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Using MOD3327 module content and the Krugman & Wells textbook, explain how resource scarcity and opportunity cost impact microeconomic decision making for households and individuals in the UK
MOD003327 Economics for Business (EFB)
Coursework assessment report
Economics for Business (EFB)
This excludes bibliography and other items listed in rule 6.83 of the Academic Regulations: h tt p : // web. a n g l i a . a c . uk /an et/a c a d emi c /pub l i c /ac a d emi c _ re g s. p d f
Assessed Learning Outcomes
1 – 3
Please refer to the deadline on the VLE
WRITING YOUR ASSIGNMENT:
report assignment must be completed individually. You must use the Harvard referencing system.
Your work must indicate the number of words you have used on the cover page. Written assignments must not exceed the specified maximum number of words. When a written assignment is marked, the excessive use of words beyond the word limit is reflected in the academic judgement of the piece of work which results in a lower mark being awarded for the piece of work (regulation 6.74).
Assignment submissions are to be made anonymously. Do not write your name anywhere on your work.
Write your student ID number at the top of every page.
Where the assignment comprises more than one task, all tasks must be submitted in a single document.
You must number all pages
SUBMITTING YOUR ASSIGNMENT:
In order to achieve full marks, you must submit your work before the deadline. Work that is submitted late – up to five working days after the published submission deadline - will be accepted and marked. However, the element of the module’s assessment to which the work contributes will be capped with a maximum mark of 40%.
Work cannot be submitted if the period of 5 working days after the deadline has passed (unless there is an approved extension). Failure to submit within the relevant period will mean that you have failed the assessment.
Requests for short-term extensions will only be considered in the case of illness or other cause considered valid by the Director of Studies Team. Please contact DoS@london.aru.ac.uk. A request must normally be received and agreed by the Director of Studies Team in writing at least 24 hours prior to the deadline. See rules 6.64-6:73: http://web.anglia.ac.uk/anet/academic/public/academic_regs.pdf
Mitigation: The deadline for submission of mitigation in relation to this assignment is no later than five working days after the submission date of this work. Please contact the Director of Studies Team - DoS@london.aru.ac.uk.
See rules 6.112 – 6.141:
ASSESSMENT QUESTION: Understanding microeconomics and the principles of individual choice
The following four “Principles of Individual Choice” are fundamental aspects of microeconomics:
1. People must make choices because resources are scarce.
2. The opportunity cost of an item—what you must give up to get it—is its true cost.
3. “How much” decisions require making trade-offs at the margin: comparing the costs and benefits of doing a little bit more of an activity versus doing a little bit less.
4. People usually respond to incentives, exploiting opportunities to make themselves better off.
(Table 1.1: Krugman & Wells, 2020: p. 49)
Task 1: 45/100 marks: Answer the following question
“Using MOD3327 module content and the Krugman & Wells textbook, explain how resource scarcity and opportunity cost impact microeconomic decision making for households and individuals in the UK. Explain these economic concepts using real examples from within the UK economy and social environments within the past three years (2019-2021). Analyse and explain what you perceive to be the biggest challenge for some households with respect to resource scarcity and opportunity costs.”
Task 2: 45/100 marks: Answer the following question
“Using MOD3327 module content and the Krugman & Wells textbook, explain how cost-benefit analysis and incentives impact microeconomic decision making for households and individuals in the UK. Explain these economic concepts using real examples from within the UK economy and social environments within the past three years (2019-2021). Analyse and explain how the market economy uses consumer habits of cost-benefits analysis and desire for incentives to drive their business profits.”
References & formatting: 10/100 marks TOTAL MARKS: 100/100
For both Task 1 and Task 2 - Students must demonstrate the following assessed learning outcomes:
Knowledge and understanding of the language of economics.
Knowledge and understanding of the basic methodology and models used in economics and their application to real-world situations.
Intellectual, practical, effective and transferable skills, which is achieved through demonstrating the ability to analyse hypothetical and/or real- world situations that occur in economics.
This task is a
REPORT which involves separate sections under sub- headings. It can include a table of contents, relevant graphs and images from approved reference sources listed below. It does not typically include a thesis statement. It must have an introduction and a conclusion paragraph that are consistent with Task 1 and Task 2 topics. The report should clearly explain and discuss the majority of the key topics from Lecture 1 and their corresponding explanations in Chapter 1 of Essentials of Economics (Krugman & Wells, 2020).
Each task should use the key lecture and chapter topics to explain
microeconomics and principles of individual choice using researched real- world examples from the UK economy between 2019-2021 (note that this assessment is NOT about Covid-19 or Brexit, so these should not be major topics in your report) The report should discuss
microeconomics and principles of individual choice by using both MOD3327 module content and real-world examples in each task from the UK market from between 2019-2021)
Ref e r e nc e s & fo rmatti ng guidance:
R eq uire d : Cover page. Use of Harvard style in-text citations and references. Use of only authorised reference sources. Use of Essentials of Economics (Krugman & Wells, 2020) and MOD3327 EFB lecture content. Clear formatting throughout (font, margins, spacing, etc.). British English spelling and grammar. Use of GBP £ only for any currency references.
Avoid: Decorative document formatting, unnecessary colours, irrelevant images, inconsistent text or page formatting, use of unauthorised reference sources, use of irrelevant case study countries.
Approved data sources:
(Do NOT use any external sources that are not on this list or you will risk the loss of significant marks. These sources provide more than sufficient information to complete the assessment. You are free to study any additional materials to help you understand the topics and concepts, but your references for the report must be only from the sources below):
ARUL sources (*required reading):
*Krugman and Wells. 2020.
Essenti als of Ec o nomics: Chapter 1. New York: Worth Publishers.
*Young, M. 2021
L e c ture 1 : Fi rst p r i nc i pl e s - T he ma rke t e c o nomy . MOD3327 Economics for Business. Anglia Ruskin University of London.
ARUL Digital Library sources available online (you must include ARUL website reference for any ARUL Digital Library sources used in references)
UK news sources: BBC News, Financial Times newspaper, London Evening Standard, The Economist, The Guardian newspaper, The Independent, The Telegraph
UK Government information sources:
UK Office of National Statistics (ONS)
UK Government websites ending in “gov.uk” or “parliament.uk”
Any data sources used outside of the above will be subject to investigation for plagiarism, contract cheating, resulting in loss of marks and possible failure of the assessment and possible failure of the module
MOD003327 Economics for Business (EFB)