Perfect Competition's Impact on UK Goods and Services: An Economic Essay

Production decisions in UK manufacturing between 2010 to 2019

Task 1: 45/100 marks: Answer the following question

“When and why do inputs and costs impact the production decisions related to the supply of goods and services? Explain these economic concepts using examples from within the UK economy between 2010 and 2019”

For both Task 1 and Task 2 - Students must demonstrate the following assessed

LO 1 Knowledge, understanding, and fluency with module content on selected economics topic for presentation, linked to relevant module lectures and Krugman & Wells (2020) textbook chapter

LO 2 Knowledge and understanding of the basic methodology and models used in economics and their application to real-world situations.

LO 3 Intellectual, practical, effective and transferable skills, which is achieved through demonstrating the ability to analyse hypothetical and/or real-world situations that occur in economics.

• This task is a REPORT which involves separate sections under subheadings. It can include a table of contents, relevant graphs and images from approved reference sources listed below. It does not typically include a thesis statement. It must have an introduction and a conclusion paragraph that are consistent with Task 1 and Task 2 topics.
• The report should clearly explain and discuss the majority of the key topics from Lectures 6 and 7 and their corresponding explanations in Chapters 6 & 7 of Essentials of Economics (Krugman & Wells, 2020).
• Each task should use the key lectures and chapter topics to explainproduction decisions using researched real-world examples from the UK industries between 2010-2019 (during the decade prior to the Covid-19 pandemic and before the United Kingdom left the European Union).
• The report should discuss production decisions by using at least one realworld example per task from the UK market from between 2010-2019.

• Required: Cover page. Use of Harvard style in-text citations and references. Use of only authorised reference sources. Use of Essentials of Economics (Krugman & Wells, 2020) and MOD3327 EFB lecture content. Clear formatting throughout (font, margins, spacing, etc.). British English spelling and grammar. Use of GBP£ only for any currency references - the case study is the UK manufacturing market.
• Avoid: Decorative document formatting, unnecessary colours, irrelevant images, inconsistent text or page formatting, use of unauthorised reference sources, use of irrelevant case study countries.