Economics 1
Semester I: Oct 2015 – Jan 2016
Economics 1 – Coursework Assignment Brief
Introduction
This unit is for students on the Business, Economics, Law and Politics pathways.
The purpose of the Economics 1 unit is to give students an understanding of
basic principles, concepts and models of analysis in economics. It covers topics
on basic economic problems, market demand and supply, the determination of
market equilibrium, elasticity, different types of goods, price control, taxation
and subsidy, economic efficiency in the market system and need for government
intervention to correct market failure, theory of production, cost of production,
concept of revenue and profit in business, and main features of different
market structures. Basic mathematics and calculus are used in some sections.
Unit Learning Outcomes
On successful completion, students will be able to:
1. Demonstrate knowledge and critical understanding of the scope, concepts
and microeconomics theories
2. Use economic concepts of opportunity costs, optimization, and cost and
benefit analysis to make rational business and economic decisions
3. Collect and collate data and information, and analyse data and information
to present in a written format
4. Demonstrate understanding of key concepts within the subject area and,
use oral, written and presentation skills at an appropriate level to explain
and make effective arguments on critical issues
5. Apply knowledge and understanding of key theories to practical situations,
problem solving and complete formal assessments successfully
6. Plan, organize and complete group work and act as an effective team
member
Page 1 of 14
Unit: EC 1 Economics 1
Semester I: Oct 2015 – Jan 2016
Assessment Methods
Method of Assessment
Percentage (%) towards
Final Mark
Case Study Assignment
15%
Coursework Discussion and Presentation
15%
Coursework Report
20%
End Semester examination – closed book
50%
Total
100%
Coursework Assessment Schedule:
Activity
Deadline
Case Study Assignment
Tuesday 10th November 2015 at 4:00pm
Coursework discussion
To be completed in week commencing 30th November 2015
Coursework presentation
To be completed in week commencing 14th December 2015
Coursework report
Tuesday 8th December 2015 at 4:00pm
Coursework Feedback Schedule:
Activity
Deadline
Feedback on Case Study Assignment
Week commencing 30th November 2015
Verbal feedback on discussion
Week commencing 30th November 2015
Verbal feedback on presentation
Week commencing 14th December 2015
Final written feedback
Week commencing 11th January 2016
Page 2 of 14
Unit: EC 1 Economics 1
Semester I: Oct 2015 – Jan 2016
Assignment Brief
The coursework for Economics 1 consists of four tasks you need to complete; a
case study analysis, a discussion, a group presentation and final written report.
Case Study Analysis (Total 60 marks)
Answers to this case study with a coursework coversheet must be submitted by
Tuesday 10th November 2015 at 4:00pm to the ISC office.
The Case Study: Driving growth in the car market
Global car sales increased by 4% in the first half of 2013. This is largely a
result of increased employment and economic growth in Asia and South America
leading to rising incomes. With low interest rates across the world and
improving financial markets it is easier to borrow money to purchase a car.
In the USA, car manufactures are planning to employ more engineers,
technicians and factory workers. Car factories are operating at about 95%
capacity. Some car companies are adding floor space and buying new equipment.
The car industry created 167500 jobs between 2009 and 2013.
Figure 1: New car sales in selected countries and the world (millions)
USA
China
India
World Total
2010
11.55
11.17
1.87
58.58
2011
15.22
12.16
1.95
60.80
2012
17.07
13.18
2.02
64.94
China has launched a subsidy for environmentally friendly electric cars to
reduce the external costs caused by private car usage. Each electric car can
receive up to RMB 60000 (US$ 800) in subsidies, while petrol-electric hybrid
cars can get up to RMB 35000. The programme seeks to develop the electric car
industry and reduce emissions.
The impact of subsidy could be limited. In 2012 the previous subsidy, which was
larger, led to 11375 electric cars being sold, which is a very small proportion of
total car sales. Sales of electric cars will be limited by underdeveloped batteryrecharging infrastructure and a higher price compared to petrol cars.
Page 3 of 14
Unit: EC 1 Economics 1
Semester I: Oct 2015 – Jan 2016
The Chinese government also plans to increase indirect taxes on fuel. This could
reduce demand for big cars and distances travelled by drivers. It will prompt
carmakers to develop more fuel-efficient vehicles.
In Beijing, the capital of China, the indirect tax on large engine cars was
doubled to 40% whilst the tax on small engine cars was lowered from 3% to 1%.
As a result, car manufactures are likely to develop more fuel-efficient vehicles.
