Microeconomics Concepts Analysis for a Retail Business

Microeconomic concepts analysis

TASK 1

Critically analysed the following micro economics concepts with reference to any retail business of your choice.

1.1 Explain the law of Demand, movement along the same demand curve (with the aid of diagram) and changes in demand curve with its factors (with the aid of diagram).  

1.2 Explain the law of Supply, movement along the same supply curve (with the aid of diagram) and changes in supply curve with its factors (with the aid of diagram).   

Compare and contrast emerging theories and models in 21st century contemporary economics with those of the 20th century, and relate both of these to modern business

·General coherence of the assignment, introduction, presentation, conclusion and referencing.                                                                           

Assessment Criteria:

This assignment has been designed to provide you with an opportunity to demonstrate your achievement of the following module learning outcomes:

LO 1 Critically evaluate the alternative theories of economics and their implications for business, including traditional economic approaches and also more contemporary approaches relating to behavioural economics.

LO 2 Critically assess concepts and principles underlining business activity.

LO 3 Apply the appropriate models and techniques for analysing the environment within which business organisations operate.

Task requirements

•Written work must be word-processed and should state the number of total words used at the end.

•All work to be submitted as Arial 12 font with 1.5-line spacing.

•All writing should be in the third person passive.

•All work should be correctly referenced

•No collaboration is allowed.

Referencing and research requirements

Please reference your work according to the Harvard  style as defined in Cite Them Right Online (http://www.citethemrightonline.com). This information is also available in book form: Pears, R. and Shields, G. (2019) Cite them right: the essential reference guide. 11th edn. Basingstoke: Palgrave Macmillan. Copies are available via the University library.