1.1 Explain the law of Demand, movement along the same demand curve (with the aid of diagram) and changes in demand curve (with the aid of diagram)

Module code and title:

BM533: Contemporary Business Economics

Module leader:

Assignment No. and type:

Coursework - CW

Assessment weighting:

100%

Submission time and date:

Target feedback time and date:

3 weeks after submission deadline

Assignment task

TASK 1 – 60% (1500 words)

Demand and Supply analysis are fundamental to any business thus every business must understand its impact and dynamics. Demand and Supply analysis therefore underlines to some extent the growth and success of most businesses in our society today.

Critically analysed the following microeconomics concepts with reference to any business of your choice.

1.1 Explain the law of Demand, movement along the same demand curve (with the aid of diagram) and changes in demand curve (with the aid of diagram). 30 marks

1.2 Explain the law of Supply, movement along the same supply curve (with the aid of diagram) and changes in supply curve (with the aid of diagram). 30 marks

TASK 2 – 40% (1000 words)

Compare and contrast emerging theories and models in 21^st century contemporary economics with those of the 20^th century, and relate both of these to modern business practices. 30 marks

• General coherence of the assignment, introduction, presentation, conclusion and referencing. 10 marks

BM533: Contemporary Business Economics - TOTAL MARKS: 100

Assessment Criteria:

Task 1.1:  30%

Task 1.2:  30%

Task 2.0: 30%

Structure...................................... 10 marks

Total............................................. 100 marks

This assignment has been designed to provide you with an opportunity to demonstrate your achievement of the following module learning outcomes:

LO 1

Critically evaluate the alternative theories of economics and their implications for business, including traditional economic approaches and also more contemporary approaches relating to behavioural economics.

LO 2

Critically assess concepts and principles underlining business activity.

LO 3

Apply the appropriate models and techniques for analysing the environment within which business organisations operate.

Task requirements

• Written work must be word-processed and should state the number of total words used at the end.

• All work to be submitted as Arial 12 font with 1.5-line spacing.

• All writing should be in the third person passive.
• All work should be correctly referenced

• No collaboration is allowed.

 Explain the law of Demand, movement along the same demand curve (with the aid of diagram) and changes in demand curve (with the aid of diagram)

Referencing and research requirements

Please reference your work according to the Harvard style as defined in Cite Them Right Online (http://www.citethemrightonline.com). This information is also available in book form: Pears, R. and Shields, G. (2019) Cite them right: the essential reference guide. 11^th edn. Basingstoke: Palgrave Macmillan. Copies are available via the University library.

How your work will be assessed

Your work will be assessed on the extent to which it demonstrates your achievement of the stated learning outcomes for this assignment (see above) and against other key criteria as defined by your programme team.

See marking criteria grid provided below for how each element/task of the assessment will be marked and the corresponding weighting of marks for each element/task required.

Criteria

Weighting

70%

60-69%

50-59%

40-49%

Fail

Knowledge and understandin g

Task 1 60%in total 30%

30%

Excellent demonstration which shows a clear and critical understanding of The Law of Demand, changes in demand curve and the factors relating      to it. Excellent                use of diagram to illustrate this

Excellent demonstration which             shows             a

clear   and  critical

Very effective demonstration which shows a very good with some critical understanding of The Law of Demand, changes in demand curve and the factors relating to it. Very good  use of diagram to illustrate this

Very good demonstration

which shows a

Good attempt at showing an understanding of The Law of Demand, changes in demand curve and the factors relating to it. But lacks any attempt at demonstration of critical analysis. Good, if basic use of diagram to illustrate this

Good attempt at  showing an

Some             limited attempt              at

showing               an understanding of The Law of Demand, changes                in demand curve with very little about           the factors relating to   it.          No

attempt              at demonstration of             critical analysis .Very basic     use of diagram                    to illustrate this

Some             limited attempt              at

showing      an

No attempt to show understanding of Law of Demand, or changes in demand              curve. Poor      or                   no

diagram                       to support the work

No attempt to show

understanding of

Task 2 40% in total 10%

understanding of The Law of Supply changes in demand curve and the factors relating to it Excellent use of diagram to illustrate this

Excellent display of knowledge of how different macro-economic models have developed over time and their relationship to business and management

.

very good and some       critical understanding  of The Law of Supply changes in demand curve and the factors relating to it Excellent use of diagram to illustrate this Explain the law of Demand, movement along the same demand curve (with the aid of diagram) and changes in demand curve (with the aid of diagram)

Verygood display            of knowledge of how different macro-economic models have developed over time and their relationship to business and management

understanding of The Law of Supply, changes in demand curve and the factors relating to it. But lacks any attempt at demonstration of critical analysis.Good, if basic use of diagram to illustrate this

Good attempt at some knowledge of how    different macro- economic models    have developed  over time and their relationship to business and management

understanding of The Law of Supply changes in demand curve with very little about          the factors relating to it. No attempt at demonstration of          critical analysis .Very basic use of diagram to illustrate this

Very limited display of knowledge of how    different macro- economic models    have developed  over time. Weak attempt at    showing their relationship to business and management

Law of Demand, or changes in demand curve. Poor or no diagram to support the work

No attempt to show knowledge or understanding of             different macro-economic models or how have developed over time. No attempt at showing their relationship to business and management

Analysis

Task 2

15%

Detailed and perceptive analysis of current issues and debates in macroeconomics, including within this an excellent understanding of what behavioural economics is.

Very good analysis of current issues and debates in macroeconomics, including within this a very good understanding of what behavioural economics is.

Good description of current issues and debates in macroeconomi cs,     including within this a very good description of what behavioural economics is.

Weak description of some current issues and debates in macroeconomics and of behavioural economics

No attempt at a description of some current issues and debates in macroeconomic s and of behavioural economics

Evaluation

Task 2

15%

Thorough critical application of the issues raised by debates on current macro-economic theory to the given case study

Clear attempt at critical application of the issues raised by debates on current macro- economic theory to the given case study

Very limited attempt at application of some issues raised by current debates on macro-economic theory

Some description of some issues raised by current debates       on macro- economic theory

No attempt at describing current debates or             issues surrounding macro-economic theory

Submission details

1. This assignment must be submitted electronically by 2pm on the submission date
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5. You are reminded of the University’s regulations on cheating and plagiarism. In submitting your assignment, you are acknowledging that you have read and understood these regulations.
6. You are reminded that it is your responsibility to keep an electronic copy of your assignment for future reference. Explain the law of Demand, movement along the same demand curve (with the aid of diagram) and changes in demand curve (with the aid of diagram)

• You are reminded of the University’s regulations on academic misconduct, which can be viewed on the University website: https://bucks.ac.uk/                                                                         data/assets/pdf_file/0024/9546/Academic-Misconduct- Policy.pdf. In submitting your assignment, you are acknowledging that you have read and understood these regulations
• Please also note that work that is submitted up to 10 working days beyond the submission date will be considered a late submission. Late submissions will be marked and the actual mark recorded, but will be capped at the pass mark (typically 40%), provided that the work is of a passing standard. Work submitted after this period will not be marked and will be treated as a non-submission.

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1. Read through the assignment brief carefully taking note of key words.
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