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NJW10 Business Economics For The Gross Domestic Product

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Task 1
1. Explain the economic problem of scarcity and demand resource allocation in managing an economy with examples drawn from the UK and using your chosen organisation. 
2. Discuss the role of supply and demand in an economy and explain how equilibrium in the market is achieved. 
3. Evaluate the importance of differing market systems in general and evaluate the role of opportunity costs in determining how an organisation of your choice makes economic decisions.
4.Using an organisation of your choice, explain what is meant by elasticity of demand and assess the importance of elasticity in market interactions. 
5. To achieve M1, you will have made an effective approach in explaining the economic problem of scarcity and demand resource allocation using the UK economy as an example.
6. To achieve M2, you will have applied relevant theories and techniques in your evaluation of the differing market systems and how they affect your organisation.
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