Assignment: TECO603 Economic Environment of Business
Value: 20%
Due Date: 5-February-2023
Length: 2,000 words (approximately 1,000 words per essay)
Submission: Turnitin
TASK
Assignment consists of two essay questions (worth 10 marks each) based on the subject material and require some additional research. Sources used in your answer should be fully referenced in Harvard style.
You are advised to access media items for further elaboration and illustration of the issues raised in your essays. It is expected that you use at least 5 references for each essay (10 in total).
Complete the following essays ensuring that you apply economic principles or theory wherever possible to support your discussion. Communicate your ideas with correct grammar, spelling and writing style and support your answers with diagrams and illustrative examples as necessary.
Essay 1 (10 marks) (Approximately 1,000 words)
Drawing on your knowledge of the theory of demand and supply – supplemented by appropriate media reports – explain what has been happening to the price of electricity in Australia over the last ten years.
Essay 2 (10 marks) (Approximately 1,000 words)
Explain the impact that the Russo-Ukrainian War has had on each of the four expenditure components of aggregate demand and on aggregate supply. Assess the consequences of this impact on the equilibrium level of real GDP and the price level, and on the unemployment rate in the economy.
RATIONALE
This assessment task will assess the following learning outcome/s:
- be able to apply demand and supply analysis to make a range of market related decisions.
- be able to make decisions that incorporate the relevant benefits and cost analysis.
- be able to explain and defend why it is important to understand the structure of the market
- be able to critically examine and demonstrate why it might be necessary for government to intervene in the production of goods and services and in the distribution of income.
- be able to examine critically the health of the economy as a whole through the analysis of major economic variables and advise on likely policy alternatives.
This assignment provides an opportunity for you
- to demonstrate that you are familiar with the use of the model of supply and demand, the concepts of costs and benefits, the importance of market structure and the role of government intervention.
- to present a detailed analysis of some of the factors that give rise to government intervention in the market through the application of your knowledge of theory supported by evidence drawn from sources of your choosing.
MARKING CRITERIA AND STANDARDS
| Criteria | HD (85%) | DI (75-84%) | CR (65-74%) | PS (50-64%) | FL (0<50%) |
| Academic | Language features and | Language features and structures are | The text contains some errors in | The text contains frequent errors | Fails to meet |
| writing clearly | structures are used to convey | used to convey meaning effectively, | spelling, grammar, word choice, | in spelling, grammar, word choice, | criteria for a pass. |
| communicates | meaning effectively, clearly, | clearly, unambiguously, and in a tone | and structure, lacks clarity | and structure, lacks clarity, and is | |
| meaning . | concisely, unambiguously, and | appropriate to the audience and | occasionally, and may not be | not concise, but the meaning is | |
| in a tone appropriate to the | purpose with few spelling, | concise, but the meaning is | apparent to the reader with some | ||
| audience and purpose with no | grammatical, or punctuation errors. | apparent to the reader with little | effort. | ||
| spelling, grammatical, or | effort. | ||||
| punctuation errors. | |||||
| Academic | Referencing is comprehensive, | Referencing is comprehensive, | Referencing is comprehensive | Referencing is comprehensive and | Fails to meet |
| writing includes | demonstrates academic | demonstrates academic integrity, and | and mostly accurate according to | mostly accurate according to | criteria for a pass. |
| Harvard | integrity, and conforms exactly | conforms to Harvard style | Harvard style conventions. Up to | Harvard style conventions. | |
| referencing | to Harvard style conventions. | conventions with fewer than three | eight minor errors or omissions | Frequent minor errors or | |
| minor errors or omissions which don’t | in style and formatting choices | omissions in style and formatting | |||
| impact on the transparency and | (e.g. italics, punctuation, | choices (e.g. italics, punctuation, | |||
| traceability of the source or the | underlining) don’t impact on the | underlining) don’t impact on the | |||
| demonstration of academic integrity. | transparency and traceability of | transparency and traceability of | |||
| the source, or the demonstration | the source, or the demonstration of | ||||
| of academic integrity. | academic integrity. | ||||
| Analyses the | The answer synthesises the | The answer evaluates the theory and | The answer correctly interprets | The answer identifies the most | Fails to meet |
| theoretical | most important elements of the | uses the theory to analyse the | the relevant theory to analyse the | important elements of the theory | criteria for a pass. |
| aspects and | theory with new insights | question. Decisions based on analysis | question. Decisions based on | to analyse the question. Decisions | |
| correctly applies | providing an in-depth | correctly reflect the options available | analysis correctly reflect the | based on analysis correctly reflect | |
| and interprets the | application of the theory along | given specified market conditions and | options available given specified | the options available given | |
| illustrative | with clearly labelled relevant | are presented through a sound | market conditions. However, | specified market conditions. | |
| examples to | diagrams and relevant | argument showing good judgement. | some errors have been found in | Limited explanation and poor use | |
| provide market | illustrative examples to produce | However, minor errors have been | the narrative or use of diagrams | of diagrams and illustrative | |
| related | a comprehensive analysis that | found in the narrative or use of | and in the application of | examples provide marginal | |
| recommendations | is used as the basis for | diagrams and in the application of | illustrative examples. | support for the conclusions drawn. | |
| and/or decisions. | identifying the correct | illustrative examples. | |||
| decisions within the context of | |||||
| specific market circumstances. |
PRESENTATION
Answers should be typed (font size-12, spacing – 1.5, font family-time new roman) and diagrams must be clear and neat and preferably drawn electronically. Hand-drawn diagrams are acceptable. Sources used in your answer should be fully referenced in Harvard style.
REQUIREMENTS
Sources used in your answer should be fully referenced in Harvard style. Assignments must be submitted through Turnitin.
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