Reference no: EM132811393 , Length: 1417 words
Assignment - You have been approached individually by an organisation representing the interests of business in a particular country or regional economy. The organisation - your client - has asked you to prepare a report to evidence the relevance of economics for business. The word limit is 1,200 (maximum) but excludes the executive summary, references and the reference section.
In exploring the relevance of economics to business it has asked you to focus on 3 concepts from the list below, with at least ONE of your chosen concepts being a microeconomic or macroeconomic concept. You should not therefore choose exclusively from the list of microeconomic or macroeconomic concepts.
Microeconomics: - Opportunity and sunk costs - Price discrimination - Perfect competition.
Macroeconomics: - The macroeconomic environment - The business cycle - Household consumption (consumer spending).
Your Report should include the following:
1. An explanation of the concepts you have selected.
2. Analysis of how economics and the concepts you have focused on are relevant for businesses and the business community.
3. Application of the concepts to the real-world, drawing on examples and evidence as appropriate. Note that you can support your arguments with diagrams and mathematical examples, if it helps you to engage with your client.
Your Report should include an executive summary before the main body of the report and a reference section at the end of the report conforming to the Harvard-style referencing - neither of which are included in the word limit. References within the report are also excluded from the word count.
Other Information: The client you are representing can be real or fictitious (made up/hypothetical). Your task is to evidence to them the relevance of the economic concepts you choose. The examples, arguments and evidence you choose to include are entirely up to you. They must simply make your case to the client you are representing and enable you to engage with the client.
Your report does not need to based on the country that your group presentation focused on. Nor does your client need to be based in the UK. Rather, your client could be based anywhere in the world and could, in theory, represent business interests across country border, e.g. across the EU.
You can draw on other economic concepts as long as they help you in demonstrating the relevance of the three main concepts you have chosen and, more generally, the relevance of economics for business.