Sources: adapted from Wall Street Journal, South China Morning Post and Global Economics 2013
Required:
You are required to study the above case and answer the following questions.
Use diagrams and examples, and information from you own independent research
and the case study itself to illustrate and support your explanations and
arguments.
i.
Outline the reasons for the rise in global car sales in 2013. (10 marks)
ii.
Explain the likely impact on consumer surplus of the change in demand
for new cars between 2010 and 2012 using a demand and supply
diagram. (10 marks)
iii.
Explain whether cars are a normal good or an inferior good. (10
marks)
iv.
Evaluate the possible effects on the Chinese car market of the
government’s subsidy for electric cars. (15 marks)
v.
Evaluate the likely impact of the planned increase in indirect taxes on
fuel on the level of Car emission in China using an appropriate diagram
in your answer. (15 marks)
Guidance Notes:
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You must prepare your answer in a report format.
The number of words requirement of the report is 800 – 1000 words.
Read the case study carefully and analyse all information and facts about
the global car markets. Consider these when completing your answers.
Do further reading and research about the topic of the case study
before writing your answers.
The case study analysis is 15% of the Final Mark for the Economics 1 Unit
Page 4 of 14
Unit: EC 1 Economics 1
Semester I: Oct 2015 – Jan 2016
The Presentation
Your group is required to create a power point presentation on topics related to
microeconomics. Your presentation must include the following,
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A clear explanation of the scarcity and opportunity costs
A clear explanation of derived demand and composite demand
A clear explanation of the relationship between the price elasticity of
demand and consumer expenditure
A clear explanation of the difference between Giffen goods and inferior
goods
A clear explanation of the difference between diminishing marginal
returns and returns to scale
(You must always use clear examples and diagrams to explain and illustrate
your arguments)
Your tutor will decide which groups you will be in. The presentations will take
place week commencing 14th December 2015.
Your group must create a PowerPoint Presentation and will be required to give a
copy of your group presentation (six-slides per page, two-sided) to your tutor
at the start of the presentation.
Each group will be given 20 minutes to complete the presentation
Presentation must be clearly organised and power point slides must only be used
as a guide in your presentation. Reading directly from the notes or slides is not
encouraged.
It is the responsibility of individual student to make the content his/her part of
presentation is relevant to the topic as evidence of independent research.
Even though you will be performing in a group presentation, each member of the
group will be assessed and marked individually. Therefore each group member
must take part in the presentation.
The presentation is 10% of the Final Mark for the Economics 1 Unit
Page 5 of 14
Unit: EC 1 Economics 1
Semester I: Oct 2015 – Jan 2016
The Discussion
During week commencing 30th November 2015 (two weeks before the
presentations) your group will have a discussion with your tutor about your
research and preparation for the presentation.
All students will be expected to participate in the discussion. The discussion will
be a good opportunity for you to ask your tutor any questions, and to find out
whether your research is enough for you to complete your presentation
successfully.
All students in your group will be given the equal marks for the discussion.
You must bring an outline plan of your power point presentation and all other
preparation materials including any research and discussion notes related to
the discussion. You must keep research and discussion notes and must submit
them together with your final coursework report.
The Discussion is 5% of the Final Mark for the Economics 1 unit
Guidance Notes:
It is very important that you keep all of your notes, including any research
notes, for both the discussion and the presentation.
You must keep a record of all of your sources and you must create a
bibliography. If you use any paraphrasing or direct quotations in your
presentation, these must be fully referenced.
Remember that it is always a good idea to use different sources when
conducting your research, not just the internet. You should also be looking at
books, journals etc.
Page 6 of 14
Unit: EC 1 Economics 1
Semester I: Oct 2015 – Jan 2016
The Report (Total 60 marks – See page 10 for detailed mark
allocation)
For the final part of your coursework you are required to write a report on the
following topics related to microeconomics;
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A clear explanation of the difference between renewable resources and
non renewable resources (10 marks)
A clear explanation of joint demand and joint supply (10 marks)
A clear explanation of the difference between income effect and
substitution effect of a change in the price of a good (10 marks)
A clear explanation of the difference between positive externalities and
negative externalities (10 marks)
A clear explanation of the difference between perfect competition and
monopolistic competition. (10 marks)
(You must always use clear examples and diagrams to explain and illustrate
your answer and points)
The number of words requirement of the report is 1200 – 1500
Clear sections and paragraphs must be used in each topic. Information used
from other sources need to be clearly referenced in your report to the original
sources. You must provide a list of reference or a bibliography in the report
as evidence of your research.
