1
ASSIGNMENT INSTRUCTIONS
Assessment Coursework assessment report
Assessment
code:
010
Academic
Year:
2021/2022
Trimester: 2
Module
Title:
Economics for Business (EFB)
Module
Code:
MOD003327
Level: 4
Module
Leader:
Madeline R. Young
Weighting: 50%
Word Limit: 2,500 words
This excludes bibliography and other items listed in rule 6.83 of the
Academic Regulations:
http:
web.anglia.ac.uk/anet/academic/public/academic_regs.pdf
Assessed
Learning
Outcomes
1 – 3
Submission
Deadline:
Please refer to the deadline on the VLE
WRITING YOUR ASSIGNMENT:
• This 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
eyond 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.
http:
web.anglia.ac.uk/anet/academic/public/academic_regs.pdf
2
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
elevant 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
XXXXXXXXXX. 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
ules 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 - XXXXXXXXXX.
See rules 6.112 – 6.141:
http:
web.anglia.ac.uk/anet/academic/public/academic_regs.pdf
mailto: XXXXXXXXXX
http:
web.anglia.ac.uk/anet/academic/public/academic_regs.pdf
mailto: XXXXXXXXXX
http:
web.anglia.ac.uk/anet/academic/public/academic_regs.pdf
3
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 XXXXXXXXXXAnalyse 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 XXXXXXXXXXAnalyse 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
ASSESSMENT CRITERIA:
For both Task 1 and Task 2 - Students must demonstrate the following assessed
learning outcomes:
• Knowledge and understanding of the language of economics.
4
• 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.
5
ASSESSMENT GUIDANCE:
• 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 co
esponding 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 XXXXXXXXXXnote 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 XXXXXXXXXX.
References & formatting guidance:
• Required: Cover page. Use of Harvard style in-text citations and
eferences. 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 cu
ency references.
• Avoid: Decorative document formatting, unnecessary colours, i
elevant
images, inconsistent text or page formatting, use of unauthorised
eference sources, use of i
elevant 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 XXXXXXXXXXEssentials of Economics: Chapter 1. New York: Worth
Publishers.
*Young, M. 2021 Lecture 1: First principles - The market economy. MOD3327
Economics for Business. Anglia Ruskin University of London.
ARUL Digital Li
ary sources available online (you must include ARUL website
eference for any ARUL Digital Li
ary 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)
6
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.
7
Welcome.
MOD_3327 Economics for Business (BEC)
Trimester 2, Jan. 2022
Week 5, Lecture 9
Interim written assessment prep & review:
Basic instructions, format guidance, references
Assessment topic: “Principles of Individual Choice in UK economy”
Task 1: Scarcity & opportunity costs - impact on decision making
Task 2: Cost vs. benefits & incentives - impact on decision making
Key lectures review: Lectures 1-8 (Chapters 1-9 in Krugman & Wells)
© M.R. Young (2022)
Lecture 9: Interim assessment prep
© M.R. Young (2022)
Lecture 9 – Written assessment preparation
Basic instructions, format guidance, references
Assessment topic: “Principles of Individual Choice in UK economy”
Task 1: Scarcity & opportunity costs - impact on decision making
Task 2: Cost vs. benefits & incentives - impact on decision making
Key lectures review: Lectures 1-8
© M.R. Young (2022)
Format & content guidance
Cover page with student ID, module name & code, date, coursework title, & word count. Do not include your name anywhere (including in the Word doc title). Only submit a Word file, no PDF files accepted.
All pages must be numbered, student ID at top of each page (excluding the cover page).
Your coursework needs an introduction paragraph and a conclusion paragraph, covering both task 1 and task 2.
You may choose to write an executive summary at the beginning, this is NOT included in the total word count.
Base your economic analysis primarily on content from Lecture 1-8 & required readings Ch. 1-9 of the Krugman & Wells XXXXXXXXXXtextbook on Kortext to demonstrate your module content learning, applied to real events in the UK, supported by approved literature citations (NEXT)
© M.R. Young (2022)
Module content needed for assessment
© M.R. Young (2022)
You need to read & review all of chapters 1-9 and revise lectures 1-8,
ut in particular, carefully read & review chapters 1, 3, & 5!
Format guidance
(Continued)… Finish assessment with a Harvard-style list of all your references from only approved data sources in alphabetical order by author surname.
.Use at least five different approved data sources, which must include materials from the Krugman & Wells XXXXXXXXXXEFB module textbook.
Plain formatting is prefe
ed. Avoid unnecessary coloured text or decorative images that are not directly providing data. A simple table of contents after the cover page is acceptable but not required.
.ALWAYS Check