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Threshold Concepts (Briefing Notes)
Task Details/ Description:
Write short briefing notes on THREE of the following important economic concepts explaining each concept and their real-world significance. They should be written as if addressing members of the business community, i.e. non-economics specialists. The briefing notes should communicate the key ideas/arguments in a way that members of the business community, i.e. non-economics specialists, can understand.
a) The distinction between nominal and real values b) The business cycle and its phases c) Unemployment and its types d) Markets equate demand and supply e) Market power
Presentation Requirements:
The principle purpose of the individual coursework is to test your ability to explain fundamental economics concepts in a clear and concise manner. The particular concepts chosen are known as known as threshold concepts because by understanding them you develop key insights into the issues and problems that economists investigate as well as the ways in which economist undertake their analysis.
You are required to produce THREE briefing notes of up to 400 words each. These should explain what the concepts are and draw out their real-world significance.
Verified Expert
In this assignment we discussed about The business cycle and its phases, Unemployment and its types and Markets equates demand and supply.Further we discussed about With a strong understanding of business cycles, business owners can make good decisions. Unemployment is often confused when it involves employees who are planning to return to work after being discharged.It is the economy's responsibility to compare demand and supply through the price system.If customers want to buy more items than are available at the set price, the price appears to be bid up.
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