Course Name: SG 1004 Economics (Jan 2020) Summative Assessment 2 (RESIT)
Word count: 1500 to 2000 words
Complete two of the following tasks – ONE from section A and ONE from section B. You are advised that the questions in both sections are equally weighted.
PLEASE NOTE: Illustrate your answer with appropriate graphs where required. Correct and appropriate use of graphs will be awarded marks.
This assessment comprises of 60% of your overall Economics
Section A (50%):
a) Assess the significance of the price elasticity of supply in determining the price of both basic necessities like food, and luxury items like perfume. You should use diagrams in your answer.
b) To what extent is it possible for firms in a perfectly competitive industry to earn abnormal profits? You should use diagrams in your answer.
Section B (50%):
a) To what extent do government macro-economic objectives necessarily conflict?
b) Assess what is likely to happen to national income of UK if the level of planned injections differ from planned withdrawals.
Anderton, A. 2015. Economics 6th ed. Harlow: Pearson
Case, K. E., Far, R. C., Oster, S. M., 2009. Principle of Economics. Upper Saddle River, NJ: Prentice Hall
Further independent reading.
Learning outcomes assessed:
a) Demonstrate understanding of the key concepts, theories and models in either Micro-economic or Macro-economic
b) Demonstrate knowledge of the main tools of macro-economic policies
c) Display understanding of key economic objectives of government policy, and the way in which economic policy outcomes impact Economies
d) Apply understanding of key principles and concepts to current issues
in the UK economy and/or Economies internationally
e) Explain the principles of supply and demand and apply knowledge to perform aggregate analysis with some awareness of market structure
f) Demonstrate understanding and application of graphs, mathematical equation and financial records in analysing and interpreting Economic data
g) Analyse and synthesise key concepts to demonstrate effective academic writing skills
h) Develop independent research skills and autonomy in assessment preparation
Submission Dates and Times
You must submit your work on Turnitin.
Penalties will be applied to any work submitted late. No submissions may be made after 24 hours – work will not be accepted or marked.
Candidates who exceed the word count by more than 10% should have 10 percentage marks deducted. Word count excludes, title, candidate number, bibliography and appendices. It includes the body of the text, all footnotes and in-text referencing.
If a candidate is late (but within 24 hours of the deadline) with their submission, they should have 10 percentage marks deducted.