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LSME505 Business Economics

Question

Answered

Question:

On successful completion of this module students will be able to:

• Understand how changes in the economy affect business decisions and the behaviour of firms.
• Discuss the operation of a market and how market structure influences a firm’s production and strategic decisions.
• Explain how market imperfections and market failure, particularly in labour and financial products, affect entrepreneurial activity.
• Interpret how government economic policies shape business strategy and decisions made by management

Assessment Tasks

1. Write a constructive essay which clearly shows how changes in the economy can affect business decisions and the behaviour of firms with a discussion on the operation of a market and influence of market structure on a firm’s production and strategic decisions.

An excellent answer will have the following attributes:

• Exceptionally broad factual and conceptual understanding of how changes in the economy can affect business decisions and the behaviour of firms
• Exceptional discussions with various examples of market operations and clearly explain how market structure influences a firm’s production and strategic decisions
• Exceptionally well structured and well-presented arguments
• Correct use of English language

• A robust discussion with various examples which establishes market operations and clear explanations of how market structure influences a firm’s production and strategic decisions
• Clear and logical structure showing the progression of ideas and argument
• There may be some minor mistakes in presentation or referencing.

• A basic level of factual and conceptual understanding of how changes in the economy can affect business decisions and the behaviour of firms
• Mainly descriptive with limited evidence of deeper understanding of various examples of market operations and clear explanations of how market structure influences a firm’s production and strategic decisions
• Limited evidence of understanding of the forces that are playing key part in shaping the future organisations
• Weak structure with some mistakes in grammar or sentence structure.

Assignment 2 – Task

In line with the obesity crisis as market failure in the above case study, explain how market imperfections and market failure affect entrepreneurial activity. It is also essential to interpret how government economic policies can shape business strategy and decisions made by management. The break down below will further guides students in completing this Assignment 2.

1. Using the case study, explain how market imperfections and market failure can affect entrepreneurship activity?

2. Explain how market imperfections and market failure affect labour and financial products using relevant examples?

3. Provide a logical interpretation of how the government’s economic policies can shape business strategy

4. Interpret how government’s economic policies can shape business decisions?

In order to complete the Assignments 1 and 2, you will need to research different information sources such as textbooks, journals, articles and the internet. You are required to develop skills in analysis of information. Analysis requires you to critically examine different aspects of a topic and identify important issues. Make use of information on assignment preparation and command verb usage in your Moodle Platform.

Helpful information
Core Texts
Additional Texts

• John Sloman, Dean Garratt, Jon Guest, Elizabeth Jones (2019) Economics for Business 8th Edition, Pearson Higher Education, Pearson UK
• Moore McDowell (2012) Principles of Economics, (UK Higher Education Business Economics), McGraw-Hill Education – Europe
• Mankiw Gregory. N., Taylor, Mark. P. and Ashwin Andrew (2017) Business Economics, Centage Learning

When submitting your assignment, you must include:
• An Assignment Submission Sheet/ Assignment Front Cover
• Other documents required by your lecturer as evidence of achievement.
• All assignments should be submitted via Turnitin

LSME505 Business Economics

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