Assignment: TECO603 Economic Environment of Business
Value: 20%
Due Date: 5-February-2023
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)
Drawing on your knowledge of the theory of demand and supply – supplemented by appropriate media reports – explain what has been happening to the price of electricity in Australia over the last ten years.
Essay 2 (10 marks) (Approximately 1,000 words)
Explain the impact that the Russo-Ukrainian War has had on each of the four expenditure components of aggregate demand and on aggregate supply. Assess the consequences of this impact on the equilibrium level of real GDP and the price level, and on the unemployment rate in the economy.
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
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
CriteriaHD (85%)DI (75-84%)CR (65-74%)PS (50-64%)FL (0<50%)AcademicLanguage features andLanguage features and structures areThe text contains some errors inThe text contains frequent errorsFails to meetwriting clearlystructures are used to conveyused to convey meaning effectively,spelling, grammar, word choice,in spelling, grammar, word choice,criteria for a pass.communicatesmeaning effectively, clearly,clearly, unambiguously, and in a toneand structure, lacks clarityand structure, lacks clarity, and is meaning .concisely, unambiguously, andappropriate to the audience andoccasionally, and may not benot concise, but the meaning is in a tone appropriate to thepurpose with few spelling,concise, but the meaning isapparent to the reader with some audience and purpose with nogrammatical, or punctuation errors.apparent to the reader with littleeffort. spelling, grammatical, or effort. punctuation errors. AcademicReferencing is comprehensive,Referencing is comprehensive,Referencing is comprehensiveReferencing is comprehensive andFails to meetwriting includesdemonstrates academicdemonstrates academic integrity, andand mostly accurate according tomostly accurate according tocriteria for a pass.Harvardintegrity, and conforms exactlyconforms to Harvard styleHarvard style conventions. Up toHarvard style conventions. referencingto Harvard style conventions.conventions with fewer than threeeight minor errors or omissionsFrequent minor errors or minor errors or omissions which don’tin style and formatting choicesomissions in style and formatting impact on the transparency and(e.g. italics, punctuation,choices (e.g. italics, punctuation, traceability of the source or theunderlining) don’t impact on theunderlining) don’t impact on the demonstration of academic integrity.transparency and traceability oftransparency and traceability of the source, or the demonstrationthe source, or the demonstration of of academic integrity.academic integrity. Analyses theThe answer synthesises theThe answer evaluates the theory andThe answer correctly interpretsThe answer identifies the mostFails to meettheoreticalmost important elements of theuses the theory to analyse thethe relevant theory to analyse theimportant elements of the theorycriteria for a pass.aspects andtheory with new insightsquestion. Decisions based on analysisquestion. Decisions based onto analyse the question. Decisions correctly appliesproviding an in-depthcorrectly reflect the options availableanalysis correctly reflect thebased on analysis correctly reflect and interprets theapplication of the theory alonggiven specified market conditions andoptions available given specifiedthe options available given illustrativewith clearly labelled relevantare presented through a soundmarket conditions. However,specified market conditions. examples todiagrams and relevantargument showing good judgement.some errors have been found inLimited explanation and poor use provide marketillustrative examples to produceHowever, minor errors have beenthe narrative or use of diagramsof diagrams and illustrative relateda comprehensive analysis thatfound in the narrative or use ofand in the application ofexamples provide marginal recommendationsis used as the basis fordiagrams and in the application ofillustrative examples.support for the conclusions drawn. and/or decisions.identifying the correctillustrative 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.
Get expert help for TECO603 Economic Environment of Business and many more. 24X7 help, plag free solution. Order online now!
The post TECO603 Economic Environment of Business appeared first on Universal Assignment.
