Demonstrate clear knowledge and understanding of the benefits and costs of economic growth and alternative macroeconomic objectives.

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INFORMATION FOR STUDENTS
• This coursework is a take-home assessment. • Essay length: 1,250 – 1,500 words (not including appendices/bibliography) • This coursework contributes 10% towards your overall grade for this module. • There are 100 marks in total. • All references should be acknowledged using the Harvard Referencing System.

IFYEC002 Economics
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Coursework 2 -Essay

Background
The idea of economic growth as a key economic policy objective has a long history which can be traced back at least to the mid-18th century when Adam Smith published The Wealth of Nations. However, over the last 50 years, economic growth has arguably become the dominant policy objective across the world and most countries have achieved rapid economic growth. As such, for many governments around the world, economic growth has become the dominant macroeconomic objective because of the various benefits that it might bring to an economy.
However, Joseph Stiglitz, winner of the Nobel Prize in Economics in 2001, has noted that, “GDP is not a good measure of economic performance, its not a good measure of well-being.” (Asia Society in New York, 2008)
Stiglitz, alongside a number of leading economic commentators, has observed that the pursuit of economic growth places a variety of costs upon individuals and society, and may also conflict with other macroeconomic objectives.

Essay Title
Evaluate the extent to which the benefits of economic growth will always outweigh the costs and that consequently economic growth should always be a country’s primary economic objective. 100 marks

Mark Allocation
To access the full mark range, you should be able to
•Demonstrate clear knowledge and understanding of the benefits and costs of economic growth and alternative macroeconomic objectives.

• Clearly apply your knowledge to issues surrounding economic growth and macroeconomic objectives (you may wish to consider the work of Stiglitz, other economists and/or the experience of different economies of your choice to provide some additional context). You may wish to consider the impact that the pursuit of economic growth might have on different aspects of the macroeconomy and different economic agents.

• Provide relevant and precise economic analysis of the benefits and costs of economic growth • Provide an evaluative judgement on whether the benefits of economic growth outweigh the costs and if economic growth should the primary macroeconomic objective of a country.

• Demonstrate effective study skills in the research and presentation of your work.

Using supply and demand analysis identify the main factors in determining the price of private rental housing in the UK.

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ASSIGNMENT INSTRUCTION

WRITING YOUR ASSIGNMENT:

  • This assignment must be completed individually.
  • You must use the Harvard referencing system.
  • Your work must indicate the number of words you have used. Written assignments must not exceed the specified maximum number of words.  When a written assignment is marked, the excessive use of words beyond 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.

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 relevant period will mean that you have failed the assessment.

ASSESSMENT QUESTION

Supply and demand analysis allows us to investigate and understand how the operation of markets, or sometimes the failure of markets.

Task 1

Using supply and demand analysis identify the main factors in determining the price of private rental housing in the UK.  Support your analysis with the use of supply and demand graphs.

(50 marks)

Make sure this is RENTAL, not buying. Make sure this is UK, – £ NOT $.

Suggest an introduction to the rental housing market. The title says UK but students might find it easiest to consider London, with perhaps a comparison to a different UK region, or trend over time. 

Clearly explained classic supply and demand diagram, showing equilibrium and surplus/ shortages.

Four clear diagrams.

Demand right / left

Supply right/ left.

Use their own diagrams, or edit diagrams from vle (reference as “adapted from lecture “) .

Show clearly the effects of these shifts on price and quantity. (Students should not produce, for example, a demand curve in isolation, ie without a supply curve interacting to show equilibrium)

Clearly researched factors (3-4), effecting each shift. Marks awarded for supporting research and data on these factors. And for creative thinking around these factors. Brexit and population changes around the free flow of migrant labour, should be considered on the demand side.

Students should show diagrams and reasons for elasticity of demand and supply for rental housing.

Task 2

Identify and explain the main governmental/economic policies that could be used to influence the demand for private rental housing in the UK.

On the demand side,

Affordable housing policies

Brexit,

Government policies to develop regions in the UK , after the election.

Policies to help key workers.

Transport policies.

Price caps/ subsidises/ intervention

Complementary – council tax

substitutes – opportunities to purchase.  – supply factors for public / social housing

 

Students should analyze a minimum of five these policies . Drill down on to which one you consider to be the most important.