Important: Additional 10 marks will be awarded for the introduction, structure,
organisation and content of the report.
The deadline for submitting the Final Coursework Report is at 4pm on Tuesday
8th December 2015. The final report with a completed coursework coversheet
must be submitted to the ISC office.
The final written report is 20% of your final mark for the Economics 1 Unit
Page 7 of 14
Unit: EC 1 Economics 1
Semester I: Oct 2015 – Jan 2016
Guidance Notes:
When appropriate you must include appropriate examples, diagrams and
illustrations to support and explain your points.
For this written report you are expected to complete some research using a
good range of sources.
You must keep a record of all of your sources and you must create a
bibliography. If you use any paraphrasing or direct quotations in your essay,
these must be fully referenced within the body of the report.
Remember that it is always a good idea to use different sources when
conducting your research, not just the internet. You should also be looking at
books, journals, periodicals etc.
You must only write your student number and group in your coursework. Do
not write your name.
N.B: Refer to the attachments to this assignment brief for assessment
criteria used at the discussion, presentation and coursework written report,
and for additional information on global assessment criteria for the
International Foundation Year.
Page 8 of 14
Unit: EC 1 Economics 1
Semester I: Oct 2015 – Jan 2016
Economics 1: Assessment criteria – Semester I,
Group Discussion
Oct 2015 – Jan 2016
Group:
Names of Group members:
Marks to be awarded as below for each group
Comment
Content
Accuracy &
appropriateness of
subject knowledge
Mark
/5
Participation
Responses to other
students, responses
to questions asked,
opinions expressed,
level of inclusion and
participation of
group
/5
Use of Research
Depth of notes, use
of different
sources, information
collected, responses
to research findings
Presentation
Plan/Outline
Organisation of
presentation plan,
relevance and
appropriateness of
outline plan
Task Achievement
Have the
requirements of the
task been met? Has
the task been
achieved?
/5
/5
/5
Total Mark
/25
Percentage 100%
Convert to 5%
Page 9 of 14
Unit: EC 1 Economics 1
Semester I: Oct 2015 – Jan 2016
Coursework Results & Tutor Comments
Student Number:
Group: B
Final Marks
Coursework
Overall Coursework %
Discussion
%
Presentation
%
Report
%
Total
Presentation Comments & Marks
Convert to %
Convert to 5%
Convert to 10%
Convert to 20%
Comments
Content
Accuracy &
appropriateness of
subject knowledge
Use of Research
Range of different
sources, data
collected, response
to data collected
Participation
Involvement in task,
relevance &
appropriateness to
task, turn taking
skills
Communication &
Fluency
Organisation of
points, continuity of
delivery &
appropriate style
Task Achievement
Have the
requirements of the
task been met? How
much of the task
has been achieved?
Presentation
Final Mark
/ 5
/10
/20
/35
Mark
/10
/5
/5
/5
/5
Total Mark
Percentage 100%
Convert to 10%
Page 10 of 14
/30
Unit: EC 1 Economics 1
Semester I: Oct 2015 – Jan 2016
Student Number:
Final Coursework Report Comments & Marks
Comments
Mark
renewable / nonrenewable
resources
/10
Joint demand /
joint supply
/10
Income effect /
substitution effect
/10
Positive / negative
externalities
/10
Perfect
competition /
Monopolistic
competition
Content:
Organisation of
points & argument,
appropriateness of
content, overall
meaning conveyed
to the reader.
Use of Research
Range of Methods,
data collection, use
of relevant
quotations,
referencing &
bibliography
/10
When awarding marks consider the clarity of introduction,
structure & organisation, and relevance of content
/10
Evidence of research ( use of referencing in the body of
text, list of reference or bibliography – Harvard style)
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Total Mark
/60
Percentage 100%
Convert to 20%
Page 11 of 14
Unit: EC 1 Economics 1
Semester I: Oct 2015 – Jan 2016
Additional Information:
The following provides details of the global assessment criteria for the IFY.
