITY OF DEMAND, PRICE ELASTICITY OF SUPPLY, INCOME ELASTICITY OF DEMAND AND CROSS PRICE ELASTICITY OF DEMAND, FOR THE BEHAVIOUR OF FIRMS.
You are required to answer any 4 Learning outcomes from the choice of 6 learning outcome below
Learning outcome 1
The nature of economic resources and that their finite supply creates the need for business organisations to make choices.
Explain the difference between microeconomics and macroeconomics
Microeconomics
Macroeconomics
Explain the problems of scarcity and opportunity cost and how these concepts are related, using numerical examples and/or a production possibility frontier
Student should find the problems of scarcity and opportunity cost and using numerical examples and/or a production possibility frontier.
According
Unit Number and Title: 600/1068/X; Economics for Business
Module Tutor: Moslahur Reza/Murshed Thakur
Submission Date September 21, 2012
Introduction
IN THIS ASSIGNMENT I HAVE WORKED ON MICROENOMICS AND MACROENOCMICS THE LEARNER WITH AN UNDERSTANDING OF WHAT IS MEANT BY MICROECONOMICS AND MACROECONOMICS, THE BASIC ECONOMIC PROBLEM OF SCARCITY, OPPORTUNITY COST. IT ALSO EXPLORES WHAT IS MEANT BY FREE MARKET, COMMAND AND MIXED ECONOMIES AND HOW DIFFERENT ECONOMIC SYSTEMS DECIDE WHAT TO PRODUCE, HOW TO PRODUCE IT AND WHO TO PRODUCE IT FOR. IT ALSO LOOKS AT HOW EQUILIBRIUM PRICE AND QUANTITY ARE ESTABLISHED AND AFFECTED BY CHANGES IN SUPPLY AND DEMAND. IDENTIFY THE BURDEN/BENEFIT OF TAXATION/SUBSIDIES ON CONSUMERS AND PRODUCERS, THE MEANING OF POSITIVE AND NEGATIVE EXTERNALITIES. THE FACTORS WHICH AFFECT THE NUMERICAL VALUES OF PRICE ELASTICITY. THE IMPLICATIONS OF PRICE ELASTICITY OF DEMAND, PRICE ELASTICITY OF SUPPLY, INCOME ELASTICITY OF DEMAND AND CROSS PRICE ELASTICITY OF DEMAND, FOR THE BEHAVIOUR OF FIRMS.
You are required to answer any 4 Learning outcomes from the choice of 6 learning outcome below
Learning outcome 1
The nature of economic resources and that their finite supply creates the need for business organisations to make choices.
Explain the difference between microeconomics and macroeconomics
Microeconomics
Macroeconomics
Explain the problems of scarcity and opportunity cost and how these concepts are related, using numerical examples and/or a production possibility frontier
Student should find the problems of scarcity and opportunity cost and using numerical examples and/or a production possibility frontier.
According
References: Lecture sildes for lessons in AABPS programme by MR Reza. Lesson6 Catford College Alan Griffiths & Stuart Wall (2011), Economics for Business, 3rd edition, Pearson. Sytse Douma & Hein Schreuder (2008), Economic approaches to organisations, 4th edition, Person Joseph Nellish & David Parker (2006), Principles of Business economics, 2nd edition, Pearson. Mcaleese (2004), Economics for business: Competition, Macro-stability and Globalisation, Pearson. Brian Atkinson & Robert Miller (1998), Business Economics, Pearson. John Sloman & Mark Sutcliffe (2007), Economics for Business, FT/Prentice Hall -----------------------