Assignment Instructions

ASSESSMENT QUESTION:

Assessment topic statement: “The fluctuations of consumer spending on retail goods and services can have a significant positive or negative impact on the economy of a country. In 2020, the coronavirus pandemic has impacted consumer retail spending in unique ways, increasing some types of retail spending while reducing others. In the UK, the economy has experienced measurable changes due to this unique circumstance.” (ARUL/Young, 2020) Using economics theories, explain the unique changes in consumer retail spending that the UK economy has experienced from in 2020 (Task 1). Discuss adaptations by the UK government in response to the change in UK consumer retail spending habits in 2020 (Task 2).

Task 1: 50/100marks

Using supply and demand analysis, identify the main factors in determining the positive and negative shifts linked to changes in consumer demand for retail goods and services, and the response of retail supply on the market. Support your analysis with the use of at least four supply and demand graphs, supported with factual information from only the approved sources listed below.

Task 2: 40/100 marks

Identify and explain the main UK governmental and economic policies that could be used to influence consumer retail spending in the United Kingdom, providing factual policy examples from only the approved data sources listed below.

Referencing: 10/100 marks

Correct Harvard style referencing, clear formatting (including spelling, punctuation), and effective communication.

 

Assignment Instructions

In your coursework body, use economics theory, explain the unique changes in consumer retail spending that the UK economy has experienced from in 2020 (Task 1). Discuss adaptations by the UK government in response to the change in UK consumer retail spending habits in 2020 (Task 2).

1.The coursework should begin with a cover page including your student ID, the module name and code, date, coursework title, and your word count. Do not include your name anywhere on the document to allow for anonymous marking. All pages

must be numbered and your student ID should appear at the top of each page (excluding the cover page).

  1. Following the cover page, write a brief executive summary that addresses issues in the topic statement above (no more than 200 words).
  2. Provide both an introduction paragraph and a conclusion paragraph for the coursework, both of which must also be aligned to your executive summary. Base your answer to Task 1 primarily on information learned in weeks 1-4 of ARUL Business Economics module lectures and the corresponding required readings from the Krugman & Wells (2017) textbook on Kortext.

4.After the conclusion paragraph, finish your coursework with a Harvard style list of references or bibliography with the approved data sources in alphabetical order by author surname. Students should use at least five different approved data sources listed above and must include materials from the Krugman & Wells (2017) BEC module textbook.

  1. Plain formatting is preferred throughout. 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. Check spelling, formatting, graph labels, in-text citations, referencing, and grammar before submission to avoid loss of marks.
  2. For Task 1, include a range of at least 4 supply and demand graphs to show relevant shifts in consumer retail demand, surplus, shortage, equilibriums, and their effects on price and quantity.
  • Demand curve shifts to the right and left depending on the retail good, and their effect on consumer demand (one graph per shift).
  • Supply curve shifts to right and left, depending on the retail goods, and their effect on the supply of retail goods (one graph per shift).
  • The student must provide original graphs designed by the student or graphs adapted from lecture slides or adapted from the Krugman & Wells textbook. Graphs must be correctly labelled and referenced in Harvard style throughout.
  • Each supply and demand graph must include both supply and demand, no single curve graphs should be provided.
  • Graphs and explanations must be specifically linked to answering the assignment topic and thesis statement with relevant titles and labels, and subject specific data when possible. The use of generic graphs or general economics explanations not linked to the assignment topic will result in loss of marks.
  1. For Task 1, a range of at least 4 factors impacting consumer retail demand must be explicitly identified and discussed, such as: · UK regional or local demand factors · UK population and demographics · The income effect and shifts in employment · Purchasing limits, subsidises, or other government intervention · Complementary or substitute goods · Other factors may apply, to be researched in the approved data source list
  2. For Task 2, to discuss the main UK governmental and economic policies to aid economic recovery from loss of consumer retail spending, students must discuss at least four different policies, which could include but is not limited to the following:
  • Poverty programmes · Government transfers · Retail subsidies · Stimulus packages · Industry-specific measures

 

Please only use below data sources:

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)

  1. ARUL BEC textbook on Kortext: Krugman & Wells, 2017
  2. ARUL BEC lectures, PowerPoint slides, & videos: ARUL & Young, 2020.
  3. ARUL Digital Library sources available online (include ARUL website URL for these sources in references)
  4. Tutor2U website & videos
  5. Investopedia
  6. Financial Times newspaper
  7. The Guardian newspaper
  8. BBC News
  9. Bloomberg.com
  10. Office of National Statistics
  11. UK Government websites ending in “gov.uk”