  (40 marks)

Note: 10 marks are available for referencing and effective communication

(Total marks available: 100)

NB.

Use ONLY the following sources of information.

Text Books from module reading list.

Economics on line- Pettinger.

AC/DC Economics- Mr Clifford

Investopedia

The Guardian newspaper.

FT newspaper.

ONS

Government statistics.

Any sources used outside of the above may be subject to investigation for plagiarism.

You must include a range of Supply and Demand diagrams as guided in class to show relevant shifts, equilibriums, and effects on price and quantity. Include elasticity diagrams.

You are strongly advised to edit diagrams from lectures on the vle. Reference these as “adapted from lecture”. Or to use Investopedia

Task one assessment criteria:

Knowledge and Understanding of the language of economics.

Knowledge and Understanding of the basic methodology and models used in this area and their application to real- world situations.

Points to consider:

A range of factors need to be clearly identified. These could include-

Regional / local demand factors

Population.

Interest rates

Taxation ,

House building,

The income effect,

Price caps/ subsidises/ intervention

Complementary / substitutes

This is not an exclusive list.

Diagrams must be included. Demand to right / left and the effect on private house prices. Supply to right / left and the effect on private house prices.

Task two assessment criteria: 

Knowledge and Understanding of the basic methodology and models used in this area and their application to real- world situations.

Intellectual, practical effective and transferable skills. Achieved through the ability to analyse hypothetical and/or real world situations that occur in economics.

Points to consider:

The main economic policies. These could include

Interest rates

Taxation ,

Tenants/ landlord rights

Government policy .

On the supply side- policies on public housing, landlords, social housing

MARKING SCHEME

This is not shared with the students. Leave content in red so that the administrator can remove before publishing to students

Senate Code of Practice states:

ANSWER OUTLINE

Task one

Using supply and demand analysis identify the main factors in determining the price of private rental housing in the UK.  .  Support your analysis with the use of supply and demand graphs.

(50 marks)

Diagrams must be included. Demand to right / left and the effect on private house prices. Supply to right / left and the effect on private house prices.

A range of factors need to be clearly identified. These could include-

Regional / local demand factors

Population.

Interest rates

Taxation ,

House building,

The income effect,

Price caps/ subsidises/ intervention

This is not an exclusive list.

Diagrams must be included. Demand to right / left and the effect on private house prices. Supply to right / left and the effect on private house prices.

Task two

Identify and explain the main governmental / economic policies that could be used to influence  the demand for private rental housing in the UK.

  (40 marks)

The main economic policies. These could include

Interest rates

Taxation ,

Tenants/ landlord rights

Government policy

 

 

MARKING CRITERIA

Task one

Using supply and demand analysis identify which you believe to be the main factors in determining the price of private housing in the UK.  .  Support your analysis with the use of supply and demand graphs.

(50marks)

A range of factors need to be clearly identified. These could include-

Regional / local demand factors

Population.

Interest rates

Taxation ,

House building,

The income effect,

Price caps/ subsidises/ intervention

Complementary / substitutes

 

 

 20 marks
Diagrams must be included. Demand to right / left and the effect on private house rental prices. Supply to right / left and the effect on private house prices.

( Demand right 5

Demand left 5

Supply  right 5

Supply  left 5 )

 

 30

marks
.

referencing and effective communication

 5marks

 

Task two

Identify and explain the main economic policies that the government can use to stimulate the demand for private housing in the UK.

  (40marks)

Marking criteria (level 7)

A qualifying answer (30-39%) will identify some/main issues and demonstrate a very limited knowledge of economic theories outlined above, at a very superficial level and discuss (at a very basic level) how this is applied to sustain a business. It may demonstrate difficulties with structure. Expression will be weak.  Answers in this category will often adopt a write-all-you-know-about-the-topic approach and may include little or no application.

A basic answer (40-49%) will identify main issues and demonstrate knowledge of economic theories outlined above, at a superficial level and discuss how this is applied to sustain a business. It may demonstrate difficulties with structure. Expression may lack maturity. Answers in this category will often adopt a write-all-you-know-about-the-topic approach and may include little or no application.

A satisfactory answer (50-59%) will determine the majority of issues and demonstrate knowledge of economic theories, outlined above, and discuss how this is applied to sustain a business. There are some omissions in content as well as some inconsistencies in application and inaccuracies in expression. Structure will be largely logical.

