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LO1: Assess the ways in which resources are allocated and individual households and firms operate within market based and other types of economic system
Module Code and Title
BAM4018T2 Economics for Business
Trimester/Academic Year
2/23-24
Level
HE4
Assessment Number
001
Assessment Type (and
weighting)
Coursework of 2000 words (50%)
Assessment Name
Essay focusing on areas: The circular flow model and the types of market failure
Assessment Submission Date
See Assessment tile on VLE for submission date and deadline
Regulations concerning late submissions, extensions, and mitigation are contained in the module guide. This can be found in the Module Information tile on the VLE.
Learning Outcomes Assessed:
LO1: Assess the ways in which resources are allocated and individual households and firms operate within market based and other types of economic system;
LO2: Explain the likely impacts of various types of ‘market failure’ on business activity;
LO5: Present and apply business principles to actual business situations in the context of real-world case study examples.
Assessment Brief
Write a 2000-word essay in which you critically discuss the circular flow model in an economy and explain the impacts of the types of market failure on business activities. To support your analysis, you must use real/relevant examples by referring a situation that took place in the UK economy between December 2021 and December 2023.
Assessment Guide:
(a) Introductory paragraph (200 words)
To state the aim of the essay
To define what is the circular flow model and a market failure
To provide the structure of the essay in subsequent paragraphs or in the main body
(b) The main body paragraphs (1600 words)
To demonstrate an understanding of the circular flow model within the chosen situation. You need to demonstrate how this situation impacted on the UK economy. Your discussion may relate to household financial difficulties, labour issues and/or companies facing difficulties in the UK market.
Using real-world examples, identify and discuss at least FIVE types of market failure on businesses during the period of December 2021 and December 2023.
(c) Conclusion (200 words)
To provide a summary of key findings in your work and briefly discuss Two limitations of the circular flow model. Total: 100 Marks
References and formatting guidance:
The word limit is 2000 words. You are strictly advised to follow the University of Bolton word count regulation and penalty at all times. Please note in an essay, do not include the table of contents, headings, bullet points etc.
You must use University of Bolton Harvard Referencing Style (with in-text citations and reference list).
Your written assessments should be word-processed in Arial or Calibri Light font size 12. There should be double-spacing and each page should be numbered.
Check spelling, formatting, graph labels before submission to avoid loss of marks.
Minimum Secondary Research Source Requirements:
Level HE4 - It is expected that the Reference List will contain between five and ten sources. As a MINIMUM the Reference List should include one refereed academic journal and three academic books. Recommended reading includes:
Krugman, P. and Wells, R. (2023) Essentials of Economics. 6th ed. New York: Worth Publishers. Sloman, J. and Garratt, D. (2019) Essentials of Economics , 8th ed. Harlow:Pearson.
Specific Assessment Criteria:
First class (70% and above):
Students provide an excellent/outstanding analysis of the two main themes (The circular flow model and the types of market failure ) explored in the assessment. Explanations are exceptionally clear and impressive throughout the essay. Students demonstrate advanced knowledge and ability to integrate theories/concepts, evidence and examples. The conclusion is logical and decisive and includes the limitations of the circular model economy. Extensive research demonstrating use of a wide range of well selected secondary research sources will be evident. Academic writing style, English and referencing will be excellent/outstanding.
Upper Second Class 2(1) (60-69%):
Students provide a very good analysis of the two main themes (The circular flow model and the types of market failure ) explored in the assessment. Explanations are clear in the essay. Students demonstrate very good knowledge and ability to integrate theories/concepts, evidence and examples. A suitable conclusion is written which includes the limitations of the circular model economy. Student demonstrates the use of very good secondary research sources. Academic writing style, English and referencing will be of a very good standard.
Lower Second Class 2(2) (50-59%):
Students provide good analysis of the two main themes (The circular flow model and the types of market failure ) explored in the assessment. Explanations are reasonably clear in the essay. Students demonstrate good knowledge and ability to integrate theories/concepts, evidence and examples. A good conclusion is written which includes the limitations of the circular model economy. Student demonstrates the use of good secondary research sources. Academic writing style, English and referencing will be of a good standard.
