SOLUTION: INTERNATONAL FOUNDATION YEAR BUSINESS | My Assignment Tutor

Page 1 of 4INTERNATONAL FOUNDATION YEAR BUSINESSAssessment BriefEconomics – 3511IFBSGCohort: January 2021 – semester 1 mid-term assessmentDue Date: Monday 12th April, 2021Submission Requirement: 1000-word essay (+/- 10%) to be submitted on TurnitinAssessment Details and instructions:You must write a 1000-word essay analysing the changes in the market mentioned withinthe case study. Your essay must discuss the following –– The factors influencing the changes in demand for the product. Use a diagram toillustrate these changes– The factors influencing the changes in supply for the product. Use a diagram toillustrate these changes– Have the changes in demand or supply influenced the elasticity of the product– Consequences of changesCase studyAdapted from an article in Future Learn, June 2020Flour shortages during Covid 19 UK lockdown, spring 2020One of the food items that quickly disappeared from the UK supermarkets’ shelves wasflour. Why was there a shortage?The majority (about 96%) of flour from large millers in the UK is produced in bulk (in bags ofmore than 16kg) for bakers and for the food manufacturing sector. The demand for flourfrom home bakers during the pandemic has doubled, however this was only 4% of the totalto start with.The reason why there was a lack of flour on the shelves was not because there was no moreflour available, but rather because mills had a limited capacity to package small bags of flourin higher amounts than usual.Page 2 of 4Why the sudden increase in demand? The public was stocking non-perishable items andbaking more during the lockdown. According to Google Trends, online searches for breadand cake recipes increased dramatically since the middle of March, when the firstrestrictions in the UK started to be introduced. BBC Food has also seen a huge increase intraffic in their website since the lockdown, with the most popular recipe on the websitebeing banana bread (540% increase).One of the other important ingredients in bread making is yeast. This ingredient has becomea precious and hard to find commodity during the pandemic, not only in the UK, but also inother countries such as France, Italy, Spain and the US. The yeast used in bread making in itsfresh (cube) or dry (sachet) form. The problem of reduced transportation links andworkforce safety limits restricted production and distribution. Many firms had to limit levelsof output to ensure social distancing of staff involved. Restrictions on transport movementalso caused delays in raw materials reaching manufactures.With the shortage of yeast in the market, supermarkets saw empty shelves for more thanhalf of the UK lockdown period. Stock levels only returned to normal in the third quarter of2020Assessment Criteria:You must write an essay using correct essay structure –– a clear introduction explaining the focus and purpose of the essay– The main body of essay should be divided into linked paragraphs dealing withresearch, analysis and diagrams. The points discussed should relate to the factors ofdemand and supply for this market– a clear conclusion summarising your points– bibliographyAn appropriate layout should be used; language should demonstrate good use of English toclearly explain points.Correct citation methods and Harvard referencing style should be used. Word count of 1000(+/- 10%) should be achieved.Additional Information:This report is worth 50% of your final mark, it will be marked out of 100Page 3 of 4Detailed Marking Criteria:Essay structure – 8% 7 – 8Excellent structure applied / good structure / logical structure oflayout3 – 6Basic layout applied / paragraphs not linked but appropriate / someroom for improvement0 – 3Very poor layout / lack of clear flow of paragraphs / lacksintroduction or conclusion Analysis and understanding of demand factors – 22% 19 – 22Excellent understanding of all aspects of demand for this market / allpoints explained in appropriate economic context / no errors inunderstanding / all points supported with evidence14 – 18Good understanding of many aspects of impact of demand for thismarket / most points explained in appropriate economic context /minor errors in understanding demand theory / some pointssupported with evidence10 – 13Generally good understanding of main aspects of demand for thismarket / limited or few points explained in economic context withminor errors / attempts at supporting points with evidence butlimited evidence provided6 – 9Some understanding of impact of demand in this market / limitedrange of points discussed / points are brief and lack depth / limitedunderstanding0 – 5No understanding of factors of demand for this market / no argumentpresented Analysis and understanding of supply factors – 22% 19 – 22Excellent understanding of all aspects of supply for this market / allpoints explained in appropriate economic context / no errors inunderstanding / all points supported with evidence14 – 18Good understanding of many aspects of impact of supply for thismarket / most points explained in appropriate economic context /minor errors in understanding supply theory / some points supportedwith evidence10 – 13Generally good understanding of main aspects of supply for thismarket / limited or few points explained in economic context withminor errors / attempts at supporting points with evidence butlimited evidence provided6 – 9Some understanding of impact of supply in this market / limitedrange of points discussed / points are brief and lack depth / limitedunderstanding0 – 5No understanding of factors of demand for this market / no argumentpresented Page 4 of 4Analysis of elasticity – 15% 11 – 15Excellent understanding of elasticity levels and changes within thismarket / good understanding of changes or influences of elasticitywithin this market / correct theory and mainly correct application6 – 10Some mention and consideration of elasticity with minor errors /limited application of elasticity theory / correct theory but limitedapplication0 – 5Limited mention of elasticity / errors of understanding of elasticityvalues / limited application of elasticity theory / no mention ofelasticity Research and referencing – 10% 11 – 15Excellent use of referencing throughout essay / good variety ofreference material used / correct citation and referencing methodapplied with no errors6 – 10Several references used throughout essay / limited range ofreference materials used / correct referencing method applied butwith some errors in citation or bibliography0 – 5Limited citation / very limited range of reference materials / errorswithin both citations used and bibliography Appropriate use and reference to diagrams – 15% 11 – 15Correct diagrams / diagrams referred to correctly within text / gooduse of diagrams and good explanations of diagrams6 – 10Diagrams used within essay but not referred to in text / correctdiagrams / limited reference to diagrams0 – 5No diagrams used / incorrect diagram / errors on diagrams Language and communication of ideas – 8% 7 – 8Excellent communication skills throughout essay / well writtendemonstrating a good use of language / minor grammar errors4 – 6Good communication skills throughout essay / mainly well writtenwith some errors / few grammar errors0 – 3Poor communication skills demonstrated / many grammar errors /limited language skills Learning objective tested via this assessment – LO1 and LO2