A good answer (60-69%) will adopt a logical structure and identify pertinent economic theories, outlined above, and discuss how this may be applied to sustain a business. Arguments will be supported by relevant contemporary theories and paradigms. Omissions and inaccuracies will be minor.

An excellent answer (70 %+) will adopt a logical structure and identify pertinent economic theories, outlined above, with depth, flair and imagination and discuss how this may be applied to sustain a business. Arguments will be supported by a wide range of relevant contemporary academic theories and paradigms. . Relevant international marketing theory will be critiqued and applied before reaching balanced conclusion(s).

An outstanding answer (80 %+) will adopt a logical structure and identify pertinent international marketing theories, outlined above, with outstanding intellectual originality and imagination, enabling a discussion as to how this may be applied to sustain a business. Arguments will be supported by a wide range of relevant contemporary academic theories and paradigms. Relevant economic theory will be critiqued and applied before reaching balanced conclusion(s).

An exceptional answer (90 %+) will adopt a logical structure and identify pertinent economic theories, outlined above, with exceptional intellectual originality and imagination, enabling a discussion as to how this may be applied to sustain a business. Arguments will be supported by a wide range of relevant contemporary academic theories and paradigms, demonstrating an exceptional management of resources. Relevant international marketing theory will be critiqued and applied before reaching exceptional balanced conclusion(s).

ANGLIA RUSKIN UNIVERSITY GENERIC ASSESSMENT CRITERIA AND MARKING STANDARDS.

LEVEL 4 (was level 1)

Level 4 introduces students to HE. Students are expected to demonstrate relevant skills and competencies; to be articulate in expressing ideas orally; and to be coherent and structured in terms of written or other media. Forms of expression at this level may be descriptive or imitative, but students are expected to demonstrate an increasing understanding of the theoretical background of their study and the analytic competence to explore it, as well as its relationship, where appropriate, to particular skills. Students are expected to develop an awareness of  strengths and weaknesses in their skill sets
Mark Bands Outcome Generic Learning Outcomes (GLOs) (Academic Regulations, Section 2)
Knowledge & Understanding Intellectual (thinking), Practical, Affective and Transferable Skills
Characteristics of Student Achievement by Marking Band 90-100% Achieves module outcome(s) related to GLO at this level Exceptional information base exploring and analyzing the discipline, its theory and ethical issues with extraordinary originality. Exceptional management of learning resources, complemented by assured self-direction/exploration. Exceptional structure/accurate expression. Demonstrates intellectual originality and imagination. Exceptional practical/professional skills.
80-89% Outstanding information base exploring and analysing the discipline, its theory and ethical issues with clear originality Outstanding management of learning resources, complemented by assured self-direction/exploration. An exemplar of structured/accurate expression. Demonstrates intellectual originality and imagination. Outstanding practical/professional skills
70-79% Excellent information base, exploring and analyzing the discipline, its theory and ethical issues with considerable originality. Excellent management of learning resources, complemented by self-direction/exploration. Structured/ accurate expression. Very good academic/intellectual and team/practical/professional skills
60-69% Good information base; explores and analyses the discipline, its theory and ethical issues with some originality Good management of learning resources with some self-direction. Structured and mainly accurate expression. Good academic/intellectual skills and team/practical/ professional skills
50-59% Satisfactory information base that begins to explore and analyze the discipline and its ethical issues but is still mainly imitative Satisfactory use of learning resources and input to team work. Some lack of structure/accuracy in expression. Acceptable academic/intellectual skills and satisfactory practical/professional skills
40-49% A marginal pass in module outcome(s) related to GLO at this level Basic information base; omissions in understanding of major/ethical issues. Largely imitative Basic use of learning resources with no self-direction. Some input to team work. Some difficulty with structure and accuracy in expression. Some difficulties with academic/intellectual skills and developing practical/ professional skills
30-39% A marginal fail in module outcome(s) related to GLO at this level. Possible compensation. Sat-isfies qualifying mark Limited information base; limited understanding of discipline and its ethical dimension Limited use of learning resources. No self-direction, little input to team work and difficulty with structure/accuracy in expression. Weak academic/intellectual skills. Practical/professional skills are not yet secure
20-29% Fails to achieve module outcome(s) related to this GLO.  Qualifying mark not satisfied.  No compensation available Little evidence of an information base.  Little evidence of understanding of discipline and its ethical dimension. Little evidence of use of learning resources. No self-direction, with little evidence of contribution to team work. Very weak academic/intellectual skills and significant difficulties with structure/expression. Little evidence of practical/professional skills
10-19% Inadequate information base.  Inadequate understanding of discipline and its ethical dimension. Inadequate use of learning resources. No attempt at self-direction with inadequate contribution to team work. Very weak academic/intellectual skills and major difficulty with structure/expression. Inadequate practical/professional skills
1-9% No evidence of any information base. No understanding of discipline and its ethical dimension. No evidence of use of learning resources of understanding of self-direction with no evidence of contribution to team work. No evidence academic/intellectual skills and incoherent structure/ expression. No evidence of practical/ professional skills
0% Awarded for: (i) non-submission; (ii) dangerous practice and; (iii) in situations where the student fails to address the assignment brief (eg: answers the wrong question) and/or related learning outcomes