Third class (40-49%):
Students provide satisfactory analysis of the three main themes (organisational structure, external business environment and ethical implications ) explored in the assessment. Explanations are basic in the essay. Students demonstrate sufficient knowledge and ability to integrate theories/concepts, evidence and examples. Students include some reasonable limitations in the conclusion. Research demonstrating sufficient use of some secondary research sources will be evident. Academic writing style, English and referencing will be satisfactory.
Fail (39% and below): Students who do not meet the requirements of a third-class grade will not successfully complete the assessment activity
General Assessment Criteria for Written Assessment
GENERAL ASSESSMENT GUIDELINES – LEVEL HE4
Relevance Learning outcomes must be met for an
overall pass
Knowledge and Understanding
Analysis, Creativity and Problem-Solving
Self-awareness and Reflection
Research/ Referencing
Written English
Presentation and Structure
Class I (Exceptional Quality)
85% - 100%
Work is directly relevant and expertly addresses the requirements of the brief.
Learning outcomes are met.
Demonstrates breadth of knowledge and understanding of theory and practice beyond the threshold expectation for the level.
Demonstrates excellent understanding of key concepts in different contexts.
Presents an excellent and cohesive appraisal of findings through the critical analysis of information.
Draws clear, justified and thoughtful conclusions. Demonstrates creative flair, originality and initiative.
Demonstrates a critical understanding of problem-solving approaches and applies strong problem-solving skills.
Provides insightful reflection and self- awareness in relation to the outcomes of own work and personal responsibility.
A wide range of contemporary and relevant reference sources selected and drawn upon.
Sources cited accurately in both the body of text and in the Reference List/ Bibliography.
Writing style is clear and appropriate to the requirements of the assessment. An exceptionally well written answer with competent spelling, grammar and punctuation. For example, paragraphs are well structured and include linking and signposting. Sentences are complete and different types are used.
A wide range of appropriate vocabulary is used.
The presentational style and layout are correct for the type of assignment. Evidence of planning and logically structured.
Where relevant, there is effective placement of, and reference to, figures, tables and images.
Class I (Excellent Quality)
70% - 84%
Work is relevant and comprehensively addresses the requirements of the brief.
Learning outcomes are met.
Demonstrates an excellent breadth of knowledge and understanding of theory and practice for this level.
Demonstrates in-depth understanding of key concepts.
Presents an excellent and cohesive discussion of findings through the interpretation and evaluation of information sources.
Draws clear, justified and thoughtful conclusions. Demonstrates clearly creativity and initiative.
Applies excellent problem-solving skills.
Provides excellent reflection and self- awareness in relation to the outcomes of own work and personal responsibility.
A range of contemporary and relevant reference sources selected and drawn upon.
Sources cited accurately in both the body of text and in the Reference List/Bibliography.
Writing style is clear and appropriate to the requirements of the assessment. An excellently well written answer with competent, spelling, grammar and punctuation. For example, paragraphs are well structured and include linking and signposting. Sentences are complete and different types are used.
A wide range of appropriate vocabulary is used.
The presentational style and layout are correct for the type of assignment. Evidence of planning and logically structured.
Where relevant, there is effective placement of and reference to, figures, tables and images.
Class II/i (Very Good Quality)
60% - 69%
Work is relevant and addresses most of the requirements of the brief well.
Learning outcomes are met.
Demonstrates a thorough breadth of knowledge and understanding of theory and practice for this level.
Demonstrates very good understanding of key concepts.
Presents a perceptive and cohesive discussion of findings through the interpretation and evaluation of information sources.
Draws clear and justified conclusions.
Demonstrates creativity and initiative.
Applies strong problem-solving skills.
Provides justified reflection and self- awareness in relation to the outcomes of own work and personal responsibility, as required by the assessment.
A range of appropriate reference sources selected and drawn upon.
Sources cited accurately in the main in the text and in the Reference List/ Bibliography.
Writing style is clear and appropriate to the requirements of the assessment. A very well written answer with competent spelling, grammar and punctuation. For example, paragraphs are well structured and include linking and signposting. Sentences are complete and different types are used.
A range of appropriate vocabulary is used.
The presentational style and layout are correct for the type of assignment. Evidence of planning and logically structured in the main.