Subject Knowledge
85%-
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100%
Demonstrates
Application of Knowledge
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Exceptional
breadth and depth of
material displaying
presentation using an
knowledge that is
exceptional ability in
expansive range of
exceptional and
conveying issues identified
resources which
informed by
extremely high levels
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inform the work but
Conveys Exceptional
do not dominate
application of theoretical and
of reading
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Goes beyond the source
Academic Skills
technical knowledge to
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Demonstrates an
Demonstrates and
achieve learning outcomes.
excellent ability to
awareness of the full
Displays originality in thought
convey a coherent and
range of appropriate
concise argument
principles, theories,
within the level of
evidence and
study;
techniques
75%
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-84%
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Demonstrates an
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Written and oral work
excellent grasp of
range of relevant ideas,
show excellent
the subject content
theories and models with
command of format,
excellent levels of accuracy,
structure, language
analysis and synthesis
(including lexis) and
Demonstrates
excellent breadth
and depth of content
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Identifies new
information from
appropriate
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?
Makes consistently
sound judgements on
using techniques and methods
how to complete work
confidence and accuracy
consistently
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variety of source material
with excellent levels of
sources which are
referencing
Consistently selects,
evaluates and responds to a
knowledge
?
Draws on a wide range the full
?
Is nearly always able
to address tasks
Makes extensive use of new
independently and
information- has the ability to
reflects fully upon
read efficiently and critically
feedback
Work demonstrates an
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Demonstrates
excellent response to the
excellent time
demands of the assignment
management
Page 12 of 14
Unit: EC 1 Economics 1
65-
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74%
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Demonstrates a very
Semester I: Oct 2015 – Jan 2016
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Written and oral work
good grasp of the
relevant ideas, theories and
show very good
subject content
models with very good levels
command of format,
of accuracy, analysis and
structure, language
synthesis
(including lexis) and
Demonstrates a very
good understanding
of the breadth or
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Draws on a good range of
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referencing
Generally selects, evaluates
depth of content
and responds to a variety of
knowledge
source material using
judgements on how to
techniques and methods with
complete work
Identifies new
very good levels of confidence
information from
and accuracy
sources which are
generally appropriate
?
?
Generally makes good
Is in most cases able
to address tasks
Makes some use of new
independently and
information- has the ability to
reflects fully upon
generally read efficiently and
feedback
critically
?
?
?
Demonstrates very
Work demonstrates a very
good time
good response to the demands
management
of the assignment
?
5564%
?
Demonstrates a good
Draws on a range of relevant
?
Written and oral work
understanding of the
ideas, theories and models
show good command
subject content
with some level of accuracy,
of format, structure,
analysis and synthesis
language (including
Demonstrates an
awareness of the
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?
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lexis) and referencing
Can select and respond to a
breadth or depth of
variety of source material
content knowledge
using techniques and methods
make judgements on
with some level of confidence
how to complete work
Identifies new
and accuracy
information from
selected or given
?
sources
?
?
?
Is sometimes able to
Is sometimes able to
Makes use of new
address tasks
information- has the ability to
independently but
read efficiently and critically
only occasionally
though may require guidance
reflects on feedback
Work demonstrates a good
response to the demands of
the assignment
Page 13 of 14
?
Demonstrates some
time management
Unit: EC 1 Economics 1
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4054%
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Demonstrates some
Semester I: Oct 2015 – Jan 2016
?
?
Written and oral work
understanding of the
relevant ideas, theories and
show restricted
subject content
models with some level of
command of format,
accuracy but no independent
structure, language
analysis or synthesis
(including lexis) and
Demonstrates little
awareness of the
breadth or depth of
?
Has a limited ability
to identify new
information from
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?
Needs guidance to be
methods with limited
able to make
accuracy
judgements on how to
complete work
Makes little use of new
information- the ability to
selected sources
referencing
Can respond to given source
material using techniques and
content knowledge
?
Draws on a limited range of
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Is dependent on
read efficiently and critically
others to address
is limited
tasks and is rarely
reflective
Work demonstrates a limited
response to the demands of
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Lacks consistent
organisation and time
the assignment
management
0-
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39%
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Demonstrates little
Draws on limited ideas,
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Written and oral work
or no understanding
theories and models with
show little or no
of the subject
occasional accuracy but no
command of format,
content
independent analysis or
structure, language
synthesis
(including lexis) and
Demonstrates no
awareness of the
?
?
?
breadth or depth of
material using techniques and
content knowledge
methods with limited
accuracy
Is unable to identify
new information from
?
selected sources
?
referencing
Responds to given source
?
Needs support to be
able to complete work
?
Is entirely dependent
Makes no use of new
on others to support
information- is unable to read
learning and
critically
participation in tasks
Work demonstrates a poor
response to the demands of
the assignment
Page 14 of 14
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