Describe the central elements of the agreement. Explain the rationale for action by the parties to the deal. Discuss the likely beneficiaries and those, if any, who will likely lose. Explain what, if anything, is Manitoba’s interest in the matter.

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Office of the Premier of Manitoba
Briefing Note for Information
I. Prepared For: Thomas Greenway, Premier of Manitoba
II. Issue: Crow’s Nest Pass Rail Proposed Agreement
III. Background:
[Outline the most relevant facts that lead to the proposed deal.]
IV. Analysis:
[Describe the central elements of the agreement. Explain the rationale for action by the parties to the deal. Discuss the likely beneficiaries and those, if any, who will likely lose. Explain what, if anything, is Manitoba’s interest in the matter.]
V. Recommendations:
[Indicate whether your economic analysis suggests the deal as proposed should be supported by the Government of Manitoba.]

What is the influence of government on your company or market? Is there a heavy tax burden? Are there subsidies or price controls?

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For this final project, you will write a 6- to 10-page paper in which you research and analyze the market for a product or service produced by the company you work for, or by some other company that you know well. The paper will need to be in APA format. Throughout the paper, you will need to provide careful economic analysis of your chosen market using the economics concepts from the course. As a starting point, you should expect your audience to be familiar with these concepts, so there is no need to define basic concepts. Instead, demonstrate your understanding of the concepts by applying them competently. Your goal should be to teach us about this company or industry. the emphasis must be on the economic analysis and readers should be able to learn something not easily discovered. Please make sure to answer every question within each section listed below:

What is the general market structure for your industry? Is it best thought of as a monopoly, oligopoly, or monopolistic competition? What characteristics suggest this is one market or another? Is the price high enough to cover costs and do there appear to be above-normal profits? Is the market structure changing over time or expected to? What are the important barriers to entry?

What is the relevant cost structure for the industry and for your firm? How does your company avoid the sunk-cost fallacy and hidden-cost fallacy? What labor market skill sets are needed for your company and are there readily available workers to hire? What does the market for important inputs look like? Does your company have many or few options from which to source important inputs? Is the hold-up problem a concern? Are there economies of scale? Are there economies of scope or diseconomies of scope? Are there large fixed costs? How do the variable costs compare to the fixed costs in terms of relative size?

Is your firm able to practice price discrimination? What form of price discrimination is most relevant in this industry and are there other opportunities that your firm has not yet taken, and why? Remember, there is a difference between price differences caused by cost differences! If price discrimination is possible, how is your firm able to accomplish this effectively? Are there opportunities to enhance your firm’s ability to practice price discrimination?

What is the influence of government on your company or market? Is there a heavy tax burden? Are there subsidies or price controls? Are there are other regulations that are relevant to the functioning of the market? This could include environmental regulations, taxes, tariffs, minimum wages, and so on. Describe the specific features of the regulation and their impact on your company or industry. Provide estimates of the impact on the market (e.g., prices, costs, or employment). Has this left room for businesses to exploit the inefficiency to create wealth?

The paper should be 6 to 10 pages and use APA format, standard font and font size, 1-inch margins, and double spacing. The cover page, reference page, and appendix do not count toward the page count.

Classroom text book is Managerial Economics fifth edition please use this as one of the reference.