Where relevant, there is effective placement of figures, tables and images.
Relevance Learning outcomes must be met for an overall pass
Knowledge and Understanding
Analysis, Creativity and Problem-Solving
Self-awareness and Reflection
Research/ Referencing
Written English
Presentation and Structure
Class II/ii (Good Quality) 50% - 59%
Work addresses key requirements of the brief. Some irrelevant content.
Learning outcomes are met.
Demonstrates a sound breadth of knowledge and understanding of theory and practice for this level.
Demonstrates sound understanding of key concepts.
Presents a logical discussion of findings through the interpretation and evaluation of information sources.
Draws clear and justified conclusions.
Demonstrates some creativity and initiative.
Applies sound problem-solving skills.
Provides valid reflection and self- awareness in relation to the outcomes of own work and personal responsibility, as required by the assessment.
Relevant reference sources selected and drawn upon.
Some sources accurately cited in both the body of text and in the Reference List/Bibliography.
Writing style is mostly appropriate to the requirements of the assessment Grammar, spelling and punctuation are generally competent and minor lapses do not pose difficulty for the reader. Paragraphs are structured and include some linking and signposting. Sentences are complete. A range of appropriate vocabulary is used.
The presentational style and layout are largely correct for the type of assignment.
Logically structured in the most part.
Where relevant, effective placement of some figures, tables and images.
Class III (Satisfactory Quality)
40% - 49%
Work addresses the requirements of the brief, although superficially in places. Some irrelevant content.
Learning outcomes are met.
Demonstrates a sufficient breadth of knowledge and understanding of theory and practice for this level.
Demonstrates a sufficient understanding of key concepts.
Presents a valid discussion of findings through the interpretation and evaluation of information sources.
Draws justified conclusions. Demonstrates creativity and initiative in places.
Applies sufficient problem-solving skills.
Provides some reflection and self- awareness in relation to the outcomes of own work and personal responsibility, as required by the assessment.
Some relevant reference sources selected and drawn upon.
Some weaknesses in referencing technique.
Writing style is occasionally not appropriate for the assessment. Grammar, spelling and punctuation are generally competent, but may pose minor difficulties for the reader. Some paragraphs may lack structure, and there is limited linking and signposting.
Some appropriate vocabulary is used
The presentational style and layout are largely correct for the type of assignment.
Adequately structured.
Inclusion of some figures, tables and images but not always relevant and/or clear.
Borderline Fail
35% - 39%
Work addresses only some of the requirements of the brief. Irrelevant and superficial content.
One or more learning outcomes have not been met.
Demonstrates limited knowledge and understanding of theory and practice for this level.
Demonstrates a lack of understanding of key concepts.
Presents a limited discussion of findings through the interpretation of information sources.
Draws some irrelevant conclusions. Creativity and initiative are lacking. Problem-solving skills are lacking.
Provides limited reflection and self- awareness in relation to the outcomes of own work and personal responsibility, when required.
Sources selected are limited and lack relevance.
Poor referencing technique employed.
Writing style is unclear and does not match the requirements of the assessment in question.
Deficiencies in spelling, grammar and punctuation makes reading difficult and arguments unclear in places.
Paragraphs are poorly structured.
For the type of assignment the presentational style, layout and/or structure are lacking.
Figures, tables and images included when required but these lack clarity and relevance.
Fail
<34%
Work does not address the requirements of the brief. Irrelevant and superficial content.
One or more learning outcomes have not
been met.
Demonstrates inadequate knowledge and understanding of theory and practice for this level.
Demonstrates insufficient understanding of key
concepts.
Presents a limited discussion of findings with little consideration of the quality of information drawn upon.
Draws irrelevant conclusions. Creativity, initiative and problem-
solving skills are absent.
Provides inadequate reflection and self- awareness in relation to the outcomes of own work and personal responsibility, when
required.
There is an absence of relevant sources.
Poor referencing technique employed.
Writing style is unclear and does not match the requirements of the assessment in question.
Deficiencies in spelling, grammar and punctuation makes reading difficult and arguments unclear. Unstructured paragraphs.
For the type of assignment the presentational style, layout and/or structure are lacking.
Figures, tables and images are absent when required or lack relevance/clarity.
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