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Economics for Business
Final Coursework Assignment
| Issue Date | 1st April 2022 |
| Submission deadline | 23:55 UK time on Friday 20th May 2022 |
| Submit to | Turnitin via Moodle |
| Return date | Friday 21st June 2022 |
| Word limit | 1,500 words total |
| Weighting | 60% of final grade |
| Learning Outcomes | This assignment addresses the following learning outcomes for this module: LO1: Examine the key concepts of economics. LO2: Explain topical economic issues and Government policy decisions. LO3: Define and explain basic financial principles. |
AssignmentTutorOnline
Notes on Referencing
Any use of ideas, concepts, statistics or arguments that are not your own should be
appropriately acknowledged and referenced according to the APA 7th convention. The only
exception is concepts which are regarded as common knowledge within economics, i.e., most
of the content of the course text. Such material does not have to be referenced but does need
to be expressed in your own words (i.e., no copying and pasting).
Do not use direct quotations in this assignment, they are unnecessary.
Use high quality sources to support your work. You can sign up for free access to the Financial
Times and The Economist via this link. Avoid sources such as Wikipedia, Tutor2u, EconHelp,
Investopedia, etc.
Produce your own diagrams to supplement your answers. Do not include screen captures
from online sources.
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Assignment Details
You are required to answer any three of the following four questions. All questions are
equally weighted.
Q1. In February 2022, the average house
price in the UK rose to a record high of
£260,230, equating to an annual increase of
12.6% (Staton, 2022).
Use supply and demand analysis to
demonstrate why house prices have risen so
steeply since the start of the COVID-19
pandemic. Briefly discuss the extent to which
such price increases are likely to persist over
the next twelve months.
Q2. A number of UK energy providers,
including Bulb, entered administration in
2021. These administrations have suggested
to have been caused by the application of a
government cap on price of energy (Thomas,
Pickard and Massoudi, 2021).
Use the theory of the firm to demonstrate the
conditions under which a price cap would
cause firms to shut down in both the short and
long-run. Briefly discuss the extent to which
more firms are likely to exit the energy market
over the next twelve months.
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Q3. As of January 2022, inflation in the UK is
5.5%, which is the highest level in more than
thirty years (Romei, 2022).
Explain the meaning of the term ‘inflation’ and
the various ways in which it is measured.
Using aggregate demand and aggregate
supply analysis, briefly discuss the reasons
why UK inflation is currently so high and the
extent to which it is likely to continue rising
over the next twelve months.
Q4. In September 2021, the UK government
brought its job retention or ‘furlough’ scheme
to an end. Partially as a result, net
government borrowing in November 2021 fell
by £4.9bn compared with November 2020
(Romei, 2021).
Using the Keynesian Cross diagram,
demonstrate how fiscal policy can be used by
governments to achieve full employment
output. Briefly discuss the extent to which net
government borrowing is likely to continue
falling in the UK over the next twelve months.
References
Romei, V. (2021, December 21). UK public borrowing falls as furlough scheme comes to an
end. Financial Times. https://www.ft.com/content/848cf586-97c2-4ae3-8fef-209781233f44.
Romei, V. (2022, February 16). UK inflation climbs to 30-year high of 5.5%. Financial Times.
https://www.ft.com/content/5f46f163-7371-422d-a5d8-c0d59d517e21.
Giles, C. (2022, March 2). UK house prices surge in February despite rising mortgage rates.
Financial Times. https://www.ft.com/content/a1a6e982-a596-4b53-b82c-f52308423f73.
Thomas, N., Pickard, J., & Massoudi, A. (2021, November 22). UK energy group Bulb to
enter special administration. Financial Times. https://www.ft.com/content/2b374883-55c8-
4a4f-ab8a-4650940c811b.