Identify some of the common issues that plague unequal societies, according to Wilkinson. Examine the human cost of unequal societies.

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Explain Richard Wilkinson’s statement: “The average well-being of our societies is not dependent any longer on national income and economic growth.” What does he claim matters more, especially in the context of globalization?
Identify some of the common issues that plague unequal societies, according to Wilkinson.
Examine the human cost of unequal societies.
Evaluate how unequal societies challenge authority and globalization overall.
Discuss Wilkinson’s expressions of social dysfunction.
Must utilize academic voice
Must include an introduction and conclusion paragraph. Your introduction paragraph needs to end with a clear thesis statement that indicates the purpose of your paper.

Use the Research Chart to document how this business or industry’s activities affect the various sectors of the local and world economy.

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everything is provided

Part One: Choose
Identify an economic issue that is important in your community. You may choose to talk to your instructors and members of your family. View a list of economic policy topics you may choose to consider.

Part Two: Research
Learn more about how this issue affects your community. You may choose to contact a local leader such as a member of your city or county council or a representative from a related citizen interest group. Consult an online phone book or community website for contact information. Use the Research Chart to document your data, take notes, and track your sources of information.

Part Three: Construct
Construct a circular-flow diagram for a business or industry in your community. Diagram the flow of goods, services, and money from your chosen industry to the various sectors of the local and world economy. For example, a factory in your community creates jobs and products. The income to the households creates spending in the economy as people consume products, invest, and pay taxes to the government.
Use the Research Chart to document how this business or industry’s activities affect the various sectors of the local and world economy.

Submit both the diagram and the chart in assessment 06.01 Economic Relationships.

Discuss how companies have responded to these challenges/concerns and summarize their performances in China.

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Then conduct some research on Phase One deal and write a 3-5 page paper (double space, 12 font) to answer the following questions:

1. Summarize the main challenges and concerns US companies encountered in China during 2018.

2. Discuss how companies have responded to these challenges/concerns and summarize their performances in China.

3. Analyze whether Phase One deal will address these challenges and concerns.

4. Summarize American companies’ outlooks of doing business in China in these surveys.

5. Will US firms have more or less business opportunities in China after the Phase one deal? Please elaborate

Evaluate the effects of these two pricing decisions, using the theory of price elasticity of demand.

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Question: You are required to write an essay up to 1,500 words to answer the following question:

In June 2014 Clifton Suspension Bridge Trust raised the toll charge to generate extra revenue for maintenance and repair. In November 2013 the First group cut bus fares in Bristol and surrounding areas to increase passenger numbers and revenue.

Evaluate the effects of these two pricing decisions, using the theory of price elasticity of demand.

Use the evidence presented in academic journal articles, newspaper articles and other credible sources.

What are the main causes of poverty in the United States? How does discrimination impact poverty and income in the United States?

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Follow the outline format guide (see attached) for a 2 – 3 page outline including the following information.
1. Your introductory paragraph, including your thesis statement
2. Your topic sentence for each paragraph, including the major points you use will to support your position. Include in-text citations and an APA style reference page.
3. Your topic sentences will address each of the following 7 areas.
• What are the main causes of poverty in the United States?
• How does discrimination impact poverty and income in the United States?
• How do education and housing impact poverty in the United States?
• What are the health and social impacts of living in poverty?
• What are some examples of policies that have been created to address poverty in the United States? Which of those policies do you think is the most effective and why do you think so?
• Do you think the current economic system in the United States allows people to easily get out of poverty? Why or why not?
• what do you think should be done to help address poverty and income inequality in the United States?

In the video, why are the colonists (Pilgrims) better with private than with common property?

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Watching on you tube and answer these questions  https://www.youtube.co /watch?v=uGcU06fhKq8
1) In the video, why are the colonists (Pilgrims) better with private than with common property?
2) Why does working for one’s self actually make the group better off in the long run?
3) Why are property rights so important?
4) What does Paul Solman mean when he says that private property creates an incentive to work harder?

Federal Agencies (https://www.usa.gov/federal-agencies/a) and State Governments (https://www.loc.gov/rr/news/stategov/index.html)

5) a. Select one state government agency and what does it do?=
b. Select one federal government agency and what does it do?
c. Explain why do you think the state and federal government agencies are important?