LO1: Describe and illustrate basic understanding of economic concepts

BMP4003 Business Environment

 

Year/Trimester: 2021-22/Semester 2

Assessment Number	1
Assessment Type (and weighting)	Individual Presentation with Voice Over - 50% (10 to 15 Minute)
Assessment Name	Article Review - Economic Concepts and Models
Assessment Submission Date

Learning Outcomes Assessed:

LO1: Describe and illustrate basic understanding of economic concepts

LO2: Describe and discuss economic data tables and basic economic models and draw conclusions.

Assessment Brief:

Trampoline prices `to soar 50% on shipping costs`

The following is an extract from the BBC’s Business Webpage. It highlights the recent issues relating to high transport costs and port congestions. LO1: Describe and illustrate basic understanding of economic concepts

https://www.bbc.co.uk/news/business-55702243 [Accessed 27/01/2021]

This case highlights the issues caused by Brexit as well the long terms consequences for the shipping industry.

Assessment Details

You are required to prepare a presentation. The presentation task is to review the above article on the BBC webpage and to expand on the aspects of microeconomic theory which underpin the discussion. The following points should be focused upon in delivering your presentation.

-       Explain the main argument(s) of the article using microeconomic concepts/terms

-       Refer to theory and apply it to main the issues – you should choose to focus on two of the following

• Demand and Supply
• Market Structures
• Economic Profit and Business Organisation
• Costs and Production
• Elasticity

Provide explanations of examples in the article

Assessment Preparation and Submission:

See section 12 of the module guide for Guidelines on the Preparation and Submission of Assignments.

Additional Submission Instructions:

You are required to submit a soft copy via “Turn-it-in UK” on the module Moodle page. The software will allow you to check your work against other material on the internet. It will also compare your work against other students work.

You will be able to upload drafts of your written work into turn-it-in as many times as you wish before the deadline.

You will not be able to overwrite the final submission after the deadline. You can only submit a single file.

Advice:

• Do not cut and paste phrases or paragraphs from published sources. You should seek to use your own words to explain concepts and theory.
• If you wish to refer to specific quotes from published sources, then you must use full Harvard presentation.
• Do not share work with other students.

Specific Assessment Criteria: (See Page 3 for General Assessment Criteria)

Excellent (70+%): A comprehensive description of microeconomic concepts and their relevance to the chosen business scenario. An excellent understanding of economic data tables and economic models is shown. Justified conclusion is drawn. Microeconomic concepts and their relevance to the business scenario are demonstrated competently. LO1: Describe and illustrate basic understanding of economic concepts. Excellent use of various academic sources and application to theory is evident.   

Very Good (60-69%): A detailed description of microeconomic concepts and their relevance to the chosen business scenario. A very good understanding of economic data tables and basic economic models is shown. Draw valid conclusions. Microeconomic concepts and their relevance to the business scenario are demonstrated well. Very good use of various academic sources and application to theory is evident.   

Good (50-69%): A clear description of microeconomic concepts and their relevance to the chosen business scenario. A good understanding of economic data tables and basic economic models is shown. Draw good conclusions. Microeconomic concepts and their relevance to the business scenario are demonstrated reasonably. Good use of various academic sources and application to theory is evident.   

Satisfactory (40-49%): A satisfactory description of microeconomic concepts and their relevance to the chosen business scenario. Some understanding of economic data tables and basic economic models is shown. Draw basic conclusions. Microeconomic concepts and their relevance to the business scenario are demonstrated fairly. Limited use of resources and application of theory is satisfactory. 

Unsatisfactory (1-39%): Students who do not meet the requirements of a pass grade will not successfully complete the assessment activity. 

BMP4003 Business Environment