ASSIGNMENT FRONT SHEET Student Name:Certification: I certify that the whole of this work is the result of my individual effort and that all quotations from books, periodicals etc. have been acknowledged.Student Signature:Date:Student Registration Number:Student email address: Programme: Business UndergraduateYear/Level: 1/Level 4Academic Year: 2021/22Semester: 1 Module title: EconomicsAssignment no.: 1Module code: BUS430 Word guide: 800 per questionPercentage Weighting of this assignment for the module: 50% Issue date: 18th October, 2021 Return date: 15th Nov 2021Lecturer: Ola Shittu Second marker: Uzma Mukta Notes for students: 1. Electronic copy of assignment must be submitted through the Turnitin software. 2. This assignment will be marked electronically and results available online through Grademark in Turnitin. 3. 10% of marks are awarded for satisfactory use of language and/or good presentation. 4. 5% of marks are awarded for satisfactory referencing and/or presentation of a bibliography where either is required. Note that all referenced work should be obtained from credible sources. 5. Students should ensure that they comply with Glyndwr University’s plagiarism policy. 6. Students should make correct use of the Harvard referencing method. Learning Outcomes Tested in this Assignment: 1. Explain the core principles of microeconomics. 2. Assess the impact of modern economics on day-to-day business operations Mark (%) Would students please note that achievement of the learning outcomes for this assessment is demonstrated against the assessment criteria shown below (which are not necessarily weighted equally). All marks/grades remain indicative until they have been considered and confirmed by the Assessment Board Assessment CriteriaMarks AwardedMarks Available 1A. Outline what is meant by the term ‘The free market’ and explain how a free market works. B. In the form of a table make a list of the advantages and disadvantages of a free market system for both businesses and consumers. 35 2 A. Explain what is meant by a ‘monopoly’? How and why do companies become monopolies? B. Explain why 1 of the companies mentioned in the quote – Google, Facebook, Apple Amazon, Microsoft, Netflix, and Tesla – have the characteristics of a monopoly. C. Why do you think monopolies are bad for the market and may cause ‘market failure’? 35 3A. What criteria have to be satisfied for perfect competition to be satisfied? B. Suggest any actual market that exists in (or close to) perfect competition? C. Do you believe the perfect competition module is useful? What criticisms can be made of this model? 35 4Wide ranging references with the correct use of the Harvard system 5 5Quality of the written work. Clear structure to the work and correct spelling was used throughout. 10 Additional Comments from Second marker or External Examiner (if required) : Level 4 Grading & Marking Criteria for BA/BSc Programmes80 +Excellent work of substantial merit which is original in content or approach and well structured. There is clear evidence of extensive reading and an ability to organise material effectively.70 – 79Work which is clearly articulated, based on reading, and demonstrates a very good grasp of the concepts, methodology and content appropriate to the subject and to the assessed task.60 – 69Work which demonstrates a very good level of understanding of the concepts and content appropriate to the subject. There is clear evidence of judgement in selecting and ordering material. The work demonstrates some ability to construct responses which reveal some originality.50 – 59Work derived from a solid basis of reading and which demonstrates a grasp of relevant material and key concepts. The performance may be rather routine but the work will be accurate, clearly written and include some analysis. There will be no serious omissions or irrelevancies.40 – 49Competent and suitably organised work which demonstrates a reasonable level of understanding with minimal interpretation. It covers the basic subject matter adequately and is very descriptive. There may be some misunderstanding of key concepts and limitations in the ability to select relevant material so that the work may be flawed by some omissions and irrelevancies. There will be some evidence of reading.30 – 39Work lacks evidence of knowledge relevant to the topic and. Some of the work is irrelevant to the assignment set. Inappropriate choice of references. Invalid conclusions based on anecdote and generalisation only, or no conclusions at all. Lacks thought and reference to theory. 0 – 29Insufficient level of understanding and knowledge base unacceptably weak. No evidence of structure and poorly presented. Referencing is absent. View all Comments Answer two of the following three questions – word count – 800 words max per question Question One ‘Capitalism has fuelled the industrial, technological and green revolutions, reshaped the natural world and transformed the role of the state in relation to society. It has lifted innumerable people out of poverty over the last two centuries, significantly increased standards of living, and resulted in innovations that have radically improved human well-being, as well as making it possible to go to the Moon and read this article on the internet. However, the story is not universally positive. In recent years, capitalism’s shortcomings have become ever-more apparent.’ www.bbc.com – Why the next stage of capitalism is coming, 27th May 2021 A. Outline what is meant by the term ‘The free market’ and explain how a free market works. B. In the form of a table make a list of the advantages and disadvantages of a free market system for both businesses and consumers. (50 Marks) Question Two ‘These problems (monopolies) have only grown worse with the coronavirus pandemic, as smaller businesses succumb to the economic damage, and changing patterns in teleworking and retail accelerate in ways that make Americans more reliant on technologies produced by a few firms. Shares in the Big Four (Amazon, Apple, Facebook, and Google), along with Microsoft, Netflix, and Tesla, added $291 billion in market value in just one day last week. The dangers of Big Tech domination are more profound now than they were even a few months ago.’ The Atlantic, July 28th 2020. A. Explain what is meant by a ‘monopoly’? How and why do companies become monopolies? B. Choosing 1 of the companies mentioned in the quote – Google, Facebook, Apple Amazon, Microsoft, Netflix, and Tesla – explain why this company has the characteristics of a monopoly. C. Why do you think monopolies are bad for the market and may cause ‘market failure’? (50 Marks) Question Three A hypothetical model which economists often use to describe how businesses operate in the market place is that of ‘perfect competition’. A. What criteria have to be satisfied for perfect competition to be satisfied? B. Suggest any actual market that exists in (or close to) perfect competition? C. Do you believe the perfect competition module is useful? What criticisms can be made of this model? (50 Marks)