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Grading Criteria
| Criteria | 100-80 | 79-70 | 69-60 | 59-50 | 49-40 | 39-30 | 29-0 |
| Definitions of Key Terms |
All key terms that appear in and/or are relevant to the question are defined exceptionally accurately. There is evidence of exceptionally deep understanding which extends beyond the course materials and textbook. |
Highly accurate definitions are provided for all key terms that appear in and/or are relevant to the question. There is evidence of understanding which extends beyond the course materials and textbook. |
Accurate definitions are provided for key terms that appear in and/or are relevant to the question. Definitions are consistent with those covered in course materials and the textbook. |
Satisfactory definitions are provided for most of key terms that appear in and/or are relevant to the question. Definitions are mostly consistent with those covered in course material and the textbook but may contain some imprecision and/or inaccuracy. |
Adequate definitions are provided for some of key terms that appear in and/or are relevant to the question. Definitions may be somewhat inaccurate and/or inconsistent with those appearing in the course materials or textbook. |
Very few or no definitions are provided for key terms that appear in and/or are relevant to the question. Any definitions that are provided are mostly inaccurate and/or inconsistent with those appearing in the course materials or textbook. |
No serious attempt to provide any form of definition for key terms that appear in and/or are relevant to the question. |
| Explanation of Relevant Theory and Concepts |
An exceptional explanation is offered of relevant economic theories and concepts, which very clearly addresses the question. The explanation of theoretical mechanics demonstrates exceptional understanding, is complete, highly accurate, precise and outlined in a very logical way. |
An excellent explanation is offered of relevant economic theories and concepts, which clearly addresses the question. The explanation of theoretical mechanics demonstrates excellent understanding, is complete, accurate, precise and outlined in a logical way. |
A very good explanation is offered of relevant economic theories and concepts, which addresses the question. The explanation of theoretical mechanics demonstrates a solid understanding, is mostly complete, accurate and outlined very clearly. |
A satisfactory explanation is offered of relevant economic theories and concepts, mostly addresses the question. The explanation of theoretical mechanics demonstrates a satisfactory understanding, is reasonably accurate but may contain some inaccuracies and/or not be outlined particularly clearly. |
An adequate explanation is offered of relevant economic theories and concepts, which somewhat addresses the question. The explanation of theoretical mechanics demonstrates somewhat limited understanding, may contain several inaccuracies and/or not be outlined clearly. |
A poor explanation is offered of relevant economic theories and concepts, which does not satisfactorily address the question. The explanation of theoretical mechanics demonstrates very limited understanding, contains several inaccuracies and/or is not outlined clearly. |
A very poor explanation is of relevant economic theories and concepts, which does not address the question in any meaningful way. The explanation of theoretical mechanics demonstrates no meaningful understanding. Explanation is almost entirely inaccurate and unclear |
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| Use of Supporting Diagram(s) |
Diagram(s) are exceptionally accurate and precise. Answer makes exceptionally detailed reference to each component in a way which adds exceptional value to the quality and precision of the answer. |
Diagram(s) are accurate and precise. Answer makes excellent reference to each component in a way which adds significant value to the quality and precision of the answer. |
Diagram(s) are mostly accurate and precise. Answer makes very good reference to each component in a way which adds value to the quality and precision of the answer. |
Diagram(s) are of satisfactory quality. Answer makes satisfactory reference to specific components in a way which adds some value to the quality and precision of the answer. |
Diagram(s) are of adequate quality. Answer makes adequate reference to specific components. Diagram(s) could have been put to better use in developing quality and precision of the answer. |
Diagram(s) are of poor quality. Answer makes poor reference to specific components. Diagram(s) contribute little towards quality and precision of the answer. |
Diagram(s) are of very poor quality or absent. Answer makes no or very limited reference to specific components. Diagram(s) contribute nothing or very little towards quality and precision of the answer. |
| Application to World Events |
The answer draws upon additional material that is exceptionally relevant to the topic of the question. Evidence of exceptional additional reading and research. There is evidence of considerable application to contemporary world events. Demonstrates originality of thought. |
The answer draws upon additional material that is highly relevant to the topic of the question. Evidence of excellent additional reading and research. There is evidence of application to contemporary world events. |
The answer draws upon additional material that is relevant to the topic of the question. Evidence of very good additional reading and research. There is some attempt to relate the answer to contemporary world events. |
The answer draws upon additional material that is relevant to the topic of the question. Evidence of satisfactory additional reading and research. May include peripheral content or make somewhat tangential arguments on occasion. |
The answer draws upon material that is somewhat relevant to the topic of the question. Evidence of adequate additional reading and research. Includes a significant amount of peripheral content and/or tangential arguments. Contains some elements that could have been written by a layperson. |
The answer draws upon material that is not particularly relevant to the topic of the question. Very little evidence of additional reading and research. Almost all content is peripheral and arguments put forward are mostly tangential. Contains significant elements that could have been written by a layperson. |
The answer draws upon material that is largely irrelevant to the topic of the question. No evidence of additional reading and research. All content is peripheral and arguments put forward are entirely tangential. The answer could have been written entirely by a layperson. |
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| Presentation and Quality of Exposition |
An exceptionally well written answer, demonstrating highly efficient and effective quality of exposition. The standard of presentation is exceptional. There is obvious evidence of attention to detail. Citations and references are entirely consistent with the APA 7th convention. |
An excellently written answer, demonstrating efficient and effective quality of exposition. The standard of presentation is excellent. There is evidence of attention to detail. Citations and references are consistent with the APA 7th convention. |
Very good work, with few or no errors. The standard of presentation is very good. Very good overall structure with some scope for minor improvements. Citations and references are mostly consistent with the APA 7th convention, containing only a few minor errors. |
Generally satisfactory exposition of ideas with few grammatical or spelling errors. The standard of presentation is good. Good overall structure although there is clearly scope for improvement. Citations and references are not entirely consistent with the APA 7th convention and contain several errors. |
Adequate exposition of ideas. The standard of presentation is acceptable at a threshold level. Greater quality control is generally required for work at this level. Citations and references are not consistent with the APA 7th convention and contain a number of significant errors. |
Poor exposition of arguments, typical of a poor first draft. The standard of presentation is poor. Deficient with respect to grammar and spelling. Citations and references are not at all consistent with the APA 7th convention and are either missing or contain a large number of very significant errors. |
Very significant deficiencies in clarity of exposition. The standard of presentation is very poor. Very poor grammar and spelling. No attempt to cite and reference material in line with the APA 7th convention. |